Document:

Exhibit 4.1 

 

 

EXECUTION
VERSION

	 

 

DEUTSCHE
MORTGAGE & ASSET RECEIVING CORPORATION,

Depositor,

 

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

Master Servicer,

 

KEYBANK
NATIONAL ASSOCIATION,

Special Servicer,

 

WELLS
FARGO BANK, NATIONAL ASSOCIATION,

Trustee,

 

WELLS
FARGO BANK, NATIONAL ASSOCIATION,

Certificate Administrator, Paying Agent and Custodian,

 

and

 

Park
Bridge Lender Services LLC,

Operating Advisor and Asset Representations Reviewer

 

 

 

POOLING
AND SERVICING AGREEMENT

Dated as of February 1, 2020

 

 

 

Benchmark
2020-B16 Mortgage Trust

Commercial Mortgage Pass-Through Certificates,

Series 2020-B16

 

	 

 

     

     

    

 

TABLE
OF CONTENTS

 

	 	 	Page
	 	 	 
	 	ARTICLE
    I	 
	 	 	 
	 	DEFINITIONS
    6	 
	 	 	 
	Section
    1.01	Defined
    Terms	6
	Section
    1.02	Certain
    Calculations	120
	Section
    1.03	Certain
    Constructions	125
	Section
    1.04	Certain
    Matters Relating to the Non-Serviced Mortgage Loans	125
	 	 	 
	 	ARTICLE
    II	 
	 	 	 
	 	CONVEYANCE
    OF MORTGAGE LOANS; ORIGINAL ISSUANCE OF CERTIFICATES	127
	 	 	 
	Section
    2.01	Conveyance
    of Mortgage Loans; Assignment of Mortgage Loan Purchase Agreements	127
	Section
    2.02	Acceptance
    by Custodian and the Trustee	137
	Section
    2.03	Representations,
    Warranties and Covenants of the Depositor; Repurchase
    and Substitution of Mortgage Loans	140
	Section
    2.04	Representations,
    Warranties and Covenants of the Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee, the Operating
    Advisor and the Asset Representations Reviewer	157
	Section
    2.05	Execution
    and Delivery of Certificates; Issuance of Upper-Tier Regular Interests; Issuance of Lower-Tier Regular Interests	165
	Section
    2.06	Miscellaneous
    REMIC Provisions	166
	 	 	 
	 	ARTICLE
    III	 
	 	 	 
	 	ADMINISTRATION
    AND SERVICING OF THE TRUST FUND	166
	 	 	 
	Section
    3.01	The
Master Servicer To Act as Master Servicer; Special Servicer To Act as Special Servicer; Administration of the Mortgage Loans and
the Serviced Companion Loans	166
	Section
    3.02	Liability
    of the Master Servicer and the Special Servicer When Sub- Servicing	172
	Section
    3.03	Collection
    of Mortgage Loan and Serviced Companion Loan Payments	172
	Section
    3.04	Collection
    of Taxes, Assessments and Similar Items; Escrow Accounts	173
	Section
    3.05	Collection
    Accounts; Gain-on-Sale Reserve Account; Distribution Accounts; Interest Reserve Account and Serviced Whole Loan Collection
    Accounts	175

 

    -i-

     

    

 

	Section
    3.06	Permitted
Withdrawals from the Collection Accounts, the Serviced Whole Loan Collection Accounts and the Distribution Accounts; Trust Ledger	184
	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 REO Account, the Lock-Box Accounts, the Cash Collateral Accounts and
    the Reserve Accounts	203
	Section
    3.08	Maintenance
    of Insurance Policies and Errors and Omissions and Fidelity Coverage	206
	Section
    3.09	Enforcement
    of Due-on-Sale Clauses; Assumption Agreements; Defeasance Provisions	211
	Section
    3.10	Appraisals;
    Realization upon Defaulted Loans	217
	Section
    3.11	Custodian
    to Cooperate; Release of Mortgage Files	224
	Section
    3.12	Servicing
Fees, Certificate Administrator/Trustee Fees and Special Servicing Compensation	225
	Section
    3.13	Reports
to the Certificate Administrator; Collection Account Statements	234
	Section
    3.14	Access
    to Certain Documentation	241
	Section
    3.15	Title
    and Management of REO Properties and REO Accounts	250
	Section
    3.16	Sale
    of Specially Serviced Loans and REO Properties	255
	Section
    3.17	Additional
Obligations of the Master Servicer and the Special Servicer; Inspections	260
	Section
    3.18	Authenticating
Agent	262
	Section
    3.19	Appointment
of Custodians	263
	Section
    3.20	Lock-Box
    Accounts, Cash Collateral Accounts, Escrow Accounts and Reserve Accounts	263
	Section
    3.21	Servicing
Advances	263
	Section
    3.22	Appointment
and Replacement of Special Servicer	268
	Section
    3.23	Transfer
of Servicing Between the Master Servicer and the Special Servicer; Record Keeping; Asset Status Report	274
	Section
    3.24	Special
    Instructions for the Master Servicer and/or Special Servicer	281
	Section
    3.25	Certain
Rights and Obligations of the Master Servicer and/or the Special Servicer	282
	Section
    3.26	Modification,
    Waiver, Amendment and Consents	283
	Section
    3.27	Certain
    Intercreditor Matters Relating to the Whole Loans	289
	Section
    3.28	Directing
Holder Contact with the Master Servicer and the Special Servicer	293
	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	294
	Section
    3.30	Rating
    Agency Confirmation	298
	Section
    3.31	Appointment
and Duties of the Operating Advisor	301
	Section
    3.32	Delivery
    of Excluded Information to the Certificate Administrator	306
	Section
    3.33	Certain
    Matters with Respect to Joint Mortgage Loans	306
	Section
    3.34	[Reserved.]	310

 

    -ii-

     

    

 

	 	ARTICLE
    IV	 
	 	 	 
	DISTRIBUTIONS TO CERTIFICATEHOLDERS	310
	 	 	 
	Section
    4.01	Distributions	310
	Section
    4.02	Statements
    to Certificateholders; Reports by Certificate Administrator; Other Information Available to the Holders and Others	321
	Section
    4.03	Compliance
    with Withholding Requirements	335
	Section
    4.04	REMIC
    Compliance	335
	Section
    4.05	Imposition
    of Tax on the Trust Fund	338
	Section
    4.06	Remittances	339
	Section
    4.07	P&I
    Advances	339
	Section
    4.08	Appraisal
Reductions; Collateral Deficiency Amounts	346
	Section
    4.09	[Reserved.]	349
	Section
    4.10	Secure
Data Room	349
	 	 	 
	 	ARTICLE
    V	 
	 	 	 
	THE
    CERTIFICATES	351
	 	 	 
	Section
    5.01	The
Certificates	351
	Section
    5.02	Registration,
Transfer and Exchange of Certificates	356
	Section
    5.03	Mutilated,
Destroyed, Lost or Stolen Certificates	368
	Section
    5.04	Appointment
of Paying Agent	368
	Section
    5.05	Access
    to Certificateholders’ Names and Addresses; Special Notices	368
	Section
    5.06	Actions
of Certificateholders	369
	Section
    5.07	Rule
144A Information	370
	Section
    5.08	Voting
    Procedures	370
	 	 	 
	 	ARTICLE
    VI	 
	 	 	 
	 	THE
    DEPOSITOR, THE MASTER SERVICER, THE SPECIAL SERVICER, THE DIRECTING HOLDER, THE RISK RETENTION CONSULTATION PARTIES, THE OPERATING
    ADVISOR AND THE ASSET REPRESENTATIONS REVIEWER	372
	 	 	 
	Section
    6.01	Liability
of the Depositor, the Master Servicer, the Special Servicer, the Operating Advisor and the Asset Representations Reviewer	372
	Section
    6.02	Merger
    or Consolidation of the Master Servicer, the Special Servicer, the Depositor, the Asset Representations Reviewer or the Operating
    Advisor	372
	Section
    6.03	Limitation
on Liability of the Depositor, the Master Servicer, the Special Servicer, the Operating Advisor, the Asset Representations Reviewer
and Others	373
	Section
    6.04	Limitation
on Resignation of the Master Servicer, the Special Servicer and the Operating Advisor; Termination of the Master Servicer, the
Special Servicer and the Operating Advisor	376

 

    -iii-

     

    

 

	Section
    6.05	Rights
    of the Depositor and the Trustee in Respect of the Master Servicer and the Special Servicer	378
	Section
    6.06	The
    Master Servicer or Special Servicer as Owners of a Certificate	378
	Section
    6.07	The
Directing Holder, the Operating Advisor and the Risk Retention Consultation Parties	379
	Section
    6.08	Rights
    of Non-Directing Holders	386
	 	 	 
	 	ARTICLE
    VII	 
	 	 	 
	SERVICER
    AND OPERATING ADVISOR TERMINATION	386
	 	 	 
	Section
    7.01	Servicer
    Termination Events	386
	Section
    7.02	Trustee
    to Act; Appointment of Successor	395
	Section
    7.03	Notification
to Certificateholders and Other Persons	397
	Section
    7.04	Other
Remedies of Trustee	397
	Section
    7.05	Waiver
of Past Servicer Termination Events and Operating Advisor Termination Events; Termination	397
	Section
    7.06	Trustee
    as Maker of Advances	398
	Section
    7.07	Termination
    of the Operating Advisor	398
	 	 	 
	 	ARTICLE
    VIII	 
	 	 	 
	CONCERNING
    THE TRUSTEE AND CERTIFICATE ADMINISTRATOR	402
	 	 	 
	Section
    8.01	Duties
    of Trustee and Certificate Administrator	402
	Section
    8.02	Certain
    Matters Affecting the Trustee and the Certificate Administrator.	404
	Section
    8.03	Trustee
and Certificate Administrator Not Liable for Certificates or Mortgage Loans	407
	Section
    8.04	Trustee
and Certificate Administrator May Own Certificates	409
	Section
    8.05	Payment
of Trustee’s and Certificate Administrator’s Fees and Expenses; Indemnification	409
	Section
    8.06	Eligibility
Requirements for Trustee and Certificate Administrator	412
	Section
    8.07	Resignation
    and Removal of Trustee and Certificate Administrator	413
	Section
    8.08	Successor
Trustee and Certificate Administrator	416
	Section
    8.09	Merger
or Consolidation of Trustee or Certificate Administrator	416
	Section
    8.10	Appointment
of Co-Trustee or Separate Trustee	417
	 	 	 
	 	ARTICLE
    IX	 
	 	 	 
	TERMINATION	418
	 	 	 
	Section
    9.01	Termination	418

 

    -iv-

     

    

 

	 	ARTICLE
    X	 
	 	 	 
	EXCHANGE
    ACT REPORTING AND REGULATION AB COMPLIANCE	423
	 	 	 
	Section
    10.01	Intent
    of the Parties; Reasonableness	423
	Section
    10.02	Notification
Requirements and Deliveries in Connection with securitization of a Serviced Companion Loan	424
	Section
    10.03	Information
to be Provided by the Master Servicer and the Special Servicer	426
	Section
    10.04	Information
to be Provided by the Trustee	427
	Section
    10.05	Filing
Obligations	427
	Section
    10.06	Form
10-D and Form ABS-EE Filings	428
	Section
    10.07	Form
    10-K Filings	433
	Section
    10.08	Sarbanes-Oxley
    Certification	436
	Section
    10.09	Form
    8-K Filings	437
	Section
    10.10	Suspension
of Exchange Act Filings; Incomplete Exchange Act Filings; Amendments to Exchange Act Reports	439
	Section
    10.11	Annual
Compliance Statements	440
	Section
    10.12	Annual
Reports on Assessment of Compliance with Servicing Criteria	442
	Section
    10.13	Annual
Independent Public Accountants’ Servicing Report	444
	Section
    10.14	Exchange
Act Reporting Indemnification	445
	Section
    10.15	Amendments	448
	Section
    10.16	Exchange
    Act Report Signatures; Delivery of Notices	448
	Section
    10.17	Termination
of the Certificate Administrator	450
	 	 	 
	 	ARTICLE
    XI	 
	 	 	 
	THE
    ASSET REPRESENTATIONS REVIEWER	450
	 	 	 
	Section
    11.01	Asset
    Review.	450
	Section
    11.02	Payment
    of Asset Representations Reviewer Asset Review Fees and Expenses; Limitation of Liability	456
	Section
    11.03	Resignation
of the Asset Representations Reviewer	458
	Section
    11.04	Restrictions
of the Asset Representations Reviewer	458
	Section
    11.05	Termination
    of the Asset Representations Reviewer	458
	 	 	 
	 	ARTICLE
    XII	 
	 	 	 
	MISCELLANEOUS
    PROVISIONS	461
	 	 	 
	Section
    12.01	Counterparts	461
	Section
    12.02	Limitation
    on Rights of Certificateholders	461
	Section
    12.03	Governing
Law	462
	Section
    12.04	Waiver
    of Jury Trial; Consent to Jurisdiction	462
	Section
    12.05	Notices	463
	Section
    12.06	Severability
of Provisions	472

 

    -v-

     

    

 

	Section
    12.07	Notice
to the Depositor and Each Rating Agency	472
	Section
    12.08	Amendment	474
	Section
    12.09	Confirmation
of Intent	479
	Section
    12.10	No
    Intended Third-Party Beneficiaries	480
	Section
    12.11	Entire
Agreement	480
	Section
    12.12	Third
Party Beneficiaries	480

 

    -vi-

     

    

 

	 	TABLE
    OF EXHIBITS
	Exhibit
    A-1	Form
    of Class A-1 Certificate
	Exhibit
    A-2	Form
    of Class A-2 Certificate
	Exhibit
    A-3	Form
    of Class A-3 Certificate
	Exhibit
    A-4	Form
    of Class A-SB Certificate
	Exhibit
    A-5	Form
    of Class A-4 Certificate
	Exhibit
    A-6	Form
    of Class A-5 Certificate
	Exhibit
    A-7	Form
    of Class A-M Certificate
	Exhibit
    A-8	Form
    of Class B Certificate
	Exhibit
    A-9	Form
    of Class C Certificate
	Exhibit
    A-10	Form
    of Class D Certificate
	Exhibit
    A-11	Form
    of Class E Certificate
	Exhibit
    A-12	Form
    of Class F Certificate
	Exhibit
    A-13	Form
    of Class G Certificate
	Exhibit
    A-14	Form
    of Class H Certificate
	Exhibit
    A-15	Form
    of Class X-A Certificate
	Exhibit
    A-16	Form
    of Class X-B Certificate
	Exhibit
    A-17	Form
    of Class X-D Certificate
	Exhibit
    A-18	Form
    of Class X-F Certificate
	Exhibit
    A-19	Form
    of Class X-G Certificate
	Exhibit
    A-20	Form
    of Class X-H Certificate
	Exhibit
    A-21	Form
    of Class R Certificate
	Exhibit
    A-22	Form
    of Class 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 VRR Interest Certificates
	Exhibit
    C-6	Form
    of Transferor Certificate for Transfers of the Class VRR Interest Certificates
	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
	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

 

    -vii-

     

    

 

	Exhibit
    L-1A	Form
    of Investor Certification for Non-Borrower Party and/or Risk Retention Consultation Party (for Persons other than the Directing
    Holder and/or a Controlling Class Certificateholder)
	Exhibit
    L-1B	Form
    of Investor Certification for Non-Borrower Party (for the Directing Holder and/or a Controlling Class Certificateholder)
	Exhibit
    L-1C	Form
    of Investor Certification for Borrower Party (for Persons other than the Directing Holder, a Controlling Class Certificateholder
    and/or a Risk Retention Consultation Party)
	Exhibit
    L-1D	Form
    of Investor Certification for Borrower Party (for the Directing Holder and/or a 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	Form
    of Operating Advisor Backup Certification
	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	Servicing
    Function Participants
	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	Form
    of Operating Advisor Annual Report
	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	Form
    of Asset Review Report by the Asset Representations Reviewer
	Exhibit
    II	Form
    of Asset Review Report Summary by the Asset Representations Reviewer
	Exhibit
    JJ	Asset
    Review Procedures
	Exhibit
    KK	Form
    of Certification to Certificate Administrator Requesting Access to Secure Data Room
	Exhibit
    LL	Form
    of Notice of [Additional Delinquent Mortgage Loan][Cessation of Delinquent Mortgage Loan][Cessation of Asset Review Trigger]

 

    -viii-

     

    

 

	Exhibit
    MM	Form
    of Certificate Administrator Receipt of the Retained Certificates
	Exhibit
    NN	[Reserved]
	 	 
	 	TABLE
    OF SCHEDULES
	 	 
	Schedule
    I	Directing
    Holders
	Schedule
    II	Servicing
    Criteria to be Addressed in Assessment of Compliance
	Schedule
    III	Class
    A-SB Planned Principal Balance Schedule
	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

 

    -ix-

     

    

 

Pooling and Servicing Agreement, dated as of February 1, 2020, between Deutsche Mortgage & Asset Receiving Corporation, as Depositor, Midland Loan Services, a Division of PNC Bank, National Association, as Master Servicer, KeyBank National Association, as Special Servicer, Wells Fargo Bank, National Association, as Certificate Administrator, Paying Agent and Custodian, Wells Fargo Bank, National Association, as Trustee, and Park Bridge Lender Services LLC, as Operating Advisor and Asset Representations Reviewer.

 

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. For income tax purposes alone, the Trust Fund will consist of the Mortgage Loans, the Lower-Tier REMIC and the Upper-Tier REMIC, all as more fully described below.

 

LOWER-TIER REMIC

 

The Lower-Tier REMIC will hold the Mortgage Loans 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 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 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-1 / (A-1)

	
 

	
$4,592,000

	 	
 

	
(1)

	
 

	
Class LA-2 / (A-2)

	
 

	
$10,098,000

	 	
 

	
(1)

	
 

	
Class LA-3 / (A-3)

	
 

	
$40,849,000

	 	
 

	
(1)

	
 

	
Class LA-SB / (A-SB)

	
 

	
$9,800,000

	 	
 

	
(1)

	
 

	
Class LA-4 / (A-4)

	
 

	
$221,000,000

	 	
 

	
(1)

	
 

	
Class LA-5 / (A-5)

	
 

	
$311,560,000

	 	
 

	
(1)

	
 

	
Class LA-M / (A-M)

	
 

	
$93,955,000

	 	
 

	
(1)

	
 

	
Class LB / (B)

	
 

	
$36,301,000

	 	
 

	
(1)

	
 

	
Class LC / (C)

	
 

	
$34,166,000

	 	
 

	
(1)

	
 

	
Class LD / (D)

	
 

	
$23,489,000

	 	
 

	
(1)

	
 

	
Class LE / (E)

	
 

	
$17,083,000

	 	
 

	
(1)

	
 

	
Class LF / (F)

	
 

	
$16,015,000

	 	
 

	
(1)

	
 

	
Class LG / (G)

	
 

	
$8,541,000

	 	
 

	
(1)

	
 

 

    -1-

     

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

	
 

	
Initial Principal Balance or Notional Amount 

	
 

	
Pass-Through Rate 

	
 

	
Class LH / (H)

	
 

	
$26,692,872

	 	
 

	
(1)

	
 

	
LVRR/ (VRR)

	
 

	
$44,955,000

	
 

	
(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 and certain other related assets subject to this Agreement and will issue (i) the Class A-1, Class A-2, Class A-3, Class A-SB, Class A-4, Class A-5, Class X-A, Class X-B, Class X-D, Class X-F, Class X-G, Class X-H, Class A-M, Class B, Class C, Class D, Class E, Class F, Class G, Class H and Class VRR Interest Certificates 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.

 

	
Upper-Tier Regular Interests Represented by Certificates 

	
 

	
Initial Principal Balance or Notional Amount 

	
 

	
Initial Pass-Through Rate 

	
 

	
Class A-1

	
 

	
$4,592,000

	
 

	
1.927%

	
 

	
Class A-2

	
 

	
$10,098,000

	
 

	
2.878%

	
 

	
Class A-3

	
 

	
$40,849,000

	
 

	
2.475%

	
 

	
Class A-SB

	
 

	
$9,800,000

	
 

	
2.700%

	
 

	
Class A-4

	
 

	
$221,000,000

	
 

	
2.483%

	
 

	
Class A-5

	
 

	
$311,560,000

	
 

	
2.732%

	
 

	
Class X-A

	
 

	
$691,854,000(7)

	
 

	
0.928%(1)

	
 

	
Class X-B

	
 

	
$70,467,000(7)

	
 

	
0.240%(2)

	
 

	
Class X-D

	
 

	
$40,572,000(7)

	
 

	
1.090%(3)

	
 

	
Class X-F

	
 

	
$16,015,000(7)

	
 

	
1.500%(4)

	
 

	
Class X-G

	
 

	
$8,541,000(7)

	
 

	
1.500%(5)

	
 

	
Class X-H

	
 

	
$26,692,872(7)

	
 

	
1.500%(6)

	
 

	
Class A-M

	
 

	
$93,955,000

	
 

	
2.944%

	
 

	
Class B

	
 

	
$36,301,000

	
 

	
3.176%

	
 

	
Class C

	
 

	
$34,166,000

	
 

	
3.535%

	
 

	
Class D

	
 

	
$23,489,000

	
 

	
2.500%

	
 

	
Class E

	
 

	
$17,083,000

	
 

	
2.500%

	
 

	
Class F

	
 

	
$16,015,000

	
 

	
2.090%

	
 

	
Class G

	
 

	
$8,541,000

	
 

	
2.090%

	
 

	
Class H

	
 

	
$26,692,872

	
 

	
2.090%

	
 

  

    -2-

     

    

 

	
Upper-Tier Regular Interests Represented by Certificates 

	
 

	
Initial Principal Balance or Notional Amount 

	
 

	
Initial Pass-Through Rate 

	
 

	
Class VRR Interest

	
 

	
$44,955,000

	
 

	
3.590%

	
 

 

	
Upper-Tier Regular Interests Not Represented by Certificates 

	
 

	
Class UTR(8)

	
 

 

	
(1)

	
The regular interest represented by this certificate is entitled to a specified portion of the interest payable on each of the Class LA-1, Class LA-2, Class LA-3, Class LA-SB, Class LA-4, Class LA-5 and Class LA-M 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.

 

	
(2)

	
The regular interest represented by this certificate is entitled to a specified portion of the interest payable on each of the Class LB and Class LC 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 regular interest represented by this certificate is entitled to a specified portion of the interest payable on the each of the Class LD and Class LE 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.

 

	
(4)

	
The regular interest represented by this certificate is entitled to a specified portion of the interest payable on the Class LF Lower-Tier Regular Interest 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.

 

	
(5)

	
The regular interest represented by this certificate is entitled to a specified portion of the interest payable on the Class LG Lower-Tier Regular Interest 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.

 

	
(6)

	
The regular interest represented by this certificate is entitled to a specified portion of the interest payable on the Class LH Lower-Tier Regular Interest 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.

 

	
(7)

	
Notional Amount.

 

	
(8)

	
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 X-B, Class X-D, Class X-F, Class X-G, Class X-H or Class R Certificates have Certificate Balances. Additionally, the Class R Certificates do not have a Notional Amount. The Certificate Balance of any Class of Principal Balance Certificates and the Class VRR Interest 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 Mortgage Loans and the other assets in the Trust Fund and the other assets in the Trust Fund; provided that if amounts previously allocated as Realized Losses or VRR Realized Losses, as applicable, to a Class of Certificates in reduction of the Certificate Balance thereof are subsequently recovered (including without limitation after the reduction of the Certificate Balance of such Class to zero), such Class may receive distributions in respect of such recoveries in accordance with the priorities set forth in Section 4.01 of this Agreement.

 

On the Closing Date, the Depositor is selling, assigning and transferring and otherwise conveying to (i) DBNY, $20,725,250 initial Certificate Balance of the VRR Interest in the form of Class VRR Interest Certificates (which assignment, transfer and conveyance shall, 

 

    -3-

     

    
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) JPMCB, $12,000,000 initial Certificate
Balance of the VRR Interest in the form of Class VRR Interest 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) and (iii) CREFI, $12,229,750 initial Certificate
Balance of the VRR Interest in the form of Class VRR Interest 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 CREFI).

 

The portion of the VRR Interest (or Class VRR Interest Certificates) that DBNY is so purchasing from the Depositor on the Closing Date is referred to in this Agreement as the “VRR1 Interest”. The portion of the VRR Interest (or Class VRR Interest Certificates) that JPMCB is so purchasing from the Depositor on the Closing Date is referred to in this Agreement as the “VRR2 Interest”. The portion of the VRR Interest (or Class VRR Interest Certificates) that CREFI is so purchasing from the Depositor on the Closing Date is referred to in this Agreement as the “VRR3 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 and causes the maximum amounts to be paid with respect to the holders of the REMIC Regular Interests.

 

    -4-

     

    
WHOLE LOANS

 

	
Loan 
No.

	
Whole Loan

	
Type

	
Non-Serviced 
PSA/TSA

	
Companion Loan 
Name

	
Companion Loan 
Type

	
2

	
Bellagio Hotel and Casino

	
Non-Serviced

	
BX 2019-OC11

	
Note A-1-C1

	
Pari Passu

	
Note A-1-S1

	
Pari Passu

	
Note A-1-S2

	
Pari Passu

	
Note A-1-RL

	
Pari Passu

	
Note A-1-C2

	
Pari Passu

	
Note A-1-C3

	
Pari Passu

	
Note A-1-C4

	
Pari Passu

	
Note A-1-C5

	
Pari Passu

	
Note A-2-C1

	
Pari Passu

	
Note A-2-S1

	
Pari Passu

	
Note A-2-S2

	
Pari Passu

	
Note A-2-RL

	
Pari Passu

	
Note A-2-C3

	
Pari Passu

	
Note A-3-S1

	
Pari Passu

	
Note A-3-S2

	
Pari Passu

	
Note A-3-RL

	
Pari Passu

	
Note A-3-C1

	
Pari Passu

	
Note A-3-C5

	
Pari Passu

	
Note A-3-C6

	
Pari Passu

	
Note A-3-C3

	
Pari Passu

	
Note A-3-C4

	
Pari Passu

	
Note B-1-S

	
Subordinate

	
Note B-2-S

	
Subordinate

	
Note B-3-S

	
Subordinate

	
Note C-1-S

	
Subordinate

	
Note C-2-S

	
Subordinate

	
Note C-3-S

	
Subordinate

	
Note B-1-RL

	
Subordinate

	
Note B-2-RL

	
Subordinate

	
Note B-3-RL

	
Subordinate

	
3

	
Kings Plaza

	
Servicing Shift

	
(1)

	
Note A-1-1

	
Pari Passu

	
Note A-1-3

	
Pari Passu

	
Note A-1-4

	
Pari Passu

	
Note A-2-1

	
Pari Passu

	
Note A-2-2

	
Pari Passu

	
Note A-2-3

	
Pari Passu

	
Note A-2-4

	
Pari Passu

	
Note A-3-1

	
Pari Passu

	
Note A-3-2

	
Pari Passu

	
Note A-3-3

	
Pari Passu

	
Note A-3-4

	
Pari Passu

	
4

	
3500 Lacey

	
Serviced

	
N/A

	
Note A-2

	
Pari Passu

	
6

	
560 Mission Street

	
Serviced

	
N/A

	
Note A-1

	
Pari Passu

	
Note A-1-2-B

	
Pari Passu

	
Note A-1-3

	
Pari Passu

	
Note A-2-A

	
Pari Passu

	
Note A-2-B

	
Pari Passu

	
7

	
1633 Broadway

	
Non-Serviced

	
BWAY 2019-1633

	
Note A-1-S-1

	
Pari Passu

	
Note A-2-S-1

	
Pari Passu

	
Note A-3-S-1

	
Pari Passu

	
Note A-4-S-1

	
Pari Passu

	
Note A-1-C-1

	
Pari Passu

	
Note A-1-C-3

	
Pari Passu

	
Note A-1-C-4

	
Pari Passu

	
Note A-1-C-5

	
Pari Passu

	
Note A-1-C-6

	
Pari Passu

	
Note A-1-C-7

	
Pari Passu

	
Note A-1-C-2

	
Pari Passu

	
Note A-2-C-5

	
Pari Passu

	
Note A-2-C-1-A

	
Pari Passu

	
Note A-2-C-2

	
Pari Passu

	
Note A-2-C-3

	
Pari Passu

	
Note A-2-C-4

	
Pari Passu

	
Note A-2-C-6

	
Pari Passu

	
Note A-2-C-7

	
Pari Passu

	
Note A-3-C-1-A

	
Pari Passu

	
Note A-3-C-2

	
Pari Passu

	
Note A-3-C-3

	
Pari Passu

	
Note A-3-C-4

	
Pari Passu

	
Note A-3-C-5

	
Pari Passu

	
Note A-3-C-6

	
Pari Passu

 

    -5-

     

    
	
 

	
 

	
 

	
 

	
Note A-3-C-7

	
Pari Passu

	
Note A-4-C-1

	
Pari Passu

	
Note A-4-C-2

	
Pari Passu

	
Note A-4-C-3

	
Pari Passu

	
Note A-4-C-4

	
Pari Passu

	
Note A-4-C-5

	
Pari Passu

	
Note A-4-C-6

	
Pari Passu

	
Note A-4-C-7

	
Pari Passu

	
Note B-1

	
Subordinate

	
Note B-2

	
Subordinate

	
Note B-3

	
Subordinate

	
Note B-4

	
Subordinate

	
8

	
Starwood Industrial Portfolio

	
Non-Serviced

	
GSMS 2020-GC45

	
Note A-1

	
Pari Passu

	
Note A-2-2

	
Pari Passu

	
Note A-3-2

	
Pari Passu

	
Note A-4

	
Pari Passu

	
Note B-1

	
Subordinate

	
9

	
650 Madison Avenue

	
Non-Serviced

	
MAD 2019-650M

	
Note A-1-1

	
Pari Passu

	
Note A-1-2-1

	
Pari Passu

	
Note A-1-3

	
Pari Passu

	
Note A-2-1

	
Pari Passu

	
Note A-1-4

	
Pari Passu

	
Note A-1-6

	
Pari Passu

	
Note A-2-2

	
Pari Passu

	
Note A-2-3

	
Pari Passu

	
Note A-2-4

	
Pari Passu

	
Note A-2-5

	
Pari Passu

	
Note A-2-6

	
Pari Passu

	
Note A-2-7

	
Pari Passu

	
Note A-2-8

	
Pari Passu

	
Note A-3-1

	
Pari Passu

	
Note A-3-2

	
Pari Passu

	
Note A-3-3

	
Pari Passu

	
Note A-4

	
Pari Passu

	
Note A-5

	
Pari Passu

	
Note A-6

	
Pari Passu

	
Note A-7

	
Pari Passu

	
Note B-1

	
Subordinate

	
Note B-2

	
Subordinate

	
Note B-3

	
Subordinate

	
Note B-4

	
Subordinate

	
10

	
181 West Madison

	
Non-Serviced

	
JPMCC 2020-LOOP

	
Note A-1

	
Pari Passu

	
Note A-3

	
Pari Passu

	
Note A-4

	
Pari Passu

	
Note B-1

	
Subordinate

	
13

	
510 East 14th Street

	
Non-Serviced

	
GSMS 2020-GC45

	
Note A-1-2

	
Pari Passu

	
Note A-2

	
Pari Passu

	
14

	
490-504 Myrtle Avenue

	
Non-Serviced

	
CGCMT 2019-C7

	
Note A-1

	
Pari Passu

	
24

	
Giant Anchored Portfolio

	
Non-Serviced

	
CGCMT 2019-C7

	
Note A-1-A

	
Pari Passu

	
Note A-2-A

	
Pari Passu

	
Note A-2-B

	
Pari Passu

	 

	(1)

	The
subject Whole Loans will be serviced under this Agreement until the related Servicing Shift Securitization Date for the related
Servicing Shift Lead Note, after which the subject Whole Loan will be serviced pursuant to the pooling and servicing agreement
for the securitization of such Servicing Shift Lead Note.

 

In consideration of the mutual agreements herein contained, the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee, the Operating Advisor, the Asset Representations Reviewer 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.

 

    -6-

     

    
“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 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 and (2) as to which an Appraisal Reduction Amount is not in effect.

 

“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.

 

    -7-

     

    
“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.

 

“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 and any related Serviced Companion Loan.

 

“Additional Form 10-D Disclosure”: As defined in Section 10.06 of this Agreement.

 

“Additional Form 10-K Disclosure”: As defined in Section 10.07 of this Agreement.

 

“Additional Servicer”: Each Affiliate of the Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee, the Mortgage Loan Sellers or the Underwriters (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, the Mortgage Loan Sellers or the Underwriters, 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 Regular Certificates 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, a per annum rate equal to the sum of the Servicing Fee Rate, the Certificate Administrator/Trustee Fee Rate, the Operating Advisor 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

 

    -8-

     

    
 Rate, the Advance Interest Amount payable to the Master Servicer or the Trustee shall be paid 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, the Operating Advisor, the Asset Representations Reviewer 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, the Operating Advisor, the Asset Representations
Reviewer 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, the Operating Advisor, the Asset Representations Reviewer 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, the Operating
Advisor, the Asset Representations Reviewer 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, the
Operating Advisor, the Asset Representations Reviewer 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, the Operating Advisor, the Asset Representations Reviewer 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

 

    -9-

     

    
 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, the Operating Advisor, the Asset Representations Reviewer 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 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.

 

“Affirmative Asset Review Vote”: As defined in Section 11.01(a) of this Agreement.

 

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

 

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

 

(a)        the aggregate amount of all cash received on the Mortgage Loans (in the case of 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), 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 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;

 

    -10-

     

    

 

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

 

(iv)  with respect to each Actual/360 Loan 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;

 

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

 

(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

 

(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)       (d)       with respect to each Actual/360 Loan and the Distribution Date in March 2020 (if and to the extent not already included in clause (a) of this definition for the subject Distribution Date), the aggregate Interest Deposit Amount for the Mortgage Pool remitted by the Depositor to the Interest Reserve Account;

 

(e)        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

 

(f)        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(g).

 

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

 

    -11-

     

    

 

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

 

(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 are subsequently recovered on the related Mortgage Loan, such recovery will increase the Aggregate Principal Distribution Amount for the Distribution Date related to the period in which such recovery occurs.

 

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

 

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

 

“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.

 

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“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. For the avoidance of doubt, there are no Mortgage Loans related to the Trust with a Revised Rate or an Anticipated Repayment Date.

 

“Anticipated Termination Date”: Any Distribution Date on which it is anticipated that the Trust Fund will be terminated pursuant to Section 9.01(c) of this Agreement.

 

“Applicable 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 KBRA 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 KBRA (if then rated by KBRA).

 

“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, and, if a Control Termination
Event is continuing, in consultation with the Operating Advisor to the extent set forth in Section 6.07 of this Agreement) 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

 

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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 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

 

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 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 Companion 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.

 

“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 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, the Operating Advisor and the Directing Holder (but only if no

 

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 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.

 

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

 

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

 

“ASR Consultation Process”: As defined in Section 3.23(e)(x) of this Agreement.

 

“Asset-Level Basis”: With respect to the Operating Advisor’s evaluation of the Special Servicer’s performance of its duties as they relate to the resolution and/or liquidation of Specially Serviced Loans taking into account the Special Servicer’s specific duties under this Agreement as well as the extent to which those duties were performed in accordance with the Servicing Standard, with reasonable consideration by the Operating Advisor of any assessment of compliance report, attestation report, Asset Status Report (during a Control Termination Event), Final Asset Status Report and other information, in each case delivered to the Operating Advisor by the Special Servicer or made available to Privileged Persons that are posted on the Certificate Administrator’s Website during the prior calendar year (together with any additional information and material reviewed by the Operating Advisor) (other than any communications between the Directing Holder and the Special Servicer that would be Privileged Information) pursuant to this Agreement.

 

“Asset Representations Reviewer”: Park Bridge Lender Services LLC, a New York limited liability company, or its successor in interest, or any successor Asset Representations Reviewer appointed as herein provided.

 

“Asset Representations Reviewer Asset Review Fee”: As defined in Section 11.02(a) of this Agreement.

 

“Asset Representations Reviewer Fee Cap”: As defined in Section 11.02(a) of this Agreement.

 

“Asset Representations Reviewer Surveillance Personnel”: The divisions and individuals of the Asset Representations Reviewer who are involved in the performance of the duties of the Asset Representations Reviewer under this Agreement.

 

“Asset Representations Reviewer Termination Event”: As defined in Section 11.05(a) of this Agreement.

 

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

 

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“Asset Review Notice”: As defined in Section 11.01(b) of this Agreement.

 

“Asset Review Quorum”: In connection with any solicitation of votes to authorize an Asset Review as described in Section 11.01(a), the Certificateholders evidencing at least 5% of the aggregate Voting Rights represented by all Certificates.

 

“Asset Review Report”: A report setting forth the results of an Asset Review substantially in the form attached hereto as Exhibit HH.

 

“Asset Review Report Summary”: As defined in Section 11.01(b)(viii) of this Agreement, a summary report setting forth the conclusions of an Asset Review Report substantially in the form attached hereto as Exhibit II.

 

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

 

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

 

“Asset Review Vote Election”: As defined in Section 11.01(a) of this Agreement.

 

“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), 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) 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, an amount equal to the Non-VRR Percentage of the Aggregate Available Funds for such Distribution Date.

 

“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).

 

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

 

(A) any of the Class
A-1, Class A-2, Class A-3, Class A-SB, Class A-4, Class A-5, Class A-M, Class B, Class C, Class D and Class E 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

 

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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-1, Class A-2, Class A-3, Class A-SB, Class A-4, Class A-5, Class A-M, Class B, Class C, Class D and Class E 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 (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 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 for such prepaid Mortgage Loan, the issue with the earlier maturity date shall be selected.

 

“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.

 

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“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, Restricted Mezzanine Holder or any Borrower Party Affiliate.

 

“Borrower Party Affiliate”: With respect to a borrower, a mortgagor, a manager of a Mortgaged Property or a Restricted Mezzanine Holder, (a) any other Person controlling or controlled by or under common control with such borrower, mortgagor, manager or Restricted Mezzanine Holder, 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 Restricted Mezzanine Holder. 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(e) of this Agreement.

 

“Business
Day”: Any day other than (i) a Saturday or a Sunday, (ii) a legal holiday in New York, New York or the principal
cities in which the Master Servicer, the Special Servicer, the Operating Advisor, the Asset Representations Reviewer, the Trustee
or the Certificate Administrator conduct servicing, trust administration or surveillance operations or (iii) a day on which the
Federal Reserve Bank of New York or banking institutions or savings associations in New York, New York, Charlotte, North Carolina,
Cleveland, Ohio, Oakland, California, Kansas City, Missouri, Pittsburgh, Pennsylvania, Overland Park, Kansas, Minneapolis, Minnesota,
Columbia, Maryland, Bethesda, Maryland, or the principal cities in which the Master Servicer, the Special Servicer, the Operating
Advisor, the Asset Representations Reviewer, the Trustee or the Certificate Administrator conduct servicing, trust administration
or surveillance operations are authorized or obligated by law or executive order to be closed.

 

“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

 

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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.

 

“Certificate”: Any Class A-1, Class A-2, Class A-3, Class A-SB, Class A-4, Class A-5, Class X-A, Class X-B, Class X-D, Class X-F, Class X-G, Class X-H, Class A-M, Class B, Class C, Class D, Class E, Class F, Class G, Class H, Class R and Class 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.

 

“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 and REO 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 or REO Loan) multiplied by (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). 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 or REO Loan shall be payable from the Lower-Tier REMIC.

 

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“Certificate Administrator/Trustee Fee Rate”: A rate equal to 0.00856% 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 Principal Balance Certificates and the Class VRR Interest Certificates, subject to the next sentence, (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 Realized Losses or VRR Realized losses, as applicable, made thereon on such prior Distribution Date.

 

“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 execute 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 is registered in the Certificate Register or any beneficial owner thereof; provided, however,
that solely for the purposes of giving any consent, approval, waiver or taking any action pursuant to this Agreement, any
Certificate registered in the name of or beneficially owned by (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

 

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unless such consent,
approval or waiver sought from such party would in any way increase its compensation or limit its obligations in the named capacities
hereunder or waive a Servicer Termination Event or trigger an Asset Review with respect to such Mortgage Loan; 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
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.

 

“Certificateholder Quorum”: In connection with any solicitation of votes in connection with the replacement of the Special Servicer pursuant to Section 3.22(d) of this Agreement or the Asset Representations Reviewer pursuant to Section 11.05(b) of this Agreement, the holders of Certificates evidencing at least 50% of the aggregate 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, except in the case of the termination of the Asset Representations Reviewer pursuant to Section 11.05(b) of this Agreement) of all Principal Balance Certificates and Class VRR Interest Certificates on an aggregate basis.

 

“Certificateholder Repurchase Request”: As defined in Section 2.03(k) of this Agreement.

 

“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 separately designated Lower-Tier Regular Interest. For 

 

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the avoidance of doubt, the Certificates comprising the VRR Interest (the Class VRR Interest Certificates) shall be a Class.

 

“Class A-1 Certificate”: Any one of the Certificates with a “Class A-1” 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-1 Pass-Through Rate”: A per annum rate equal to 1.927%.

 

“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 2.878%.

 

“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 2.475%.

 

“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 2.483%.

 

“Class A-5 Certificate”: Any one of the Certificates with a “Class A-5” 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-5 Pass-Through Rate”: A per annum rate equal to 2.732%.

 

“Class A-M Certificate”: Any one of the Certificates with a “Class A-M” 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-M Pass-Through Rate”: A per annum rate equal to the lesser of the (i) WAC Rate and (ii) 2.944%.

 

“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

 

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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 A-SB Pass-Through Rate”: A per annum rate equal to 2.700%.

 

“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 lesser of the (i) WAC Rate and (ii) 3.176%.

 

“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 (i) the WAC Rate minus (ii) 0.055%, but in any case, not less than 0.000%.

 

“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 2.500%.

 

“Class E Certificate”: Any one of the Certificates with a “Class 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 E Pass-Through Rate”: A per annum rate equal to 2.500%.

 

“Class F Certificate”: Any one of the Certificates with a “Class F” 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 F Pass-Through Rate”: A per annum rate equal to (i) the WAC Rate minus (ii) 1.500%, but in any case, not less than 0.000%.

 

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

 

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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 G Pass-Through Rate”: A per annum rate equal to (i) the WAC Rate minus (ii) 1.500%, but in any case, not less than 0.000%.

 

“Class H Certificate”: Any one of the Certificates with a “Class H” 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 H Pass-Through Rate”: A per annum rate equal to (i) the WAC Rate minus (ii) 1.500%, but in any case, not less than 0.000%.

 

“Class LA-1 Interest”, “Class LA-2 Interest”, “Class LA-3 Interest”, “Class LA-SB Interest”, “Class LA-4 Interest”, “Class LA-5 Interest”, “Class LA-M Interest”, “Class LB Interest”, “Class LC Interest”, “Class LD Interest”, “Class LE Interest”, “Class LF Interest”, “Class LG Interest”, “Class LH 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 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 UTR Interest”: The sole class of “residual interest” in the Upper-Tier REMIC, which will be represented by the Class R Certificate.

 

“Class VRR Interest Certificates”: Any one of the Certificates 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 X Certificates”: The Class X-A, Class X-B, Class X-D, Class X-F, Class X-G and Class X-H Certificates, collectively.

 

“Class X Component”: Each of the Class X-A Components, the Class X-B Components, the Class X-D Components, the Class X-F Component, the Class X-G Component and the Class X-H Component.

 

“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.

 

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“Class X Notional Amount”: The Class X-A Notional Amount, the Class X-B Notional Amount, the Class X-D Notional Amount, the Class X-F Notional Amount, the Class X-G Notional Amount or the Class X-H Notional Amount, as applicable, and as the context may require.

 

“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.

 

“Class X-A Components”: Each of Component XA-1, Component XA-2, Component XA-3, Component XA-SB, Component XA-4, Component XA-5 and Component XA-M.

 

“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 0.928% 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.

 

“Class
X-B Certificate”: Any one of the Certificates with a “Class X-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 X-B Components”: Each of Component XB and Component XC.

 

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

 

“Class X-B Pass-Through Rate”: With respect to any Distribution Date, the weighted average of the Class X-B Strip Rates for the respective Class X-B 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-B Pass-Through Rate for the initial Distribution Date is 0.240% per annum.

 

“Class X-B Strip Rate”: With respect to either Class of Class X-B 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.

 

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“Class X-D Certificate”: Any one of the Certificates with a “Class X-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 X-D Component”: Each of the Component XD and Component XE.

 

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

 

“Class X-D Pass-Through Rate”: With respect to any Distribution Date, the weighted average of the Class X-D Strip Rates for the respective Class X-D 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-D Pass-Through Rate for the initial Distribution Date is 1.090% per annum.

 

“Class X-D Strip Rate”: With respect to either Class of Class X-D 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.

 

“Class X-F Certificate”: Any one of the Certificates with a “Class X-F” 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 X-F Component”: The Component XF.

 

“Class X-F Notional Amount”: As of any date of determination, the then Class X Component Notional Amount of the Class X-F Component.

 

“Class X-F Pass-Through Rate”: With respect to any Distribution Date, the Class X-F Strip Rate for the Class X-F Component for such Distribution Date. The Class X-F Pass-Through Rate for the initial Distribution Date is 1.500% per annum.

 

“Class X-F Strip Rate”: With respect to the Class X-F Component 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.

 

“Class X-G Certificate”: Any one of the Certificates with a “Class X-G” 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 X-G Component”: The Component XG.

 

“Class X-G
Notional Amount”: As of any date of determination, the then Class X Component Notional Amount of the Class X-G Component. 

 

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“Class X-G Pass-Through Rate”: With respect to any Distribution Date, the Class X-G Strip Rate for the Class X-G Component for such Distribution Date. The Class X-G Pass-Through Rate for the initial Distribution Date is 1.500% per annum.

 

“Class X-G Strip Rate”: With respect to the Class X-G Component 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.

 

“Class X-H Certificate”: Any one of the Certificates with a “Class X-H” 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 X-H Component”: The Component XH.

 

“Class X-H Notional Amount”: As of any date of determination, the then Class X Component Notional Amount of the Class X-H Component.

 

“Class X-H Pass-Through Rate”: With respect to any Distribution Date, the Class X-H Strip Rate for the Class X-H Component for such Distribution Date. The Class X-H Pass-Through Rate for the initial Distribution Date is 1.500% per annum.

 

“Class X-H Strip Rate”: With respect to the Class X-H Component 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”: February 12, 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) (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 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

 

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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 Deutsche Mortgage & Asset Receiving Corporation, Benchmark 2020-B16 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series 2020-B16 Collection Account” and which must be an Eligible Account.

 

“Collection Period”: With respect to any Distribution Date and each Mortgage Loan, the period that begins on the day immediately following the Due Date for such Mortgage 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 had a Due Date in such preceding month and ending on and including the Due Date for such Mortgage 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 Mortgage Loans 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 or Serviced Pari Passu Companion Loans (in each case, other than (a) a Non-Serviced Mortgage Loan, (b) a Specially Serviced Loan or (c) a Mortgage Loan or any related Serviced Companion Loan 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% (.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

 

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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 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 to offset of the aggregate Prepayment Interest Shortfalls against those amounts, shall not be cumulative.

 

“Component XA-1”: 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-1 Interest as of any date of determination.

 

“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-5”: 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-5 Interest as of any date of determination.

 

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“Component XA-M”: 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-M 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.

 

“Component XB”: The component of the Class X-B Certificates having a Class X Component Notional Amount equal to the then current Lower-Tier Principal Balance of the Class LB Interest as of any date of determination.

 

“Component XC”: The component of the Class X-B Certificates having a Class X Component Notional Amount equal to the then current Lower-Tier Principal Balance of the Class LC Interest as of any date of determination.

 

“Component XD”: The component of the Class X-D Certificates having a Class X Component Notional Amount equal to the then current Lower-Tier Principal Balance of the Class LD Interest as of any date of determination.

 

“Component XE”: The component of the Class X-D Certificates having a Class X Component Notional Amount equal to the then current Lower-Tier Principal Balance of the Class LE Interest as of any date of determination.

 

“Component XF”: The component of the Class X-F Certificates having a Class X Component Notional Amount equal to the then current Lower-Tier Principal Balance of the Class LF Interest as of any date of determination.

 

“Component XG”: The component of the Class X-G Certificates having a Class X Component Notional Amount equal to the then current Lower-Tier Principal Balance of the Class LG Interest as of any date of determination.

 

“Component XH”: The component of the Class X-H Certificates having a Class X Component Notional Amount equal to the then current Lower-Tier Principal Balance of the Class LH 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 authority or private entity with condemnation powers (other than amounts to be applied to the restoration, preservation or repair of such Mortgaged Property or released to the related Borrower in accordance with the terms of the REMIC Provisions and the applicable Loan Documents for the related Mortgage Loan or Serviced Whole Loan) 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).

 

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“Confidential Information”: With respect to each of the Depositor, the Master Servicer, any Special Servicer, the Operating Advisor, the Asset Representations Reviewer, 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 Operating Advisor, the Asset Representations Reviewer, 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 Operating Advisor Surveillance Personnel, the Asset Representations Reviewer Surveillance Personnel, the Certificate Administrator Personnel or the Trustee Personnel.

 

“Consultation Termination Event”: Will occur (a) with respect to any Mortgage Loan (other than the Servicing Shift Mortgage Loan and Serviced AB Mortgage Loan), any Serviced Whole Loan (other than any Servicing Shift Whole Loan or any Serviced AB Whole Loan) or the Starwood Industrial Portfolio Whole Loan, at any date at which there is 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, or, (b) with respect to any Serviced AB Whole Loan, when a related Control Appraisal Period is continuing; provided that no Consultation Termination Event may occur with respect to the Loan-Specific Directing Holder related to each such Servicing Shift Whole Loan and the term “Consultation Termination Event” shall not be applicable to the Loan-Specific Directing Holder related to such Servicing Shift Whole Loan; provided, further, that a Consultation Termination Event shall not be deemed to be continuing in the event the Certificate Balances of all Classes of Principal Balance Certificates other than the Control Eligible Certificates have been reduced to zero. 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”: Any of the Class F, Class G or Class H Certificates.

 

“Control Termination Event”: Will occur (a) with respect to any Mortgage Loan (other than any Serviced AB Whole Loan and any Servicing Shift Mortgage Loan), Serviced Whole Loan (other than any Serviced AB Whole Loan and any Servicing Shift Whole Loan) or the Starwood Industrial Portfolio Whole Loan, when the Certificate Balance of the Class F 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, 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; provided that no Control Termination Event may occur with respect to the Loan-Specific Directing Holder related to each such Servicing Shift Whole Loan and the term “Control Termination Event” shall not be

 

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applicable to the Loan-Specific Directing Holder related to such Servicing Shift Whole Loan; provided, further, that a Control Termination Event shall not be deemed to be continuing in the event the Certificate Balances of all Classes of Principal Balance Certificates other than the Control Eligible Certificates have been reduced to zero. With respect to Excluded Loans related to the Directing Holder, a Control Termination Event shall be deemed to exist.

 

“Controlling Class”: As of any date of determination, the most subordinate Class of 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 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 H Certificates; provided that if, at any time, the Certificate Balances of all Control Eligible Certificates, as notionally reduced by any Appraisal Reduction Amounts (but without regard to any Collateral Deficiency Amount) allocable to such Classes, have been reduced to zero, the Controlling Class shall be the most subordinate Class of Control Eligible Certificates that has a principal balance greater than zero; provided, further, that if at any time the Certificate Balance of the Class A-1, Class A-2, Class A-3, Class A-SB, Class A-4, Class A-5, Class A-M, Class B, Class C, Class D and Class E Certificates have been reduced to zero as a result of the allocation of principal payments on the Mortgage Loans, then the “Controlling Class” shall be the most subordinate class of Control Eligible Certificates that has 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.

 

“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. For the avoidance of doubt, there are no Controlling Companion Loans related to the Trust.

 

“Corporate Trust Office”: The offices of the Trustee and Certificate Administrator are located, (i) with respect to the Trustee, at 9062 Old Annapolis Road, Columbia, Maryland 21045-1951, Attention: Corporate Trust Services – BMARK 2020-B16, (ii) with respect to the Certificate Administrator, at 9062 Old Annapolis Road, Columbia, Maryland 21045-1951, Attention: Corporate Trust Services – BMARK 2020-B16, 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-B16, 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.

 

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“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.

 

“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.

 

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

 

“CREFC® Intellectual Property Royalty License Fee”: With respect to each Mortgage Loan and REO Loan (other than the portion of an REO Loan related to any Serviced 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 or REO Loan as of the close of business on the Distribution Date which such Interest Accrual Period is computed. Any

 

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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, (vii) CREFC® Special Servicer Loan File and (viii) CREFC® Schedule AL 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 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.

 

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“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.

 

“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® Schedule AL File”: The data file in the “Schedule AL File” format substantially in the form of and containing the information required by Items 1111(h)(1), 1111(h)(2) and 1111(h)(3) of Regulation AB, Item 1125 of Regulation AB and Item 601(b)(102) of Regulation S-K and otherwise called for therein, or such other form containing such required information for the presentation of such information as may be approved from time to time by the CREFC® for commercial mortgage securities transactions generally.

 

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

 

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“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.

 

“CREFI”: Citi Real Estate Funding Inc., in its capacity as a Mortgage Loan Seller, and its successors in interest.

 

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

 

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

 

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

 

“Crossover Date”: The Distribution Date, if any, on which the Certificate Balance of each of the Class A-M, Class B, Class C, Class D, Class E, Class F, Class G and Class H 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

 

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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.

 

“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, the later of the related Due Date of such Mortgage Loan in February 2020 (or, in the case of any Mortgage Loan that has its first Due Date subsequent to February 2020, the date that would have been its Due Date in February 2020 under the terms of that Mortgage 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 the VRR1 Interest, and its successors in interest.

 

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

 

“Debt
Service Coverage Ratio”: 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 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(e) of this Agreement.

 

“Deficient Exchange Act Deliverable”: With respect to the Master Servicer, the Special Servicer, the Operating Advisor, the Asset Representations Reviewer, the Custodian, the Certificate Administrator, the Trustee and each Servicing Function Participant and Additional Servicer retained by it (other than 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”: Deutsche Mortgage & Asset Receiving Corporation, a Delaware corporation, and its successors and assigns.

 

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

 

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“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 March 2020.

 

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

 

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

 

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

 

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

 

(iii)  assignment of the Mortgage in favor of the Trustee (or the related Other Trustee, in the case of a Non-Serviced Mortgage Loan) 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 of such assignment to be sent for recordation);

 

(iv) any related Assignment of Leases, Rents and Profits 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 assignment of any related Assignment of Leases, Rents and Profits (if such item is a document separate from the Mortgage) in favor of the Trustee (or the related Other Trustee, in the case of a Non-Serviced Mortgage Loan) 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 of such assignment to be sent for recordation);

 

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

 

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

 

(ix)  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 (or the related Other Trustee, in the case of a Non-Serviced Mortgage Loan) or in blank 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 of such assignment to be sent for filing);

 

(xi)  any Intercreditor Agreement relating to permitted debt of the mortgagor, including any Intercreditor Agreement relating to a Serviced Whole Loan;

 

(xii) any loan agreement, escrow agreement, security agreement or letter of credit relating to a Mortgage Loan or a Serviced Whole Loan;

 

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

 

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

 

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

 

(xvii) any related mezzanine intercreditor agreement;

 

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(xviii) all related environmental reports;

 

(xix) all related environmental insurance policies;

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

(k)        copies of any zoning reports;

 

(l)         copies of financial statements of the related mortgagor;

 

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

 

(n)        copies of all UCC searches;

 

(o)        copies of all litigation searches;

 

(p)        copies of all bankruptcy searches;

 

(q)        a copy of the origination settlement statement;

 

(r)        a copy of the insurance consultant report;

 

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(s)        copies of the organizational documents of the related mortgagor and any guarantor;

 

(t)        copies of the escrow statements;

 

(u)        a copy of any closure letter (environmental);

 

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

 

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

 

provided that (i) with respect to any Mortgage Loan which is a Non-Serviced Mortgage Loan on the Closing Date, any assignments in favor of the trustee will be in favor of the trustee under the related Other Pooling and Servicing Agreement and (ii) with respect to any Servicing Shift Mortgage Loan, any assignments in favor of the trustee may be in blank and may not be recorded or filed until otherwise set forth in Section 2.01(a);

 

in each case, to the extent that the Originator received such documents in connection with the origination of such Mortgage Loan. In the event any of the items identified above were not included in connection with the origination of such Mortgage Loan, the Diligence File shall include a statement to that effect; provided that the Mortgage Loan Seller shall not deliver information that is proprietary to the related Originator or Mortgage Loan Seller or any draft documents or privileged or internal communications. The Mortgage Loan Seller may, without any obligation to do so, include such other documents or information as part of the Diligence File that such Mortgage Loan Seller believes should be included to enable the Asset Representations Reviewer to perform the Asset Review on such Mortgage Loan; provided that such documents or information are clearly labeled and identified.

 

“Diligence File Certification”: As defined in Section 2.01(f) of this Agreement.

 

“Directing Holder”: (A) With respect to any Mortgage Loan (other than any Non-Serviced Mortgage Loan, any Servicing Shift Mortgage Loan or any Serviced AB Mortgage Loan) or Serviced Whole Loan (other than any Servicing Shift Whole Loan or any Serviced AB Whole Loan), the Trust Directing Holder; (B) with respect to any Servicing Shift Mortgage Loan (prior to the related Servicing Shift Securitization Date), the related Loan-Specific Directing Holder; and (C) with respect to any Serviced AB Whole Loan, (i) the related Loan-Specific Directing Holder, and (ii) for so long as a related Control Appraisal period is continuing, the Trust Directing Holder.

 

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

 

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.

 

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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).

 

“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 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.

 

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

 

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

 

“Dispute Resolution Cut-off Date”: As defined in Section 2.03(l) 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 and the Lower-Tier 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 March 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, Trustee or Operating Advisor, the Asset Representations Reviewer, which lists certain parties identified by the Depositor as having failed to comply (after any applicable cure period) with their respective obligations under Article 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.

 

“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 as of the Cut-off Date.

 

“EDGAR Compatible Format”: (a) With respect to the Initial Schedule AL File, Initial Schedule AL Additional File, CREFC® Schedule AL File, the Schedule AL Additional File and any other information required pursuant to Item 1111(h) of Regulation AB, XML Format or such other format as mutually agreed to between the Depositor, Certificate Administrator and the Master Servicer and (b) with respect to any other document or information, 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 the equivalent by KBRA (if then
rated by KBRA), 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 at least the equivalent by KBRA (if then rated by KBRA) if the deposits are to be held in
such account for less than thirty (30) days;

 

(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 at least the equivalent by KBRA (if then rated by KBRA) (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 at least the equivalent by KBRA (if then rated by KBRA) (if the deposits are to be held in the account for thirty
(30) days or less);

 

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(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 Asset Representations Reviewer”: An entity that (a) is the special servicer, operating advisor or asset representations reviewer on a transaction rated by any of DBRS, Fitch, KBRA, Moody’s, Morningstar or S&P and that has not been a special servicer, operating advisor or asset representations reviewer on a transaction for which any of DBRS, Fitch, KBRA, Moody’s, Morningstar or S&P has qualified, downgraded or withdrawn its rating or ratings of, one or more classes of certificates for such transaction citing servicing or other relevant concerns with such special servicer, operating advisor or asset representations reviewer, as applicable, as the sole or material factor in such rating action, (b) can and will make the representations and warranties of the Asset Representations Reviewer set forth in Section 2.04(g), (c) is not (and is not affiliated with) any Sponsor, any Mortgage Loan Seller, any Originator, the Master Servicer, the Special Servicer, the Depositor, the Certificate Administrator, the Trustee, the Trust Directing Holder, any Risk Retention Consultation Party or any of their respective affiliates, (d) has not performed (and is not affiliated with any party hired to perform) any due diligence, loan underwriting, brokerage, borrower advisory or similar services with respect to any Mortgage Loan or any related Companion Loan prior to the Closing Date for or on behalf of any Sponsor, any Mortgage Loan Seller, any Underwriter, any party to this Agreement or the Trust Directing Holder, any Risk Retention Consultation Party or any of their respective Affiliates, or have been paid any fees, compensation or other remuneration by any of them in connection with any such services, and (e) does not directly or indirectly, through one or more Affiliates or otherwise, own any interest in any Certificates, any Mortgage Loan, any Companion Loan or any securities backed by a Companion Loan or otherwise have any financial interest in the securitization transaction to which this Agreement relates, other than in

 

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fees from its role as Asset Representations Reviewer (or as Operating Advisor, if applicable) and except as otherwise set forth in Section 11.04.

 

“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.

 

“Eligible
Operating Advisor”: An entity (i) that is a special servicer or operating advisor on a commercial
mortgage-backed securities transaction rated by the Rating Agencies (including, in the case of Park Bridge Lender Services
LLC, this transaction) but has not been special servicer or operating advisor on a transaction for which any Rating Agency
has qualified, downgraded or withdrawn its rating or ratings of, one or more classes of certificates for such transaction
citing servicing concerns with the special servicer or operating advisor as the sole or material factor in such rating
action, (ii) that can and will make the representations and warranties set forth in Section 2.04(f) of this Agreement,
(iii) that is not (and is not affiliated with) the Depositor, the Trustee, the Certificate Administrator, the Master
Servicer, the Special Servicer, a Mortgage Loan Seller, any Borrower Party, the Directing Holder, a Risk Retention
Consultation Party, an Other Depositor, Other Trustee, Other Servicer or Other Special Servicer, or an Affiliate of the
Depositor, the Trustee, the Certificate Administrator, the Master Servicer, the Special Servicer, a Mortgage Loan Seller, the
Directing Holder or an Other Depositor, Other Trustee, Other Servicer or Other Special Servicer, or any of their respective
Affiliates, (iv) that has not been paid by the Special Servicer or successor Special Servicer any fees, compensation or other
remuneration (x) in respect of its obligations hereunder or (y) for the appointment or recommendation for replacement of a
successor Special Servicer to become the Special Servicer, and (v) that (x) has been regularly engaged in the business of
analyzing and advising clients in commercial mortgage-backed securities matters and has at least five years of experience in
collateral analysis and loss projections, and (y) has at least five years of experience in commercial real estate asset
management and experience in the workout and management of distressed commercial real estate assets.

 

“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.

 

“Enforcing Servicer”: (a) With respect to a Specially Serviced Loan, the Special Servicer, and (b) with respect to a Performing Loan, (i) in the case of a Repurchase Request made by the Special Servicer, the Trust Directing Holder or a Controlling Class Certificateholder, the Master Servicer, and (ii) in the case of a Repurchase Request made by any person other than the Special Servicer, the Trust Directing Holder or a Controlling Class Certificateholder, (A) prior to a Resolution Failure relating to such Performing Loan, the Master Servicer, and (B) from and after a Resolution Failure relating to such Performing Loan, the Special Servicer.

 

“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

 

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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 Prepayment Interest Shortfall”: With respect to any Distribution Date, 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 Aggregate 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.

 

“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.

 

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

 

“Excluded Controlling Class Holder”: With respect to any Excluded Controlling Class Loan, the Directing Holder, any 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, as applicable, shall provide notice in the form of Exhibit L-1E hereto to the Master Servicer, the Special Servicer, the Operating Advisor, the Trustee and the Certificate Administrator, which such notice shall be physically delivered in accordance with Section 11.05 of this Agreement and shall specifically identify the Excluded Controlling Class Holder and the subject Excluded Controlling Class Loan. Additionally, any Excluded Controlling Class Holder shall also send to the Certificate Administrator a notice substantially in the form of Exhibit 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 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, or any appraisals, inspection reports (related to Specially Serviced Loans conducted by the Special Servicer or the Excluded Special Servicer), recoverability officer’s certificates, the Operating Advisor Annual Reports, 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, the Special Servicer and the Operating Advisor, 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 Loan File relating to any Excluded Controlling Class Loan) and any Schedule AL Additional File shall not be considered “Excluded Information”. Any Excluded Information to be delivered to the Certificate Administrator by the Master Servicer, the Special Servicer or the Operating Advisor shall be delivered in accordance with Section 3.32 hereof. For the avoidance of doubt, the Certificate Administrator’s obligation to segregate any information delivered to it under the “Excluded Information” tab on the Certificate Administrator’s Website shall be triggered solely by such information being delivered in the manner provided in Section 3.31(d) hereof.

 

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“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 (by Certificate Balance) is a Borrower Party, or (b) with respect to any Risk Retention Consultation Party, a Mortgage Loan 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.

 

“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 deemed approved, if applicable, by the Directing Holder pursuant to the Directing Holder Asset Status Report Review Process or following completion of the ASR Consultation Process, as applicable. 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 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 Dispute Resolution Election Notice”: As defined in Section 2.03(k)(iii) of this Agreement.

 

“Final Recovery Determination”: With respect to any Specially Serviced Loan, Serviced REO Loan or any Mortgage Loan subject to repurchase by the related Mortgage Loan Seller pursuant to Section 2.03(e) 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

 

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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, the Operating Advisor, the Asset Representations Reviewer 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”: BlackRock Financial Management, Inc., Moody’s Analytics, KBRA Analytics, Inc.,
Bloomberg Financial Markets, L.P., RealINSIGHT, CMBS.com, Inc., Trepp, LLC, Intex Solutions, Inc., Interactive Data
Corporation, Markit LLC and Thomson Reuters Corporation 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.

 

“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, the Underwriters 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.

 

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“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 Certificateholders 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-B16 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series 2020-B16 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 Publicly Offered Global Certificates, 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.

 

“GSMS 2020-GC45 Pooling and Servicing Agreement”: The Other Pooling and Servicing Agreement relating to the issuance of the GS Mortgage Securities Trust 2020-GC45, Commercial Mortgage Pass-Through Certificates, Series 2020-GC45.

 

“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, the Trustee.

 

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

 

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

 

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“Indemnifying Party”: As defined in Section 8.05(d), Section 8.05(g) or Section 8.05(h), 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 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 and Citigroup Global Markets Inc. and their respective successors in interest.

 

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

 

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Certificateholder with respect to any Mortgage Loan, and a Holder of a Class VRR Interest Certificate may not be an Initial Requesting Certificateholder.

 

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

 

“Initial Schedule AL Additional File”: The data file containing additional information or schedules regarding data points in the Initial Schedule AL File and filed as Exhibit 103 to the Form ABS-EE or, if applicable, Form ABS-EE/A incorporated by reference in the Prospectus.

 

“Initial Schedule AL File”: The data file prepared by, or on behalf of, the Depositor and filed as Exhibit 102 to the Form ABS-EE or, if applicable, Form ABS-EE/A incorporated by reference in the Prospectus.

 

“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 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, for each Distribution Date, the calendar month immediately preceding the month in which such Distribution Date occurs.

 

“Interest Deposit Amount”: With respect to each Mortgage Loan that accrues interest on an Actual/360 Basis, an amount equal to one (1) days of interest at the related Net Mortgage Rate on the related Cut-off Date Balance of such Mortgage Loan (or the aggregate of such interest for all such Mortgage Loans, as the context may require), which amount is required to be delivered by the related Mortgage Loan Seller to the Depositor on the Closing Date for

 

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deposit in the Interest Reserve Account pursuant to the related Mortgage Loan Purchase Agreement, which aggregate amount is equal to $89,681.05.

 

“Interest Distribution Amount”: With respect to any Distribution Date and with respect to each Class of Non-VRR 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(i).

 

“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 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-B16 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series 2020-B16, 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 Operating Advisor, the Asset Representations Reviewer, 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 of a Companion Loan, and each related Companion Loan Holder or its representative, any holder of a related mezzanine loan.

 

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

 

“Investment”: 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.

 

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“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 Operating Advisor or any Affiliate thereof, the Asset Representations Reviewer 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 Operating Advisor or any Affiliate thereof, the Asset Representations Reviewer 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 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 or a Risk Retention Consultation Party, 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 or a Risk Retention Consultation Party, 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 Prospectus and
(iv) such Person agrees to keep any Privileged Information confidential and will not violate any securities laws; provided, however,
that any Excluded Controlling Class Holder (i) shall be permitted to 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 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.

 

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“IO Group YM Distribution Amount”: As defined in Section 4.01(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 “Bellagio Hotel and Casino” and “1633 Broadway”.

 

“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, the Underwriters 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 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.

 

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“Legal Fee Reserve Account”: The account created and maintained by the Certificate Administrator pursuant to Section 3.05(k), in the name of the “Legal Fee Reserve Account”, into which the amounts set forth in Section 3.05(k) shall be deposited directly and which must be an Eligible Account.

 

“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 or Serviced
REO Loan, (ii) with respect to each Mortgage 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, if such rate would result in an aggregate liquidation fee of less than $25,000, then such higher rate as would result in an aggregate liquidation fee equal to $25,000) 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 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;

 

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

 

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(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) by the applicable Mortgage Loan Seller pursuant to the related Mortgage Loan Purchase Agreement; (v)
the purchase of all the Mortgage Loans and all property acquired in respect of any Mortgage Loan by the Sole
Certificateholder, the Certificateholder owning a majority of the Percentage Interests in the Controlling Class, the Special
Servicer or the Master Servicer pursuant to Section 9.01 of this Agreement; (vi) 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; (vii) 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 (viii) 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 modification of such Mortgage Loan or Serviced Whole Loan or subsequently added to the related Mortgage File.

 

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“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 Directing Holder”: (a) With respect to each Serviced AB Whole Loan, the holder of the related Subordinate Companion Loan; and (b) 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. As of the Closing Date, JPMCB is expected to be the Loan-Specific Directing Holder with respect to the Kings Plaza Mortgage Loan.

 

“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(e) 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 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-B16 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series 2020-B16, 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.

 

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

 

“Lower-Tier
Regular Interests”: The Class LA-1 Interest, Class LA-2 Interest, Class LA-3 Interest, Class LA-SB
Interest, Class LA-4 Interest, Class LA-5 Interest, Class LA-M Interest, Class LB Interest, Class LC Interest, Class LD
Interest, Class LE Interest, Class LF Interest, Class LG Interest, Class LH 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, 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.

 

“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

 

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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 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 with a Stated Principal Balance greater than $2,500,000 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;

 

(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

 

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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, (ii) any escrow or
reserve identified on Schedule IX hereto, to the extent there is lender discretion, and (iii) the “Road Widening
Condemnation Account” set forth under Section 6.8 of the Loan Agreement for Loan No. 19 (West Road Plaza) on the Mortgage
Loan Schedule, 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

 

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Non-Serviced Mortgage Loans and the Trust Directing Holder shall have no consent and/or 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.

 

“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) and any Serviced AB Whole Loan Major Decision under clauses (ii) (to the extent such action is described in clause (1)(a)(iii)(A) or (1)(a)(iii)(B) of the definition of “Major Decision”), (ix), (x) (other than franchise changes), (xiii), (xiv), (xvi) and (xix) through (xxi) of the definition of “Major Decision”, but solely with respect to a non-Specially Serviced Loan.

 

“Master Servicer Proposed Course of Action Notice”: As defined in Section 2.03(k)(iv) of this Agreement.

 

“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 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, no Master Servicing Fee shall accrue or be payable on the principal balance thereof.

 

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

 

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

 

“Material Defect”: As defined in Section 2.03(e) 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.

 

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

 

“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

 

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with respect to such Mortgage Loan or Serviced Companion Loan), including any reduction in the Periodic Payment;

 

(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.

 

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

 

“Mortgage”: 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, collectively, the mortgage documents listed in Section 2.01(a)(i) through Section 2.01(a)(xxi) 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 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 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 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 CREFI Purchase Agreement.

 

“Mortgage Loan Schedule”: The list of Mortgage 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:

 

(a)        the Loan Number;

 

(b)        the Mortgage Loan Seller;

 

(c)        the Mortgage Loan name;

 

(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;

 

(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 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;

 

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

 

(o)        whether the Mortgage Loan is part of a Whole Loan;

 

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

 

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

 

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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 CREFI.

 

“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.

 

“Mortgaged Property”: The underlying property securing a Mortgage Loan including any REO Property, consisting of a fee simple estate, and, with respect to certain Mortgage Loans, a leasehold estate or both a leasehold estate and a fee simple estate, or a leasehold estate in a portion of the property and a fee simple estate in the 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.

 

“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.

 

“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 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 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 

 

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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) on any Distribution Date, the per annum rate equal to the Mortgage Rate for such Mortgage Loan for the related Interest Accrual Period, minus, for any such Mortgage Loan, 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 of such Mortgage Loan without taking into account any modification, waiver or amendment of the terms of the related Mortgage 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 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, the Net Mortgage Rate of such Mortgage 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 Serviced 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, 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, (ii) preceding the Due Date in March (or February if the related Distribution Date is the final Distribution Date) (commencing in 2020), shall be determined inclusive of the Withheld Amounts, if applicable, from the immediately preceding February, and, if applicable, January, and (iii) preceding the Due Date in March 2020, will be determined inclusive of the Interest Deposit Amount.

 

“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.

 

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“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, any Class of Principal Balance Certificates or Class VRR Interest 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 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 as of such date of determination.

 

“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.

 

“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”.

 

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

 

“Non-VRR Certificates”: The Class A-1, Class A-2, Class A-3, Class A-SB, Class A-4, Class A-5, Class X-A, Class X-B, Class X-D, Class X-F, Class X-G, Class X-H, Class A-M, Class B, Class C, Class D, Class E, Class F, Class G and Class H 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(d) 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 or REO 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 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

 

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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.

 

“Notice of Termination”: Any of the notices given to the Trustee, the Certificate Administrator and the Master Servicer by the Certificateholder owning a majority of the Percentage Interests in the Controlling Class, the Special Servicer or the Master Servicer pursuant to Section 9.01(c) of this Agreement.

 

“Notional Amount”: As of any date of determination: (i) with respect to each of the Class X-A, Class X-B, Class X-D, Class X-F, Class X-G and Class X-H Certificates as a Class, the related Class X Notional Amount as of such date of determination and (ii) with respect to any 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 ratings 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 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.

 

“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

 

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Officer or other officer of the Master Servicer, Special Servicer, Additional Servicer, Operating Advisor or Asset Representations Reviewer 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.

 

“Operating Advisor”: Park Bridge Lender Services LLC, a New York limited liability company, or its successors in interest and assigns, or any successor Operating Advisor appointed as herein provided.

 

“Operating Advisor Annual Report”: As defined in Section 3.31(c) of this Agreement.

 

“Operating Advisor Consulting Fee”: A fee for each Major Decision on which the Operating Advisor has consulting rights equal to $10,000 with respect to any Mortgage Loan or such lesser amount as the related Borrower pays, payable pursuant to Section 3.06 of this Agreement; provided that no such fee shall be payable unless paid by the related Borrower. The Operating Advisor may in its sole discretion reduce the Operating Advisor Consulting Fee with respect to any Major Decision. The Master Servicer or Special Servicer, as applicable, may waive or reduce the amount of any Operating Advisor Consulting Fee payable by the related Borrower if it determines that such full or partial waiver is in accordance with the Servicing Standard; provided that the Master Servicer or the Special Servicer, as applicable, shall consult with the Operating Advisor prior to any such waiver or reduction. No Operating Advisor Consulting Fee shall be payable with respect to any Subordinate Companion Loan, any Non-Serviced Whole Loan or any Servicing Shift Whole Loan.

 

“Operating
Advisor Fee”: With respect to each Mortgage Loan and REO Loan (including Non-Serviced Mortgage Loans and Servicing
Shift Mortgage Loans but excluding any Companion Loans) and any Distribution Date, an amount per Interest Accrual Period equal
to the product of (i) the applicable Operating Advisor Fee 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). Such fee shall

 

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be in addition to, and not in lieu of, any other fee or other sum payable to the Operating Advisor under this Agreement. The Operating Advisor Fee shall be calculated in accordance with the provisions of Section 1.02(a) of this Agreement. For the avoidance of doubt, the Operating Advisor Fee shall be payable from the Lower-Tier REMIC. For the avoidance of doubt, no Operating Advisor Fee shall accrue on the principal balance of, or be payable with respect to, any Companion Loan.

 

“Operating Advisor Fee Rate”:  For each Interest Accrual Period, a per annum rate equal to 0.00192% with respect to each such Mortgage Loan and REO Loan (including Non-Serviced Mortgage Loans but excluding any Companion Loans).

 

“Operating Advisor Standard”:  The requirement that the Operating Advisor shall act solely on behalf of the Trust and in the best interest of, and for the benefit of, the Certificateholders and, with respect to any Serviced Whole Loan for the benefit of the related Companion Loan Noteholders (as a collective whole as if such Certificateholders and Companion Loan Noteholders constituted a single lender, taking into account the pari passu nature of any related pari passu Companion Loan (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 not to Holders of any particular Class of Certificateholders (as determined by the Operating Advisor in the exercise of its good faith and reasonable judgment), and without regard to any conflict of interest arising from any relationship that the Operating Advisor or any of its affiliates may have with any of the Borrowers, any Mortgage Loan Seller, the Depositor, the Master Servicer, the Special Servicer, the Asset Representations Reviewer, the Directing Holder, any Risk Retention Consultation Party, any Certificateholder or any of their respective affiliates.

 

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

 

“Operating Advisor Termination Event”:  As defined in Section 7.07(a) of this Agreement.

 

“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”) or (c) a resignation of the Master Servicer or the Special Servicer pursuant to Section 6.04(b) of this Agreement, must be 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

 

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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.

 

“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, any advance made by the Master Servicer or the Trustee pursuant to Section 4.07 of this Agreement.  Each reference to the 

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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.

 

“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”:  With respect to each Class of Non-VRR Certificates, the following rates:

 

	
Class 

	
 

	
Pass-Through Rate 

	
 

	
Class A-1

	
 

	
Class A-1 Pass-Through Rate

	
 

	
Class A-2

	
 

	
Class A-2 Pass-Through Rate

	
 

	
Class A-3

	
 

	
Class A-3 Pass-Through Rate

	
 

	
Class A-SB

	
 

	
Class A-SB Pass-Through Rate

	
 

	
Class A-4

	
 

	
Class A-4 Pass-Through Rate

	
 

	
Class A-5

	
 

	
Class A-5 Pass-Through Rate

	
 

	
Class X-A

	
 

	
Class X-A Pass-Through Rate

	
 

	
Class X-B

	
 

	
Class X-B Pass-Through Rate

	
 

	
Class X-D

	
 

	
Class X-D Pass-Through Rate

	
 

	
Class X-F

	
 

	
Class X-F Pass-Through Rate

	
 

	
Class X-G

	
 

	
Class X-G Pass-Through Rate

	
 

	
Class X-H

	
 

	
Class X-H Pass-Through Rate

	
 

	
Class A-M

	
 

	
Class A-M Pass-Through Rate

	
 

	
Class B

	
 

	
Class B Pass-Through Rate

	
 

	
Class C

	
 

	
Class C Pass-Through Rate

	
 

	
Class D

	
 

	
Class D Pass-Through Rate

	
 

	
Class E

	
 

	
Class E Pass-Through Rate

	
 

	
Class F

	
 

	
Class F Pass-Through Rate

	
 

	
Class G

	
 

	
Class G Pass-Through Rate

	
 

	
Class H

	
 

	
Class H Pass-Through Rate

	
 

 

Neither the Class R nor Class VRR Interest Certificates have Pass-Through Rates. Although it does not have a specified Pass-Through Rate, the effective interest rate of the Class VRR Interest Certificates will be the WAC Rate 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 

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default charges, penalty charges, late fees and/or Default Interest, and excluding any Yield Maintenance Charge.

 

“Percentage Interest”:  As to any Certificate (except the Class R Certificates), the percentage interest evidenced thereby in distributions required to be made with respect to the related Class.  With respect to any Certificate (except the Class R 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 Certificates, the percentage interest is set forth on the face thereof.

 

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

 

“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; 

 

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(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 Fitch Permitted Investment
Rating, the Applicable KBRA Permitted Investment Rating and the Applicable Moody’s 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);

 

(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 Fitch Permitted Investment Rating, the Applicable KBRA Permitted Investment Rating and the Applicable Moody’s 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 Fitch Permitted Investment Rating, the Applicable KBRA Permitted Investment Rating and the Applicable Moody’s 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;

 

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(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 KBRA (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 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,

 

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(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 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. 

 

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

 

“Preliminary Prospectus”:  The Depositor’s Prospectus, dated January 21, 2020, relating to the offering of the Publicly Offered Certificates.

 

“Prepayment Assumption”:  The assumption that each Mortgage Loan does not prepay prior to its respective Maturity 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 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 

 

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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 actually collected).

 

“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”:  January 24, 2020.

 

“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-1, Class A-2, Class A-3, Class A-SB, Class A-4, Class A-5, Class A-M, Class B, Class C, Class D, Class E, Class F, Class G and Class H Certificates.

 

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

 

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“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 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.

 

“Private Certificate”:  Each of the Class X-B, Class X-D, Class X-F, Class X-G, Class X-H, Class D, Class E, Class F, Class G, Class H and Class R and Class VRR Interest Certificates, collectively.

 

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

 

“Private Placement Memorandum”:  The Depositor’s Private Placement Memorandum, dated January 27, 2020, relating to the offering of the Private Certificates (other than the Class VRR Interest Certificates).

 

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

 

“Privileged
Information Exception”:  With respect to any Privileged Information, at any time (a) such Privileged
Information becomes generally available and known to the public other than as a result of a disclosure directly or indirectly
by the party restricted from disclosing such Privileged Information (the “Restricted Party”),
(b) it is reasonable and necessary for the Restricted Party to disclose such Privileged Information in working with legal
counsel, auditors, 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 Operating Advisor, the Asset Representations Reviewer, 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. 

 

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“Privileged
Person”:  The Depositor and its designees, the Initial Purchasers, the Underwriters, the Mortgage Loan
Sellers, the Master Servicer, the Special Servicer (including, for the avoidance of doubt, any Excluded Special Servicer),
the Trustee, the Certificate Administrator, any Additional Servicer designated by the Master Servicer or the Special
Servicer, the Operating Advisor, any Affiliate of the Operating Advisor designated by the Operating Advisor, the Asset
Representations Reviewer, any Companion 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 Holder of the VRR Interest)
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 or any Controlling
Class Certificateholder, any Excluded Information via the Certificate Administrator’s Website (unless a
loan-by-loan segregation is later performed by the Certificate Administrator in which case such access shall only be
prohibited with respect to the related Excluded Controlling Class Loan(s)), and (ii) if such party is not the Directing
Holder or any 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), 

 

 

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Section 3.10,
Section 3.11, Section 3.15(a), Section 3.15(b), Section 3.15(c), 0 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.

 

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

 

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

 

“Prospectus”:  The Depositor’s Prospectus, dated January 27, 2020, relating to the offering of the Publicly Offered Certificates.

 

“PTCE”:  Prohibited Transaction Class Exemption.

 

“Publicly Offered Certificates”:  Each of the Class A-1, Class A-2, Class A-3, Class A-SB, Class A-4, Class A-5, Class X-A, Class A-M, Class B and Class C Certificates.

 

“Publicly Offered Global Certificates”:  Each of the Publicly Offered Certificates, if and so long as the applicable Class of Publicly Offered Certificates is registered in the name of the Depository.

 

“Purchase Price”:  With respect to (i) any Mortgage Loan to be repurchased or purchased pursuant to Section 2.03(e) 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 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 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 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; 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

 

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Special Servicer or the Other Trustee allocable to such Mortgage Loan) and the related REO Loan, if any; 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) 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, any unpaid Asset Representations Reviewer Asset Review Fee related to such Mortgage Loan 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, the Asset Representations Reviewer or the Trustee; provided, however, that such out-of-pocket expenses shall not include expenses incurred by Certificateholders or Certificate Owners in instituting an Asset Review Vote Election, in taking part in an Asset Review Vote Election or in exercising such Certificateholder’s or Certificate Owner’s, as applicable, rights under the dispute resolution mechanics pursuant to Section 2.03(k) hereof.

 

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 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 and (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.

 

“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 (or, in the case of the Operating Advisor, that is in the business of performing the duties of an operating advisor), 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, the Special Servicer or the Operating Advisor, as applicable, or 

 

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by any Person or
Persons who directly or indirectly own equity ownership interests in the Master Servicer, the Special Servicer or the
Operating Advisor, 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 S&P, Fitch and/or KBRA) or (B) one NRSRO (which may include S&P, Fitch or KBRA) and A.M. Best Company, Inc.) and (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 S&P, Moody’s or KBRA)),

 

(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,

 

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).

 

“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) is not the Operating Advisor, the Asset Representations Reviewer or an affiliate of the Operating Advisor or the Asset Representations Reviewer, (iii) is not obligated to pay the Operating Advisor (x) any fees or otherwise compensate the Operating Advisor in respect of its obligations under this Agreement, or (y) for the appointment of the successor special servicer or the recommendation by the Operating Advisor for the replacement special servicer to become the special servicer, (iv) is not entitled to receive any compensation from the Operating Advisor other than compensation that is not material and is unrelated to the Operating Advisor’s recommendation that such party be appointed as the replacement special servicer, (v) is not entitled to receive any fee from the Operating Advisor for its appointment as successor special servicer, in each case, unless expressly approved by 100% of the Certificateholders, (vi) (a) has been appointed and currently serves as a special servicer on a “transaction level” basis on a 

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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, (vii) currently has a special servicer rating of at
least “CSS3” from Fitch, and (viii) is not a special servicer that has been cited by KBRA 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) 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 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 

 

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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 Operating Advisor, the Asset Representations Reviewer, 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”:  The Distribution Date in February 2053.  None of the Class H, Class R or Class VRR Interest Certificates will have a Rated Final Distribution Date.

 

“Rating Agency”:  Any of Fitch, KBRA or Moody’s; 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, 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.

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“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”:  With respect to the Mortgage Loans and any Distribution Date, the amount, if any, by which (i) the aggregate Certificate Balance of the 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.

 

“Reassignment of Assignment of Leases, Rents and Profits”:  As defined in Section 2.01(a)(viii) 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.

 

“Regular Certificates”:  The Class A-1, Class A-2, Class A-3, Class A-SB, Class A-4, Class A-5, Class X-A, Class X-B, Class X-D, Class X-F, Class X-G, Class X-H, Class A-M, Class B, Class C, Class D, Class E, Class F, Class G, Class H and Class VRR Interest Certificates.

 

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

 

“Regulation D”:  Regulation D under the Act.

 

“Regulation S”:  Regulation S under the Act.

 

“Regulation S Global Certificate”:  Each of the Class X-B, Class X-D, Class X-F, Class X-G, Class X-H, Class D, Class E, Class F, Class G and Class H 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 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 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 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 Communication”:  For purposes of Section 2.03(d) of this Agreement only, any communication, whether oral or written, which need not be in any specific form.

 

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

 

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

 

“Repurchase Request Recipient”:  As defined in Section 2.03(d) of this Agreement.

 

“Repurchase Request Rejection”:  As defined in Section 2.03(d) of this Agreement.

 

“Repurchase Request Withdrawal”:  As defined in Section 2.03(d) 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 Certificateholder”: As defined in Section 2.03(l)(iii) of 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 Resolution 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 Resolution Period, the period commencing at the end of the applicable Initial Resolution Period and ending on, and including, the earlier of (i) the 90th day following the end of such Initial Resolution 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 Resolution 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 Resolution Period, but as to which a Servicing Transfer Event occurs during such Initial Resolution Period, the period commencing at the end of the applicable Initial Resolution Period and ending on, and including, the 90th day following the earlier of the end of such Initial Resolution 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 Resolution 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 Resolution Period, then such Servicing Transfer Event shall be deemed to have occurred during such Initial Resolution Period and clause (c) of this definition will be deemed to apply.

 

“Resolution Failure”: As defined in Section 2.03(k) of this Agreement.

 

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

 

“Responsible Officer”:  When used with respect to 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 Mezzanine Holder”:  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.

 

“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”:  Individually and collectively, the Class VRR Interest Certificates.

 

“Retained Defeasance Rights and Obligations”: Any of the rights and obligations of GACC and CREFI 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 Certificates and any successor Holder of such Retained Certificate.

 

“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. For the avoidance of doubt, there are no Mortgage Loans related to the Trust with a Revised Rate or an Anticipated Repayment Date.

 

“Retaining Sponsor”: GACC.

 

“Risk Retention Consultation Party”: Each of (i) the party selected by DBNY, (ii) the party selected by JPMCB and (iii) the party selected by CREFI.  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 Retention Consultation Party from DBNY (in the case of the VRR1 

 

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Risk Retention
Consultation Party), JPMCB (in the case of the VRR2 Risk Retention Consultation Party) or CREFI (in the case of the VRR3 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 VRR1 Risk Retention
Consultation Party shall be DBNY, the initial VRR2 Risk Retention Consultation Party shall be JPMCB and the initial VRR3 Risk
Retention Consultation Party shall be CREFI.

 

In the event that no VRR1 Risk Retention Consultation Party, VRR2 Risk Retention Consultation Party or VRR3 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.

 

“Rule 144A”:  Rule 144A under the Act.

 

“Rule 144A Global Certificate”:  Each of the Class X-B, Class X-D, Class X-F, Class X-G, Class X-H, Class D, Class E, Class F, Class G and Class H Certificates issued as such on the Closing Date.

 

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

 

“Rule 15Ga-1 Notice Provider”:  As defined in Section 2.03(d) 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

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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.

 

“Schedule AL Additional File”:  With respect to each CREFC® Schedule AL File prepared by the Master Servicer pursuant to Section 3.13(a), any data file containing additional information or schedules regarding data points in such CREFC® Schedule AL File required by Items 1111(h)(4) and/or 1111(h)(5) of Regulation AB and Item 601(b)(103) of Regulation S-K.

 

“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.

 

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

 

“Securities 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. For the avoidance of doubt, there are no Serviced AB Whole Loans related to the Trust.

 

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“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.

 

“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.

 

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“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.

 

“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 Deutsche Mortgage & Asset Receiving Corporation, Benchmark 2020-B16 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series 2020-B16, 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).

 

“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 

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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 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, 

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“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.

 

“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, 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”.

 

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“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, the Trustee, the Operating Advisor or the Asset Representations Reviewer, 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.  The Servicing Function Participants as of the Closing Date are listed on Exhibit Y hereto.

 

“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, the Operating Advisor, the Asset Representations Reviewer 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 

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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.

 

“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 and 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, as applicable, constituted a single lender (and with respect to any Serviced Whole Loan with a 

 

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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, 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.

 

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“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.

 

“Sole Certificateholder”:  Any Holder (or Holders, provided that they act in unanimity) holding 100% of the then outstanding Certificates (including Certificates with Certificate Balances that have been actually or notionally reduced by any Realized Losses or VRR Realized Losses, as applicable, or Appraisal Reduction Amounts, but excluding the Class R Certificates) or an assignment of the Voting Rights thereof; provided that the Notional Amounts or the Certificate Balances, as applicable, of the Class X-A, Class X-B and Class X-D Certificates and the Certificate Balances of the Class A-1, Class A-2, Class A-3, Class A-SB, Class A-4, Class A-5, Class A-M, Class B, Class C, Class D and Class E Certificates have been reduced to zero.

 

“Special Notice”:  Any (a) notice transmitted to Certificateholders pursuant to Section 5.05(c) of this Agreement, (b) notice of any request by at least 25% of the Voting Rights of the Certificates to terminate and replace the Special Servicer pursuant to Section 3.22(d) of this Agreement, (c) notice of any request by at least 15% of the Voting Rights of the Certificates to terminate and replace the Operating Advisor pursuant to Section 7.07(b) of this Agreement and (d) notice transmitted to Certificateholders pursuant to Section 3.22(c) of this Agreement.

 

“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, KeyBank 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”: (i) Any Major Decision under clauses (1)(a)(i), (1)(a)(ii), (1)(a)(iii)(C), (1)(b)(ii) and (1)(e) through (1)(n) and (ii) any Major Decision under clauses (i), (ii) (other than to the extent such action is described in clause (1)(a)(iii)(A) or (1)(a)(iii)(B) of the definition of “Major Decision”), (iii) through (viii), (x) (with respect to franchise changes), (xi), (xii), (xv), (xvii), (xviii) and (xxii) of the definition of “Major Decision” related to any Serviced AB Whole Loan.

 

“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

 

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(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  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 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 0.25% per annum, with a minimum monthly fee of $3,500.

 

“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 

 

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purchase
agreement reasonably acceptable to the Master Servicer (who shall promptly deliver a copy to the Special Servicer, the
Operating Advisor 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;

 

(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 or any holder of a Serviced Companion Loan, if applicable, occurs and remains unremedied for the applicable grace period specified in 

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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 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 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,
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), 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, 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

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 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, 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 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 such Liquidation Proceeds are received, would have been) distributed to Certificateholders.  The Stated Principal Balance of any Mortgage 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.

 

“Subject Loans”:  As defined in Section 11.02(a) of this Agreement.

 

“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.

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“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).

 

“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 Allocation, or any successor forms, to be filed by the Certificate Administrator on behalf of each of the Upper-Tier REMIC and the Lower-Tier REMIC due to its classification as a REMIC under the REMIC Provisions, 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.

 

“Test”: As defined in Section 11.01(b)(iii) 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.

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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 therein):  (i) such Mortgage Loans as from time to time are subject to this Agreement, together with the Mortgage Files relating thereto; (ii) all scheduled or unscheduled payments on or collections in respect of the Mortgage Loans due after the Cut-off Date; (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; (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 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; (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; (xiii) the Lower Tier Regular Interests; (xiv) 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); and (xv) the Interest Deposit Amount.  For the avoidance of doubt, no Retained Defeasance Rights and Obligations will be an asset of the Trust.

 

“Trust Directing Holder”: The initial Trust Directing Holder shall be ECMBS LLC. Thereafter, the initial Trust Directing Holder shall be the Controlling Class Certificateholder (or a representative thereof) selected by more than 50% of the Controlling Class Certificateholders, by Certificate Balance, as determined by the Certificate Registrar from time to time; provided, however, that (i) absent that selection, or (ii) until a 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 Trust 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 Trust 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 Trust Directing Holder until appointed in accordance with the terms of this Agreement.

 

“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 

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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 and the Upper-Tier REMIC.

 

“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.

 

“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.

 

“Underwriters”:  Deutsche Bank Securities Inc., J.P. Morgan Securities LLC, Citigroup Global Markets Inc., Academy Securities, Inc. and Drexel Hamilton, LLC and their respective successors in interest.

 

“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(e), Section 3.16 or Section 9.01 of this Agreement, the Substitution Shortfall Amount with respect to any substitution pursuant to Section 2.03(g) 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 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 

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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-B16 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series 2020-B16, 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 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 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.  At all times during the term of this Agreement, the percentage of Voting Rights assigned to each Class shall be:  (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) and the Operating Advisor pursuant to Section 7.07(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, 

 

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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) and
the Operating Advisor pursuant to Section 7.07(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, (b) 2% to be allocated among the Certificateholders of the
Class X-A, Class X-B, Class X-D, Class X-F, Class X-G and Class X-H Certificates (allocated to the Class X-A, Class X-B,
Class X-D, Class X-F, Class X-G and Class X-H Certificates on a pro rata basis based on their respective outstanding
Notional Amounts at the time of determination) and (c) 0%, in the case of the Class R Certificates.

 

“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 Aggregate Available Funds for such Distribution Date.

 

“VRR Interest”:  The VRR Interest represents a “regular interest” in the Upper Tier REMIC for purposes of the REMIC Provisions.

 

“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), (xiii), (xvi), (xix), (xxii) and (xxv) on such Distribution Date.

 

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

 

“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), (xiv), (xvii), (xx), (xxiii) and (xxvi) on such Distribution Date.

 

“VRR Realized Loss”:  With respect to any Distribution Date, the amount, if any, by which (i) the aggregate Certificate Balance of the Class VRR Interest Certificates, 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 (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, the Special 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 

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each case, excluding any Companion Loan), as of the end of the last day of the related Collection Period.

 

“VRR Retaining Party”: Any Holder of any portion of the VRR Interest. Initially, the VRR Retaining Parties shall be DBNY, as the Holder of the VRR1 Interest, JPMCB, as the Holder of the VRR2 Interest, and CREFI, as the Holder of the VRR3 Interest.

 

“VRR1 Interest”: As defined in the Preliminary Statement.

 

“VRR1 Risk Retention Consultation Party”: The Risk Retention Consultation Party selected by DBNY.  The Initial VRR1 Risk Retention Consultation Party shall be DBNY.

 

“VRR2 Interest”: As defined in the Preliminary Statement.

 

“VRR2 Risk Retention Consultation Party”: The Risk Retention Consultation Party selected by JPMCB.  The Initial VRR2 Risk Retention Consultation Party shall be JPMCB.

 

“VRR3 Interest”: As defined in the Preliminary Statement.

 

“VRR3 Risk Retention Consultation Party”: The Risk Retention Consultation Party selected by CREFI.  The Initial VRR3 Risk Retention Consultation Party shall be CREFI.

 

“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 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 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 

 

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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, with respect to Servicing Advances, any Serviced Whole Loan, the amount of any Advance made with respect to such Mortgage Loan or Serviced Whole Loan, as applicable, on or before the date such Mortgage Loan or Serviced Whole Loan becomes (or, but for the making of three monthly payments under its modified terms, would then constitute) a Corrected Mortgage Loan, together with (to the extent accrued and unpaid) interest on such Advances, to the extent that (i) such Advance is not reimbursed to the Person who made such Advance on or before the date, if any, on which such Mortgage Loan or 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% of each collection of interest and principal (including scheduled payments, prepayments (provided that a repurchase or substitution by a Mortgage Loan Seller of a Mortgage Loan due to a Material Defect or a Material Breach shall not be considered a prepayment for purposes of this definition), Balloon Payments and payments at maturity, but excluding late payment charges, Default 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 that in the event the Workout Fee with respect to a Corrected Mortgage Loan is less than $25,000, then the Special Servicer shall be entitled to an amount from the final payment on the related Corrected Mortgage Loan (including any related Serviced Companion Loan) that would result in the total Workout Fees payable to the Special Servicer in respect of that Corrected Mortgage Loan (including any related Serviced Companion Loan) to be equal to $25,000; 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 

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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(f) or Section 1.02(g), as applicable.

 

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, the CREFC® Intellectual Property Royalty License Fee and the Operating Advisor 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 

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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 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 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 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);

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(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) 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 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 then due and owing under such Mortgage Loan;

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(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 (if both consent fees and Operating Advisor Consulting Fees are due and owing, first, allocated to consent fees and then, allocated to Operating Advisor Consulting Fees); and

 

(xii)    as a recovery of any remaining principal of such Mortgage Loan 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 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.

 

(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) 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

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 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 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 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; and

 

(ix)    as a recovery of any other amounts then due and owing under the related Mortgage Loan other than remaining unpaid principal (if both consent fees and Operating Advisor Consulting Fees are due and owing, first, allocated to consent fees and then, allocated to Operating Advisor Consulting Fees).

 

(h)       The applications of amounts received in respect of any Mortgage Loan pursuant to paragraph (f) of this Section 1.02 shall be determined by the Master Servicer in accordance with the Servicing Standard. The applications of amounts received in respect of any Mortgage Loan, or any REO Property pursuant to paragraph (g) of this Section 1.02 shall be determined by the Special Servicer in accordance with the Servicing Standard.

 

(i) 
         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.

 

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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-1, Class A-2, Class A-3, Class A-SB, Class A-4, Class A-5, Class A-M, Class B, Class C, Class D, Class E, Class F, Class G and Class H Certificates.  For purposes of this Agreement, each Class of Principal Balance Certificates and the Class VRR Interest 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 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, each of the Class X-A, Class X-B, Class X-D, Class X-F, Class X-G and Class X-H Certificates shall be deemed to be outstanding until their respective Notional Amounts have 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, the Operating Advisor, 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, any Risk Retention Consultation Party or the Operating Advisor, or not taking such action as proposed by the Master Servicer or Special Servicer if the Directing Holder or the Operating Advisor fails to grant its consent or approval, or if the Directing Holder, any Risk Retention Consultation Party or the Operating Advisor, 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, any Risk Retention Consultation Party or the Operating Advisor 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, 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, 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, any Risk Retention Consultation Party or the Operating Advisor, as applicable, it may take such action without waiting for a response from the Directing Holder, any Risk Retention Consultation Party or the Operating Advisor, as applicable; provided that the Special Servicer or Master Servicer, as applicable, shall provide the Directing Holder or any Risk Retention Consultation Party (or the Operating Advisor, if applicable) 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

 

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 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 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)(xix) and (xx) 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

 

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 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.

 

Article II

CONVEYANCE OF MORTGAGE LOANS;
ORIGINAL ISSUANCE OF CERTIFICATES

 

Section 2.01   Conveyance of Mortgage 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-B16 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, 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.  Such transfer and assignment includes all interest and principal due on or with respect to the Mortgage 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 the Mortgage Loan Purchase Agreements as provided therein (excluding Sections 6(e)-(g) of each Mortgage Loan Purchase Agreement, the representations, warranties and covenants in favor of the Depositor set forth in clause (viii) of Section 4(b) of each Mortgage Loan Purchase Agreement and the Depositor’s rights and remedies with respect to a breach thereof, and excluding the Depositor’s rights and remedies under the Indemnification Agreements) to the extent related to any Mortgage Loan.  The Depositor shall cause the Reserve Accounts, Cash Collateral Accounts and Lock-Box Accounts relating to the Mortgage 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 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) 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

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 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 original of documents specified in clauses (xix) and (xx) shall be delivered to the Master Servicer):

 

(i)          (A) the original Mortgage Note, bearing, or accompanied by, all prior or intervening endorsements, endorsed by the most recent endorsee prior to the Trustee or, if none, by the Originator, without recourse, either in blank and further showing a complete, unbroken chain of endorsement from the Originator or to the order of the Trustee in the following form:  “Pay to the order of Wells Fargo Bank, National Association, as Trustee, for the benefit of the Holders of Benchmark 2020-B16 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series 2020-B16, without recourse”; and (B) in the case of each related Serviced Companion Loan, a copy of the executed Mortgage Note for such Serviced Companion Loan;

 

(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 or copy (if the related Mortgage Loan Seller or its designee, rather than the Custodian and its designee,
is responsible for the recording thereof) of an Assignment of Mortgage, in recordable form (except for missing recording
information and, if delivered in blank, except for the name of the assignee), executed by the most recent assignee of record thereof prior to the Trustee or, if none, by the Originator, either in blank or in favor of the Trustee in the following form: “Wells Fargo Bank, National Association, as Trustee, for the benefit of the Holders of Benchmark 2020-B16 Mortgage

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 Trust Commercial Mortgage Pass-Through Certificates, Series 2020-B16” (in such capacity and, with respect to any Serviced Whole Loan, on behalf of any related Serviced Companion Loan Noteholders);

 

(iv)         (A) an original or copy of any related security agreement (if such item is a document separate from the Mortgage) and, if applicable, the originals or copies of any intervening assignments thereof showing a complete chain of assignment from the Originator of the related Mortgage Loan or Serviced Whole Loan to the most recent assignee thereof prior to the Trustee, if any; and (B) an original assignment of any related security agreement (if such item is a document separate from the related Mortgage) executed by the most recent assignee thereof prior to the Trustee or, if none, by the Originator, either in blank or in favor of the Trustee in the following form: “Wells Fargo Bank, National Association, as Trustee, for the benefit of the Holders of Benchmark 2020-B16 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series 2020-B16” (in such capacity and, with respect to any Serviced Whole Loan, on behalf of any related Serviced Companion Loan Noteholders), which assignment may be included as part of the corresponding Assignment of Mortgage referred to in clause (iii) above;

 

(v)        (A) stamped or certified copies of any UCC financing statements and continuation statements which were filed in order to perfect (and maintain the perfection of) any security interest held by the Originator of the Mortgage Loan or Serviced Whole Loan (and each assignee of record prior to the Trustee) in and to the personalty of the Borrower at the Mortgaged Property (in each case with evidence of filing or recording thereon) and which were in the possession of the related Mortgage Loan Seller (or its agent) at the time the Mortgage Files were delivered to the Custodian, together with original UCC-3 assignments of financing statements showing a complete chain of assignment from the secured party named in such UCC-1 financing statement to the most recent assignee of record thereof prior to the Trustee, if any, and (B) if any such security interest is perfected and the earlier UCC financing statements and continuation statements were in the possession of the related Mortgage Loan Seller, an assignment of UCC financing statement by the most recent assignee of record prior to the Trustee or, if none, by the Originator, evidencing the transfer of such security interest, either in blank or in favor of the Trustee in the following form: “Wells Fargo Bank, National Association, as Trustee, for the benefit of the Holders of Benchmark 2020-B16 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series 2020-B16” (in such capacity and, with respect to any Serviced Whole Loan, on behalf of any related Serviced Companion Loan Noteholders); provided that other evidence of filing or recording reasonably acceptable to the Trustee may be delivered in lieu of delivering such UCC financing statements including, without limitation, evidence of such filed or recorded UCC financing statement as shown on a written UCC search report from a reputable search firm, such as CSC/LexisNexis Document Solutions, Corporation Service Company, CT Corporation System and the like or printouts of on-line confirmations from such UCC filing or recording offices or authorized agents thereof;

 

(vi)          the original or a copy of the Loan Agreement relating to such Mortgage Loan, if any;

 

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(vii)         the original or a copy of the lender’s title insurance policy (which may be in electronic form) issued in connection with the origination of the Mortgage Loan, together with all endorsements or riders (or copies thereof) that were issued with or subsequent to the issuance of such policy, insuring the priority of the Mortgage as a first lien on the Mortgaged Property, or, subject to Section 2(d) of the applicable Mortgage Loan Purchase Agreement, a “marked up” commitment to insure marked as binding and countersigned by the related 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, subject to Section 2(d) of the applicable Mortgage Loan Purchase Agreement, an agreement to provide the same pursuant to binding escrow instructions executed by an authorized representative of the title company;

 

(viii)       (A) the original or a copy of the related Assignment of Leases, Rents and Profits (if such item is a document separate from the Mortgage) and, if applicable, the originals or copies 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 thereon; and (B) an original or copy (if the related Mortgage Loan Seller or its designee, rather than the Custodian and its designee, is responsible for the recording thereof) of an assignment of any related Assignment of Leases, Rents and Profits (a “Reassignment of Assignment of Leases, Rents and Profits”) (if such item is a document separate from the Mortgage), in recordable form (except for missing recording information and, if delivered in blank, except for the name of the assignee), executed by the most recent assignee of record thereof prior to the Trustee or, if none, by the Originator, either in blank or in favor of the Trustee in the following form: “Wells Fargo Bank, National Association, as Trustee, for the benefit of the Holders of Benchmark 2020-B16 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series 2020-B16” (in such capacity and, with respect to any Serviced Whole Loan, on behalf of any related Serviced Companion Loan Noteholders), which assignment may be included as part of the corresponding Assignment of Mortgage referred to in clause (iii) above;

 

(ix)         the original or copy of any environmental indemnity agreements and copies of any environmental insurance policies pertaining to the related Mortgaged Property required in connection with origination of the related Mortgage Loan or Serviced Whole Loan and copies of Environmental Reports;

 

(x)           copies of the currently effective Management Agreements, if any, for the Mortgaged Properties;

 

(xi)         if the Borrower has a leasehold interest in the related Mortgaged Property, the original or copy of the ground lease (or, with respect to a leasehold interest where the Borrower is a lessee and that is a space lease or an air rights lease, the original of such space lease or air rights lease), and any related lessor estoppel or similar agreement or a copy thereof; if any;

 

(xii)        if the related assignment of contracts is separate from the Mortgage, the original executed version of such assignment of contracts and the assignment thereof, if any, to the Trustee;

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(xiii)       if any related Lock-Box Agreement or Cash Collateral Account Agreement is separate from the Mortgage or Loan Agreement, a copy thereof; with respect to the Reserve Accounts, Cash Collateral Accounts and Lock-Box Accounts, if any, a stamped or certified copy of the UCC-1 financing statements, if any, submitted for filing with respect to the related mortgagee’s security interest in the Reserve Accounts, Cash Collateral Accounts and Lock-Box Accounts and all funds contained therein (and UCC-3 assignments of financing statements assigning such UCC-1 financing statements to the Trustee in the following form: “Wells Fargo Bank, National Association, as Trustee, for the benefit of the Holders of Benchmark 2020-B16 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series 2020-B16” (in such capacity and, with respect to any Serviced Whole Loan, on behalf of any related Serviced Companion Loan Noteholders));

 

(xiv)      originals or copies of all assumption, modification, written assurance and substitution agreements, if any, with evidence of recording thereon if appropriate, in those instances where the terms or provisions of the Mortgage, the Mortgage Note or any related security document have been modified or the Mortgage Loan or Serviced Whole Loan has been assumed;

 

(xv)         the original or a copy of any guaranty of the obligations of the Borrower under the Mortgage Loan or Serviced Whole Loan together with, as applicable, (A) the original or copies of any intervening assignments of such guaranty showing a complete chain of assignment from the Originator of the Mortgage Loan or Serviced Whole Loan to the most recent assignee thereof prior to the Trustee, if any, and (B) an original assignment of such guaranty executed by the most recent assignee thereof prior to the Trustee or, if none, by the Originator;

 

(xvi)        the original or a copy of the power of attorney (with evidence of recording thereon, if appropriate) granted by the related Borrower if the Mortgage, Mortgage Note or other document or instrument referred to above was signed on behalf of the Borrower pursuant to such power of attorney;

 

(xvii)       with respect to each Whole Loan, a copy of the related Intercreditor Agreement and, if applicable, a copy of the related Other Pooling and Servicing Agreement;

 

(xviii)     with respect to hospitality properties, a copy of the franchise agreement, if any, an original or copy of the comfort letter, if any, and if, pursuant to the terms of such comfort letter, the general assignment of the Mortgage Loan is not sufficient to transfer or assign the benefits of such comfort letter to the Trust, a copy of the notice to the franchisor of the transfer of such Mortgage Loan and/or a copy of the request for the issuance of a new comfort letter in favor of the Trust (in each case, as and to the extent required pursuant to the terms of such comfort letter), with the original of any replacement comfort letter to be included in the Mortgage File following receipt thereof by the Master Servicer;

 

(xix)      the original (or copy, if the original is held by the Master Servicer or applicable Other Servicer pursuant to Section 2.01(c) of this Agreement) of any letter of credit held by the lender as beneficiary or assigned as security for such Mortgage Loan or Serviced Whole Loan;

 

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(xx)         the appropriate assignment or amendment documentation related to the assignment to the Trust of any letter of credit securing such Mortgage Loan or Serviced Whole Loan (or copy thereof, if the original is held by the Master Servicer or applicable Other Servicer pursuant to Section 2.01(c) of this Agreement) which entitles the Master Servicer on behalf of the Trust and the Companion Loan Noteholders (with respect to any Serviced Whole Loan) to draw thereon; and

 

(xxi)      with respect to any Mortgage Loan with related mezzanine debt or other subordinate debt (other than a Companion Loan), a copy of the related co-lender agreement, subordination agreement or other intercreditor agreement.

 

The original assignments referred to in clauses (iii), (iv)(B), (viii)(B) and (xv)(B), 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 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 items specified in clauses

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(xix) and (xx)
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)(B) of the second preceding paragraph, 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 the following form:
“Wells Fargo Bank, National Association, as Trustee, for the benefit of the Holders of Benchmark 2020-B16 Mortgage
Trust Commercial Mortgage Pass-Through Certificates, Series 2020-B16” (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)(viii)(B) (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)(v)(B)
and (xiii) 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

 

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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 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)(vii) 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 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

 

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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, 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)(v), Section 2.01(a)(viii), Section 2.01(a)(xiv) and Section 2.01(a)(xvi)
and the UCC financing statements and UCC assignments of financing statements referred to in Section 2.01(a)(xiii),
with evidence of recording or filing thereon, solely because of a delay caused by the public recording or filing office where
such document or instrument has been delivered for recordation or filing, 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).

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(c)            Notwithstanding anything herein to the contrary, with respect to the documents referred to in Section 2.01(a)(xix) and Section 2.01(a)(xx) 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)(xx) 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) 
        With respect to the Serviced Mortgage Loans secured by the Mortgaged Properties identified as Loan
No. 17 (Crowne Plaza Resort Asheville), Loan No. 26 (Fairfield Inn & Suites Spokane) and Loan No. 30 (Springhill Suites Florence)
on the Mortgage Loan Schedule, each of which is subject to a franchise agreement with a related comfort letter in favor of the
respective Mortgage Loan Seller that requires notice to or request of the related franchisor to transfer or assign any related
comfort letter to the Trust or otherwise have a new comfort letter issued in the name of the Trust, the related Mortgage Loan
Seller or its designee will be required to provide any such required notice or make any such required request to the related franchisor,
with a copy of such notice or request to the Master Servicer, or take any such other required action, in any event, within 45
days of the Closing Date (or any shorter period if required by the applicable comfort letter), notify the related franchisor that
such Mortgage Loan has been transferred to the Trust and request a replacement comfort letter (or any such new document or acknowledgement
as may be contemplated under the existing comfort letter), and the Master Servicer shall use reasonable efforts in accordance
with the Servicing Standard to acquire such replacement comfort letter, if necessary (or to acquire any such new document or acknowledgement
as may be contemplated under the existing comfort letter).

 

(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

 

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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)              Each Mortgage Loan Purchase Agreement shall provide that within 60 days after the Closing Date, each Mortgage Loan Seller shall deliver or cause to be delivered an electronic copy of the Diligence File for each of its Mortgage Loans to (or as instructed by) the Depositor, together with an index identifying each such document delivered, each such Diligence File being organized and categorized in accordance with the electronic file structure reasonably agreed to by the Depositor and the related Mortgage Loan Seller.  Each Mortgage Loan Purchase Agreement shall further provide that within 60 days after the Closing Date, the applicable Mortgage Loan Seller shall provide to the Depositor (together with copies (which may be sent by electronic mail) to the Master Servicer, the Special Servicer, the Trustee, the Certificate Administrator and the Asset Representations Reviewer) with a certificate stating that (i) the applicable Mortgage Loan Seller has delivered or caused to be delivered an electronic copy of the Diligence File for each of its Mortgage Loans, (ii) the Diligence File contains all documents and information required under the definition of “Diligence File” and (iii) the Diligence File is organized and categorized in accordance with the electronic file structure reasonably agreed to by the Depositor and the related Mortgage Loan Seller (the “Diligence File Certification”).

 

(g)             
On or before the Closing Date, the Depositor shall deliver to the Master Servicer the Initial Schedule AL File and the
Initial Schedule AL Additional File in XML Format and Excel format and the Annex A-1 to the Prospectus at the following email
address: NoticeAdmin@midlandls.com.

 

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 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, the Operating Advisor 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)(ii), Section 2.01(a)(vii),

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Section 2.01(a)(xi)
and Section 2.01(a)(xix) 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 Certificate Administrator, the Trustee, the Master Servicer, the Special Servicer, the Operating Advisor, the Asset Representations Reviewer and each Mortgage Loan Seller in the form attached as Exhibit N-2 to this Agreement that all documents (other than documents referred to in clauses (xix) and (xx) of Section 2.01(a) of this Agreement, which shall be delivered to the Master Servicer, and the documents referred to in clauses (iii), (iv)(B), (v)(B) and (viii)(B) of Section 2.01(a) of this Agreement and the assignments of financing statements referred to in clause (xiii) of Section 2.01(a) of this Agreement, which shall be delivered for filing or recording by the related Mortgage Loan Seller as provided herein) referred to in Section 2.01(a) above (in the case of the documents referred to in Section 2.01(a)(iv), Section 2.01(a)(vi), Section 2.01(a)(viii), Section 2.01(a)(ix), Section 2.01(a)(x), Section 2.01(a)(xi), Section 2.01(a)(xii) through Section 2.01(a)(xvi) and Section 2.01(a)(xviii) through Section 2.01(a)(xx) of this 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 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, the Operating Advisor, the Asset Representations Reviewer 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, the Operating Advisor, the Asset Representations Reviewer and the related

 

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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(e) 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.

 

Contemporaneously with its execution of this Agreement, the Depositor shall cause each Mortgage Loan Seller to 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 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.

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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;

 

(ii)         The Depositor has taken all necessary 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;

 

(iii)         This Agreement has been duly and validly executed and delivered by the Depositor and 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 in accordance with the terms of this Agreement, except as such enforcement may be limited by bankruptcy, insolvency, reorganization, liquidation, receivership, moratorium or other laws relating to or affecting creditors’ rights generally, or by general principles of equity (regardless of whether such enforceability is considered in a proceeding in equity or at law);

 

(iv)         The execution and delivery of this Agreement and the performance of its obligations hereunder by the Depositor will not conflict with any provision of its certificate of incorporation or bylaws, or any law or regulation to which the Depositor is subject, or conflict with, result in a breach of or constitute a default under (or an event which with notice or lapse of time or both would constitute a default under) any of the terms, conditions or provisions of any agreement or instrument to which the Depositor is a party or by which it is bound, or any law, 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;

 

(v)          The certificate of incorporation of the Depositor provides that the Depositor is permitted to engage in only the following activities:

 

(A)         
to acquire, own, hold, sell, transfer, assign, pledge and otherwise deal with the following:  (I) “fully-modified
pass-through” certificates (“GNMA Certificates”) issued and
guaranteed as to timely payment of principal and interest by the Government National Mortgage Association (“GNMA”),
a wholly-owned corporate instrumentality of the United States within the Department of Housing and Urban Development
organized and existing under Title III of the National Housing Act of 1934; (II) Guaranteed Mortgage Pass-Through Certificates (“FNMA Certificates”) issued and guaranteed as to timely payment of principal and interest by FNMA; (III) Mortgage Participation Certificates (“FHLMC Certificates”) issued and guaranteed as to timely payment of interest and ultimate or full payment of principal by FHLMC; (IV) any other participation certificates,

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pass-through
certificates or other obligations or interests backed directly or indirectly by mortgage loans and issued or guaranteed by GNMA,
FNMA or FHLMC (collectively with the GNMA Certificates, FNMA Certificates and FHLMC Certificates, the “Agency
Securities”); (V) mortgage-backed securities, which securities need not be issued or guaranteed, in whole
or in part, by any governmental entity, issued by one or more private entities (hereinafter referred to as “Private
Securities”); (VI) mortgage loans secured by first, second or more junior liens on one-to-four family residential
properties, multifamily properties that are either rental apartment buildings or projects containing five or more residential
units or commercial properties, regardless of whether insured or guaranteed in whole or in part by any governmental entity, or
participation interests or stripped interests in such mortgage loans (“Mortgage Loans”);
(VII) conditional sales contracts and installment sales or loan agreements or participation interests therein secured by
manufactured housing (“Contract”); and (VIII) receivables of third-parties
or other financial assets of third-parties, either fixed or revolving, that by their terms convert into cash within a finite time
period (“Other Assets”);

 

(B)            to loan its funds to any person under loan agreements and other arrangements which are secured by Agency Securities, Private Securities, Mortgage Loans, Contracts and/or Other Assets;

 

(C)            to authorize, issue, sell and deliver bonds or other evidences of indebtedness that are secured by Agency Securities, Private Securities, Mortgage Loans, Contracts and/or Other Assets;

 

(D)            to authorize, issue, sell and deliver certificates evidencing beneficial ownership interests in pools of Agency Securities, Private Securities, Mortgage Loans, Contracts and/or Other Assets; and

 

(E)         to engage in any activity and to exercise any powers permitted to corporations under the laws of the State of Delaware that are incident to the foregoing and necessary or convenient to accomplish the foregoing.

 

Capitalized terms defined in this clause (v) shall apply only to such clause;

 

(vi)        There is no action, suit, proceeding or investigation pending or threatened against the Depositor in any court or by or before any other governmental agency or instrumentality which would materially and adversely affect the ability of the Depositor to carry out its obligations under this Agreement;

 

(vii) 
      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 Depositor of or compliance by the Depositor with this Agreement, or if required, such approval has been obtained prior to the Cut-off Date; and

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(viii)       The Trustee, if not the owner of the related Mortgage Loan, will have a valid and perfected security interest of first priority in each of the Mortgage Loans and any proceeds thereof.

 

(b)         The Depositor hereby represents and warrants with respect to each Mortgage Loan that:

 

(i)          Immediately prior to the transfer and assignment to the Trustee by the Depositor, the Mortgage Note and the Mortgage were not subject to an assignment or pledge, and the Depositor had good title to, and was the sole owner of, the Mortgage Loan and had full right to transfer and sell the Mortgage Loan to the Trustee free and clear of any encumbrance, equity, lien, pledge, charge, claim or security interest; provided that, in the case of a Non-Serviced Mortgage Loan, the related Mortgage has been (or will be) assigned to the Other Trustee under the Other Pooling and Servicing Agreement for the benefit of the holders of securities issued in connection with the related Other Securitization, as applicable;

 

(ii)          The Depositor is transferring such Mortgage Loan free and clear of any and all liens, pledges, charges or security interests of any nature encumbering such Mortgage Loan;

 

(iii)       The related Assignment of Mortgage constitutes the legal, valid and binding assignment of such Mortgage from the Depositor to the Trustee, and any related Reassignment of Assignment of Leases, Rents and Profits constitutes the legal, valid and binding assignment from the Depositor to the Trustee; and

 

(iv)         No claims have been made by the Depositor under the lender’s title insurance policy, and the Depositor has not done anything which would impair the coverage of such lender’s title insurance policy.

 

(c)         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.

 

(d) 
      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

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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 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) the identity of the Person making such Repurchase Request, (B) if known, the basis for the Repurchase Request (as asserted in the Repurchase Request) and (C) a statement from the Repurchase Request Recipient as to whether it currently plans to pursue such Repurchase Request.

 

No Person that is required to provide a Rule 15Ga-1 Notice pursuant to this Section 2.03(d) (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(d) 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(d) 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, the Operating Advisor, the Asset Representations
Reviewer 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(d) of the Pooling and Servicing Agreement
relating to the Benchmark 2020-B16 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series 2020-B16 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(d) with respect to such Repurchase Request or Repurchase Request Withdrawal.  In no event shall

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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.

 

(e)          
A “Defect” shall exist with respect to a Mortgage 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. 
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 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, the value of the related Mortgaged Property or the interests of the Trustee or any Certificateholders in
any Mortgage Loan or Mortgaged Property, or causes the related Mortgage 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; provided that if any of the documents specified in Section 2.01(a)(i), Section 2.01(a)(ii), Section 2.01(a)(vii), Section 2.01(a)(xi)
and Section 2.01(a)(xix) of this Agreement are not delivered as required in the related Mortgage Loan Purchase
Agreement, it shall be deemed a Material Defect.  The Custodian, the Certificate Administrator and the Trustee shall not
be required to make any such determination.  Promptly upon receiving written notice of any such Material Defect or
Material Breach with respect to a Mortgage 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, the
Operating Advisor, the Asset Representations Reviewer or the Custodian, on behalf of the Trust Fund, the applicable Mortgage
Loan Seller shall, not later than 90 days from the applicable Mortgage Loan Seller’s receipt of such notice of
such Material Defect or Material Breach, as the case may be (or, in the case of a Material Defect or Material Breach relating
to a Mortgage Loan not being a Qualified Mortgage, not later than 90 days after the Mortgage Loan Seller or any party
hereto discovering such Material Defect or Material Breach, provided that the related Mortgage Loan Seller has
received notice in accordance with the terms of the related Mortgage Loan Purchase Agreement) (any such 90-day period, the
“Initial Resolution Period”), (i) cure the same in all material
respects, (ii) repurchase the affected Mortgage 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;

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 provided that if (i) such Material Defect or Material Breach is capable of being cured but not within the Initial Resolution Period or, with respect to the immediately preceding proviso, the time period set forth therein, (ii) such Material Defect or Material Breach is not related to any Mortgage Loan’s not being a Qualified Mortgage, (iii) the Mortgage Loan Seller has commenced and is diligently proceeding with the cure of such Material Defect or Material Breach within the Initial Resolution Period and (iv) the Mortgage Loan Seller has delivered to the Master Servicer, the Special Servicer, the Asset Representations Reviewer, the Certificate Administrator (who will promptly deliver a copy of such officer’s certificate to the 17g-5 Information Provider), the Trustee, the Operating Advisor and, other than during the continuance of a Consultation Termination Event, the Directing Holder, an officer’s certificate that describes the reason the cure was not effected within the initial 90-day period, then the Mortgage Loan Seller shall have an additional period equal to the applicable Resolution Extension Period to complete such cure or, failing such cure, to repurchase the Mortgage Loan and the related REO Loan or, if applicable, substitute a Qualified Substitute Mortgage Loan.  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, the applicable Mortgage Loan Seller will not be obligated to repurchase the Mortgage 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 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, 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) (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 

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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
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
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); (ii) such Loss of Value Payment shall not be greater than the Purchase Price of the affected
Mortgage Loan; and (iii) a Material Defect or a Material Breach as a result of a Mortgage Loan not constituting a Qualified
Mortgage may not be cured by a Loss of Value Payment.  With respect to any 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 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.

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(f)            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.

 

(g)           The Enforcing Servicer 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 Operating Advisor, the

 

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 Asset Representations Reviewer, the Directing Holder (as identified to the Custodian by the Certificate Administrator) 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 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 and the Trustee on behalf of the Certificateholders respecting any Breach (including a Breach with respect to a Mortgage Loan failing to constitute a Qualified Mortgage) or any Defect.

 

(h)          
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.

 

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(i)            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.

 

(j)            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.

 

(k)           (i) In the event an Initial Requesting Certificateholder delivers a written request to the Depositor, the Master Servicer, the Special Servicer, the Trustee, the Certificate Administrator or the Operating Advisor (solely in its capacity as Operating Advisor) that a Mortgage Loan be repurchased by the applicable Mortgage Loan Seller alleging the existence of a Material Breach or Material Defect with respect to such Mortgage Loan and setting forth the basis for such allegation (a “Certificateholder Repurchase Request”), such party shall promptly forward that Certificateholder Repurchase Request to the Master Servicer and the Special Servicer, and the Enforcing Servicer shall promptly forward that Repurchase Request to the related Mortgage Loan Seller and each other party to this Agreement and take the actions required under Section 2.03(e).  Subject to Section 2.03(l), the Enforcing Servicer shall be the Enforcing Party with respect to the Certificateholder Repurchase Request. If a Resolution Failure occurs with respect to the Certificateholder Repurchase Request, the provisions described below under Section 2.03(l) shall apply.

 

(ii)     
     In the event that the Depositor, the Master Servicer, the Special Servicer, the Trustee, the
Certificate Administrator or the Operating Advisor (solely in its capacity as Operating Advisor) has knowledge of a Material
Breach or Material Defect with respect to a Mortgage Loan, that party shall deliver prompt written notice of such Material
Breach or Material Defect to the Master Servicer and the Special Servicer, and the Enforcing Servicer shall promptly forward
to each other party to this Agreement and the related Mortgage Loan Seller, identifying the applicable Mortgage Loan and
setting forth the basis for such allegation (a “PSA Party Repurchase
Request” and, each of a Certificateholder Repurchase Request or a PSA Party Repurchase Request, a
“Repurchase Request”).  Subject to Section 2.03(l), the Enforcing Servicer shall be the Enforcing Party with respect to the PSA Party Repurchase Request.  If a Resolution Failure occurs with

 

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respect
to the PSA Party Repurchase Request, the provisions described below under Section 2.03(l) shall apply.

 

(iii)           In the event the Repurchase Request is not Resolved within 180 days after the Mortgage Loan Seller receives the Repurchase Request (such event, a “Resolution Failure”), and for all purposes herein, such Resolution Failure shall be deemed to have occurred.  Receipt of the Repurchase Request shall be deemed to occur two (2) Business Days after the Repurchase Request is sent to the related Mortgage Loan Seller.

 

(iv)          Within two (2) Business Days after a Resolution Failure occurs with respect to a PSA Party Repurchase Request made by any party other than the Special Servicer or a Certificateholder Repurchase Request made by any Certificateholder other than the Trust Directing Holder or a Controlling Class Certificateholder, in each case, related to a Performing Loan, the Master Servicer shall send a written notice (a “Master Servicer Proposed Course of Action Notice”) to the Special Servicer, indicating the Master Servicer’s analysis and recommended course of action with respect to such Repurchase Request, along with the Servicing File and all information, documents (but excluding the original documents constituting the Mortgage File) and records (including records stored electronically on computer tapes, magnetic discs and the like) relating to such Performing Loan and, if applicable, the related Serviced Companion Loan, either in the Master Servicer’s possession or otherwise reasonably available to the Master Servicer, and reasonably requested by the Special Servicer to enable it to assume its duties hereunder to the extent set forth hereunder for such Performing Loan. Upon receipt of such Master Servicer Proposed Course of Action Notice and such Servicing File, the Special Servicer shall become the Enforcing Servicer with respect to such Repurchase Request.

 

(l)            
(i)  After a Resolution Failure occurs with respect to a Repurchase Request regarding a Mortgage Loan (whether the
Repurchase Request was initiated by an Initial Requesting Certificateholder or by a party to this Agreement), the Enforcing
Servicer shall send a notice (a “Proposed Course of Action Notice”) to the Initial Requesting
Certificateholder, if any, to the address specified in the Initial Requesting Certificateholder’s Repurchase Request,
and to the Certificate Administrator, who shall make such notice available to all other Certificateholders and Certificate
Owners (by posting such notice on the Certificate Administrator’s Website) indicating the Enforcing Servicer’s
intended course of action with respect to the Repurchase Request (the “Proposed Course of Action”). If the
Master Servicer is the Enforcing Servicer, the Master Servicer may (but shall not be obligated to) consult with the Special
Servicer and (for so long as no Consultation Termination Event is continuing) the Trust Directing Holder regarding any
Proposed Course of Action.  Such notice shall include (a) a request to Certificateholders to indicate their
agreement with or dissent from such Proposed Course of Action by clearly marking “agree” or
“disagree” to the Proposed Course of Action on such notice within 30 days of the date of such notice and a
disclaimer that responses received after such 30-day period will not be taken into consideration, (b) a statement that
in the event any Certificateholder disagrees with the Proposed Course of Action, the Enforcing Servicer (either as the
Enforcing Party or as the Enforcing Servicer in circumstances where a Certificateholder is acting as the Enforcing Party)
shall be compelled to follow the course of action agreed to and/or proposed by the majority of the responding Certificateholders that involves referring the matter

 

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 to mediation or arbitration, as the case may be, (c) a statement that responding Certificateholders will be required to certify their holdings in connection with such response, (d) a statement that only responses clearly marked “agree” or “disagree” with such Proposed Course of Action will be taken into consideration and (e) instructions for responding Certificateholders to send their responses to the applicable Enforcing Servicer and the Certificate Administrator.  The Certificate Administrator shall within three (3) Business Days after the expiration of the 30-day response period, tabulate the responses received from the Certificateholders and share the results with the Enforcing Servicer.  The Certificate Administrator shall only count responses timely received and clearly indicating agreement or dissent with the related Proposed Course of Action and additional verbiage or qualifying language shall not be taken into consideration for purposes of determining whether the related Certificateholder agrees or disagrees with the Proposed Course of Action.  The Certificate Administrator shall be under no obligation to answer any questions from Certificateholders regarding such Proposed Course of Action.  For the avoidance of doubt, the Certificate Administrator’s obligations in connection with this Section 2.03(l) shall be limited solely to tabulating Certificateholder responses of “agree” or “disagree” to the Proposed Course of Action, and such obligation shall not be construed to impose any enforcement obligation on the Certificate Administrator.  The Enforcing Servicer may conclusively rely (without investigation) on the Certificate Administrator’s tabulation of the majority of the responding Certificateholders.  If (a) the Enforcing Servicer’s intended course of action with respect to the Repurchase Request does not involve pursuing further action to exercise rights against the applicable Mortgage Loan Seller with respect to the Repurchase Request and the Initial Requesting Certificateholder, if any, or any other Certificateholder or Certificate Owner wishes to exercise its right to refer the matter to mediation (including nonbinding arbitration) or arbitration, or (b) the Enforcing Servicer’s intended course of action is to pursue further action to exercise rights against the applicable Mortgage Loan Seller with respect to the Repurchase Request but the Initial Requesting Certificateholder, if any, or any other Certificateholder or Certificate Owner does not agree with the dispute resolution method selected by the Enforcing Servicer, then the Initial Requesting Certificateholder, if any, or such other Certificateholder or Certificate Owner may deliver to the Enforcing Servicer a written notice (a “Preliminary Dispute Resolution Election Notice”) within 30 days from the date the Proposed Course of Action Notice is posted on the Certificate Administrator’s Website (the “Dispute Resolution Cut-off Date”) indicating its intent to exercise its right to refer the matter to either mediation or arbitration.  In the event any Certificateholder or Certificate Owner entitled to do so delivers a Preliminary Dispute Resolution Election Notice, and the Enforcing Servicer has also received responses from other Certificateholders or Certificate Owners supporting the Enforcing Servicer’s initial Proposed Course of Action, such responses shall be considered Preliminary Dispute Resolution Election Notices supporting the Proposed Course of Action for purposes of determining the course of action proposed by the majority of Certificateholders.

 

(ii)  
        If neither the Initial Requesting Certificateholder, if any, nor any other
Certificateholder or Certificate Owner entitled to do so delivers a Preliminary Dispute Resolution Election Notice prior to
the Dispute Resolution Cut-off Date, no Certificateholder or Certificate Owner otherwise entitled to do so shall have the
right to refer the Repurchase Request to mediation or arbitration, and the Enforcing Servicer shall be the sole party
obligated and entitled to determine a course of action, including but not limited to, enforcing the Trust’s rights against the related Mortgage Loan Seller, subject to any consent or consultation rights of the Trust Directing Holder pursuant to Section 6.08.

 

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(iii)          Promptly and in any event within 10 Business Days following receipt of a Preliminary Dispute Resolution Election Notice from (a) the Initial Requesting Certificateholder, if any, or (b) any other Certificateholder or Certificate Owner (each of clauses (a) and (b), a “Requesting Certificateholder”; provided that a Holder of a Class VRR Interest Certificate may not be a Requesting Certificateholder), the Enforcing Servicer will be required to consult with each Requesting Certificateholder regarding such Requesting Certificateholder’s intention to elect either mediation (including nonbinding arbitration) or arbitration as the dispute resolution method with respect to the Repurchase Request (the “Dispute Resolution Consultation”) so that such Requesting Certificateholder may consider the views of the Enforcing Servicer as to the claims underlying the Repurchase Request and possible dispute resolution methods, such discussions to occur and be completed no later than 10 Business Days following the Dispute Resolution Cut-off Date.  The Enforcing Servicer shall be entitled to establish procedures the Enforcing Servicer deems to be in accordance with the Servicing Standard relating to the timing and extent of such consultations. No later than 5 Business Days after completion of the Dispute Resolution Consultation, a Requesting Certificateholder may provide a final notice to the Enforcing Servicer indicating its decision to exercise its right to refer the matter to either mediation or arbitration (“Final Dispute Resolution Election Notice”).

 

(iv)          If, following the Dispute Resolution Consultation, no Requesting Certificateholder timely delivers a Final Dispute Resolution Election Notice to the Enforcing Servicer, then the Enforcing Servicer will continue to act as the Enforcing Party and will remain obligated under this Agreement to determine a course of action, including but not limited to, enforcing the rights of the Trust with respect to the Repurchase Request and no Certificateholder or Certificate Owner shall have any further right to elect to refer the matter to mediation or arbitration.

 

(v)        
  If a Requesting Certificateholder timely delivers a Final Dispute Resolution Election Notice to the Enforcing
Servicer, then such Requesting Certificateholder shall become the Enforcing Party and must promptly submit the matter to
mediation (including nonbinding arbitration) or arbitration.  If there is more than one Requesting Certificateholder
that timely delivers a Final Dispute Resolution Election Notice, then such Requesting Certificateholders will collectively
become the Enforcing Party, and the holder or holders of a majority of the Voting Rights among such Requesting
Certificateholders will be entitled to make all decisions relating to such mediation or arbitration. If, however, no
Requesting Certificateholder commences arbitration or mediation pursuant to the terms of this Agreement within 30 days after
delivery of its Final Dispute Resolution Election Notice to the Enforcing Servicer, then (i) the rights of a Requesting
Certificateholder to act as the Enforcing Party shall terminate and no Certificateholder or Certificate Owner shall have any
further right to elect to refer the matter to mediation or arbitration, (ii) if the Proposed Course of Action Notice
indicated that the Enforcing Servicer shall take no further action with respect to the Repurchase Request, then the related
Material Breach or Material Defect shall be deemed waived for all purposes under this Agreement and the related Mortgage Loan Purchase Agreement; provided, however, that such Material Breach or Material Defect shall not be deemed waived with respect a Requesting Certificateholder, any other Certificateholder or Certificate Owner or the Enforcing Servicer to the extent there is a material change in the

 

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facts and
circumstances known to such party at the time when the Proposed Course of Action Notice is posted on the Certificate Administrator’s
Website and (iii) if the Proposed Course of Action Notice had indicated a course of action other than the course of action under
clause (ii), then the Enforcing Servicer shall again become the Enforcing Party and, as such, shall be the sole party obligated
and entitled to determine a course of action including, but not limited to, enforcing the Trust’s rights against the related
Mortgage Loan Seller.

 

(vi)          Notwithstanding the foregoing, the dispute resolution provisions described above under this Section 2.03(l) will not apply, and the Enforcing Servicer shall remain the Enforcing Party, if the Enforcing Servicer has commenced litigation with respect to the Repurchase Request, or determines in accordance with the Servicing Standard that it is in the best interest of Certificateholders to commence litigation with respect to the Repurchase Request to avoid the running of any applicable statute of limitations.

 

(vii)         In the event a Requesting Certificateholder becomes the Enforcing Party, the Enforcing Servicer, on behalf of the Trust, shall remain a party to any proceedings against the related Mortgage Loan Seller; provided that the degree and extent to which the Enforcing Servicer actively prepares for and participates in such proceeding shall be determined by such Enforcing Servicer (in consultation with the Trust Directing Holder for so long as no Consultation Termination Event is continuing), and in accordance with the Servicing Standard.  For the avoidance of doubt, the Depositor, the Mortgage Loan Sellers and any of their respective Affiliates shall not be entitled to be an Initial Requesting Certificateholder or a Requesting Certificateholder.

 

(viii)        The Requesting Certificateholder is entitled to elect either mediation or arbitration in its sole discretion; however, the Requesting Certificateholder may not elect to then utilize the alternative method in the event that the initial method is unsuccessful.

 

(ix)           If (i) a Repurchase Request is made with respect to any Mortgage Loan based on any particular alleged Material Breach or Material Defect, (ii) a Resolution Failure is deemed to occur with respect to such Repurchase Request, and (iii) if either (A) a mediation or arbitration is undertaken with respect to such Repurchase Request or (B) the Certificateholders and Certificate Owners cease to have a right to refer such Repurchase Request to mediation or arbitration, in either case in accordance with the provisions of this Agreement, then no Certificateholder or Certificate Owner may make any subsequent Repurchase Request with respect to such Mortgage Loan based on the same alleged Material Breach or Material Defect unless there is a material change in the facts and circumstances known to such party.

 

(x)            The Depositor, the Mortgage Loan Seller and any of their respective Affiliates shall not be entitled to be an Initial Requesting Certificateholder or a Requesting Certificateholder.

 

(m)           If the Enforcing Party selects mediation (including nonbinding arbitration), the following provisions shall apply:

 

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(i)            The mediation shall be administered by a nationally recognized mediation services provider selected by the related Mortgage Loan Seller in accordance with published mediation procedures (the “Mediation Rules”) promulgated by a nationally recognized mediation services provider selected by the Mortgage Loan Seller (such provider, the “Meditation Services Provider”).

 

(ii)           The mediator shall be impartial, an attorney admitted to practice in the State of New York and have at least 15 years of experience in commercial litigation, and commercial real estate finance or commercial mortgage-backed securitization matters or other complex commercial transactions, and who will be appointed from a list of neutrals maintained by the Mediation Services Provider.  Upon being supplied a list of at least ten potential qualified mediators by the Mediation Services Provider each party will have the right to exercise two peremptory challenges within 14 days and to rank the remaining potential mediators in order of preference.  The Mediation Services Provider shall select the mediator from the remaining attorneys on the list respecting the preference choices of the parties to the extent possible.

 

(iii)          The parties shall use commercially reasonable efforts to conduct an organizational conference to begin the mediation within 10 Business Days of the selection of the mediator and to conclude the mediation within 60 days thereafter.

 

(iv)          The expenses of any mediation shall be allocated among the parties to the mediation, including, if applicable, between the Enforcing Party and the Enforcing Servicer, as mutually agreed by the parties as part of the mediation.

 

(n)           If the Enforcing Party selects third-party arbitration, the following provisions will apply:

 

(i)       
     The arbitration shall be administered by a nationally recognized arbitration services provider
selected by the related Mortgage Loan Seller in accordance with published arbitration procedures (the “Arbitration Rules”)
promulgated by a nationally recognized arbitration services provider selected by the Mortgage Loan Seller (such provider, the
“Arbitration Services Provider”).

 

(ii)           The arbitrator shall be impartial, an attorney admitted to practice in the State of New York and have at least 15 years of experience in commercial litigation and commercial real estate finance or commercial mortgage-backed securitization matters or other complex commercial transactions, and who will be appointed from a list of neutrals maintained by the Arbitration Services Provider.  Upon being supplied a list of at least ten potential arbitrators by the Arbitration Services Provider each party will have the right to exercise two peremptory challenges within 14 days and to rank the remaining potential arbitrators in order of preference.  The Arbitration Services Provider will select the arbitrator from the remaining attorneys on the list respecting the preference choices of the parties to the extent possible.

 

(iii)          Prior to accepting an appointment, the arbitrator must promptly disclose any circumstances likely to create a reasonable inference of bias or conflict of interest or likely to preclude completion of the hearings within the prescribed time schedule.

 

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(iv)          After consulting with the parties at an organizational conference held not later than 10 Business Days after its appointment, the arbitrator shall devise procedures and deadlines for the arbitration, to the extent not already agreed to by the parties, with the goal of expediting the proceeding and completing the arbitration within 120 days.  The arbitrator shall have the authority to schedule, hear, and determine any and all motions, including dispositive and discovery motions, in accordance with the Federal Rules of Civil Procedure for non-jury matters (the “Rules”) (including summary judgment and other prehearing and post hearing motions), and will do so by reasoned decision on the motion of any party to the arbitration.

 

(v)           Notwithstanding whatever other discovery may be available under the Rules, unless otherwise agreed by the parties, each party to the arbitration will be presumptively limited to the following discovery in the arbitration: (A) the parties shall reasonably and in good faith voluntarily produce to all other parties all documents upon which they intend to rely and all documents they reasonably and in good faith believe to be relevant to the claims or defenses asserted by any of the parties, (B) party witness depositions (excluding Rule 30b-6 witnesses), and (C) expert witness depositions, provided that the arbitrator shall have the ability to grant the parties, or either of them, additional discovery to the extent that the arbitrator determines good cause is shown that such additional discovery is reasonable and necessary.

 

(vi)         The arbitrator shall make its final determination no later than 30 days after the conclusion of the hearings and submission of any post-hearing submissions.  The arbitrator shall resolve the dispute in accordance with the terms of the related Mortgage Loan Purchase Agreement and this Agreement, and may not modify or change those agreements in any way or award remedies not consistent with those agreements.  The arbitrator will not have the power to award punitive damages or consequential damages in any arbitration conducted by them.  Interest on any monetary award shall bear interest from the date of the Final Dispute Resolution Election Notice at the Prime Rate.  In its final determination, the arbitrator shall determine and award the costs of the arbitration (including the fees of the arbitrator, cost of any record or transcript of the arbitration, and administrative fees) and shall award reasonable attorneys’ fees to the parties to the arbitration as determined by the arbitrator in its reasonable discretion.  The determination of the arbitrator shall be by a reasoned decision in writing and counterpart copies will be promptly delivered to the parties.  The final determination of the arbitrator shall be final and non-appealable, except for actions to confirm or vacate the determination permitted under federal or state law, and may be enforced in any court of competent jurisdiction.

 

(vii)         By selecting arbitration, the selecting party is giving up the right to sue in court, including the right to a trial by jury.

 

(viii)        No person may bring a putative or certificated class action to arbitration.

 

(o)           The following provisions will apply to both mediation and third-party arbitration:

 

(i)            Any mediation or arbitration will be held in New York, New York unless another location is agreed by all parties.

 

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(ii)           If the dispute involves a matter that cannot effectively be remedied by the payment of damages, or if there be any dispute relating to arbitration or the arbitrators that cannot be resolved promptly by the arbitrators or the Arbitration Services Provider, then any party in such instance may during the pendency of the arbitration proceedings seek temporary equitable remedies, pending the final decision of the arbitration panel, solely by application in the Southern District if such court shall have subject matter jurisdiction, or if the Southern District has no jurisdiction, then it the Supreme Court of the State of New York for the County of New York.  The arbitration proceedings shall not be stayed unless so ordered by the court.

 

(iii)          The details and/or existence of any Repurchase Request, any informal meetings, mediations or arbitration proceedings conducted under this Section 2.03, including all offers, promises, conduct and statements, whether oral or written, made in the course of the parties’ attempt to informally resolve any Repurchase Request, will be confidential, privileged and inadmissible for any purpose, including impeachment, in any mediation, arbitration or litigation, or other proceeding (including any proceeding under this Section 2.03).  Such information will be kept strictly confidential and will not be disclosed or shared with any third party (other than a party’s attorneys, experts, accountants and other agents and representatives, as reasonably required in connection with any resolution procedure under this Section 2.03), except as otherwise required by law, regulatory requirement or court order.  If any party to a resolution procedure receives a subpoena or other request for information from a third party (other than a governmental regulatory body) for such confidential information, the recipient will promptly notify the other party to the resolution procedure and will provide the other party with a reasonable opportunity to object to the production of its confidential information.

 

(iv)          In
the event a Requesting Certificateholder is the Enforcing Party, the agreement with the arbitrator or mediator, as the case may
be, shall be required contain an acknowledgment that the Trust, or the Enforcing Servicer on its behalf, shall be a party to any
arbitration or mediation proceedings solely for the purpose of being the beneficiary of any award in favor of the Enforcing Party;
provided that the degree and extent to which the Enforcing Servicer actively prepares
for and participates in such proceedings shall be determined by such Enforcing Servicer in consultation with the Trust Directing
Holder, provided that a Consultation Termination Event is not continuing, and in accordance
with the Servicing Standard. All amounts recovered by the Enforcing Party shall be paid to the Trust, or the Enforcing Servicer
on its behalf, and deposited in the Collection Account.  The agreement with the arbitrator or mediation, as the case may
be, will provide that in the event a Requesting Certificateholder is allocated any related costs and expenses pursuant to the
terms of the arbitrator’s decision or the agreement reached in mediation, neither the Trust nor the Enforcing Servicer
acting on its behalf shall be responsible for any such costs and expenses allocated to the Requesting Certificateholder.

 

(v)           In the event a Requesting Certificateholder is the Enforcing Party, the Requesting Certificateholder shall be required to pay any expenses allocated to the

 

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Enforcing
Party in the arbitration proceedings or any expenses that the Enforcing Party agrees to bear in the mediation proceedings.

 

(vi)          The Trust (or the Trustee or the Enforcing Party acting on its behalf), the Depositor or any Mortgage Loan Seller shall be permitted to redact any personally identifiable customer information included in any information provided for purposes of any mediation or arbitration.  Each party to the proceedings shall be required to agree to keep confidential the details related to the Repurchase Request and the dispute resolution identified in connection with such procedures; provided, however, that the Certificateholders shall be permitted to communicate prior to the commencement of any such proceedings to the extent provided in Section 5.06.

 

(vii)         For the avoidance of doubt, in no event shall the exercise of any right of a Requesting Certificateholder to refer a Repurchase Request to mediation or arbitration or participation in such mediation or arbitration affect in any manner the ability of the Enforcing Servicer to perform its obligations with respect to a Mortgage Loan or the exercise of any rights of a Directing Holder (including without limitation, a liquidation, foreclosure, negotiation of a loan modification or workout, acceptance of a discounted pay off or deed in lieu, or bankruptcy or other litigation).

 

(viii)        For the avoidance of doubt, any expenses required to be borne by or allocated to the Enforcing Servicer in mediation or arbitration or related responsibilities under this Agreement shall be reimbursable as Additional Trust Fund Expenses.

 

Section 2.04  
Representations, Warranties and Covenants of the Master Servicer, the Special Servicer, the Certificate Administrator, the
Trustee, the Operating Advisor and the Asset Representations Reviewer.  (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, the Asset Representations Reviewer and the Operating
Advisor 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;

 

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(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 Operating Advisor, the Asset Representations Reviewer, 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 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.

 

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(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, the Operating Advisor, the Asset Representations Reviewer 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 Operating Advisor, the Asset Representations Reviewer, the Certificate Administrator, the Master Servicer and the Depositor, constitutes a valid, legal and binding obligation of the Special Servicer, enforceable 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

 

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 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 Operating Advisor, the Asset Representations Reviewer, 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, 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;

 

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(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, the Underwriters and the Initial Purchasers.

 

(e)           The Certificate Administrator hereby represents and warrants to the Depositor, the Trustee, the Master Servicer, the Special Servicer, the Operating Advisor, the Asset Representations Reviewer 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;

 

(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

 

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 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, the Underwriters and the Initial Purchasers.

 

(f)            The Operating Advisor hereby represents and warrants to the Trustee, the Depositor, the Certificate Administrator, the Master Servicer, the Special Servicer, the Asset Representations Reviewer and the Serviced Companion Loan Noteholders, as of the Closing Date, that:

 

(i)            The Operating Advisor is a limited liability company, duly organized, validly existing and in good standing under the laws of the State of New York and 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)           The execution and delivery of this Agreement by the Operating Advisor, and the performance and compliance with the terms of this Agreement by the Operating Advisor, do not (A) violate the Operating Advisor’s organizational documents 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 Operating

 

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 Advisor or its property is subject, which, in the case of either (B) or (C), is likely to materially and adversely affect either the ability of the Operating Advisor to perform its obligations under this Agreement or its financial condition;

 

(iii)          The Operating Advisor has the full limited liability company 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, the Special Servicer, and the Depositor, constitutes a valid, legal and binding obligation of the Operating Advisor, enforceable against the Operating Advisor 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 Operating Advisor 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 Operating Advisor’s reasonable judgment, is likely to materially and adversely affect the financial condition or operations of the Operating Advisor 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 Operating Advisor’s knowledge, threatened against the Operating Advisor which would prohibit the Operating Advisor from entering into this Agreement or, in the Operating Advisor’s good faith and reasonable judgment, is likely to materially and adversely affect either the ability of the Operating Advisor to perform its obligations under this Agreement or the financial condition of the Operating Advisor;

 

(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 Operating Advisor, or compliance by the Operating Advisor with, this Agreement or the consummation of the transactions of the Operating Advisor contemplated by this Agreement, except for any consent, approval, authorization or order which has been obtained, or which, if not obtained would not have a materially adverse effect on the ability of the Operating Advisor to perform its obligations hereunder;

 

(viii)        [Reserved]; and

 

(ix)           The Operating Advisor is an Eligible Operating Advisor.

 

(g)           The Asset Representations Reviewer hereby represents and warrants to the Trustee, for its own benefit and the benefit of the Certificateholders, and to the Depositor, the

 

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Master
Servicer, the Special Servicer, the Operating Advisor and the Certificate Administrator, as of the Closing Date, that:

 

(i)            The Asset Representations Reviewer is a limited liability company, duly organized, validly existing and in good standing under the laws of the State of New York, and the Asset Representations Reviewer is in compliance with the laws of each State in which any Mortgaged Property is located to the extent necessary to perform its obligations under this Agreement;

 

(ii)           The execution and delivery of this Agreement by the Asset Representations Reviewer, and the performance and compliance with the terms of this Agreement by the Asset Representations Reviewer, do not (A) violate the Asset Representations Reviewer’s organizational documents, (B) constitute a default (or an event which, with notice or lapse of time, or both, would constitute a default) under, or result in the breach of, any material agreement or other material instrument to which it is a party or which is applicable to it or any of its assets, or (C) violate any law, rule, regulation, order, judgment or decree to which the Asset Representations Reviewer or its property is subject, which, in the case of either (B) or (C), is likely to materially and adversely affect either the ability of the Asset Representations Reviewer to perform its obligations under this Agreement or its financial condition;

 

(iii)          The Asset Representations Reviewer has the full limited liability company 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 other parties hereto, constitutes a valid, legal and binding obligation of the Asset Representations Reviewer, enforceable against the Asset Representations Reviewer in accordance with the terms hereof, subject to (A) applicable bankruptcy, insolvency, reorganization, receivership, moratorium and other laws affecting the enforcement of creditors’ rights generally, and (B) general principles of equity, regardless of whether such enforcement is considered in a proceeding in equity or at law;

 

(v)        
  The Asset Representations Reviewer is not in violation of, and its execution and delivery of this Agreement and its
performance and compliance with the terms of this Agreement will not constitute a violation of, any law, order or decree of any
court or arbiter, or any order regulation or demand of any federal, state or local governmental or regulatory authority, which
violation, in the Asset Representations Reviewer’s good faith and reasonable judgment, is likely to materially and adversely
affect either the ability of the Asset Representations Reviewer to perform its obligations under this Agreement or the financial
condition of the Asset Representations Reviewer;

 

(vi)          No litigation is pending or, to the best of the Asset Representations Reviewer’s knowledge, threatened against the Asset Representations Reviewer, which would prohibit the Asset Representations Reviewer from entering into this Agreement or, in the Asset Representations Reviewer’s good faith and reasonable judgment, is likely to

 

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materially
and adversely affect the ability of the Asset Representations Reviewer to perform its obligations under this Agreement;

 

(vii)         No consent, approval, authorization or order of any court or governmental agency or body is required under federal or state law for the execution, delivery and performance by the Asset Representations Reviewer of, or compliance by the Asset Representations Reviewer with, this Agreement or the consummation of the transactions of the Asset Representations Reviewer contemplated by this Agreement, except for any consent, approval, authorization or order which has been obtained or can be obtained prior to the actual performance by the Asset Representations Reviewer of its obligations under this Agreement, or which, if not obtained would not have a materially adverse effect on the ability of the Asset Representations Reviewer to perform its obligations hereunder; and

 

(viii)        The Asset Representations Reviewer is an Eligible Asset Representations Reviewer.

 

(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 Operating Advisor, the Asset Representations Reviewer, 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, the Operating Advisor, the Asset Representations Reviewer 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 Operating Advisor, the Asset Representations Reviewer, 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. 
The Trustee acknowledges the assignment to it of the Mortgage 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 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) 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; (iii) acknowledges the contribution by the Depositor of the Lower-Tier Regular Interests to the Upper-Tier REMIC and hereby declares that it holds the Lower-Tier Regular Interests on behalf of the Upper-Tier REMIC and the Holders of the Regular Certificates; and (iv) in exchange for the Lower-Tier 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 Regular Certificates and the Class UTR Interest, each represented by the Class R Certificates, in authorized

 

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 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.

 

Section 2.06   
Miscellaneous REMIC Provisions.  (a)  The Lower-Tier Regular Interests issued hereunder are hereby designated
as the “regular interests” in the Lower-Tier REMIC 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 Regular 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 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 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.

 

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 and the Serviced Companion Loans.  (a)  The Master Servicer (generally with respect to Serviced Mortgage 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 on behalf of the Trust Fund and the Trustee (as Trustee for
the Certificateholders) and, in the case of any Serviced Whole Loan, the related Serviced Companion Loan Noteholder(s), (as a
collective whole as if such Certificateholders 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 recovery of principal and interest on the Mortgage Notes; provided that nothing herein contained

 

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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 initiation of such action, suit or proceeding (or such shorter time period as is reasonably required

 

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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 the provisions of this Section 3.01(c) (including, for the avoidance of doubt, that no such agent

 

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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 Operating Advisor, the Asset Representations Reviewer, 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.

 

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 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 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 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.  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

 

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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 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

 

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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 Fargo Bank, National Association, as Trustee, for the benefit of the Holders of Deutsche Mortgage & Asset Receiving Corporation, Benchmark 2020-B16 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series 2020-B16 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;

 

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(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 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; 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.  The Collection Account shall be established and maintained as an Eligible Account.  Amounts attributable to the Companion Loans will not be assets of the Trust Fund.

 

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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, 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 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

 

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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 Certificateholders and the Trustee as the Holder of the Lower-Tier Regular Interests and (iii) 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.

 

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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 the Lower-Tier Distribution Account in its own name for the benefit of the Trustee, for the benefit of the Certificateholders and the Trustee as the Holder of the Lower-Tier Regular Interests.  The Lower-Tier Distribution Account shall be established and maintained as an Eligible Account or as a sub-account of an Eligible Account.

 

(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 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 and (B) 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.

 

(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(e)
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 shall remit or apply as set forth in Section 3.06(e).  The Certificate Administrator shall account for the Loss of Value Reserve Fund

 

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as an outside
reserve fund within the meaning of Treasury Regulations Section 1.860G-2(h) and not an asset of any Trust REMIC.  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 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, withdraw or be deemed to withdraw from 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.  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 the Lower-Tier Distribution Account the aggregate of all Withheld Amounts on deposit in the Interest Reserve Account with respect to the Mortgage Loans. With respect to each Mortgage Loan that accrues interest on an Actual/360 Basis, an amount equal to the Interest Deposit Amount shall be required to be delivered by the related Mortgage Loan Seller to the Depositor on the Closing Date, and the Depositor shall forward such amount to the Certificate Administrator on the Closing Date for deposit into the Interest Reserve Account.

 

(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.  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 deposit or be deemed to deposit in the Upper-Tier Distribution Account on or before such date the Lower-Tier Distribution Amount 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 pursuant to Section 4.01(a) and Section 4.01(b), as applicable, of this Agreement on such date.

 

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(g)           With respect to each Serviced Whole 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 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 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 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; and (2) any Liquidation Proceeds related to a sale of a related Serviced Companion Loan 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);

 

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(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 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

 

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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 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,
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, 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.  Each account that constitutes a 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), and (ii) 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 Mortgage
Loan or Serviced Whole 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(d)), 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.

 

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(j)            Funds in the Collection Account, the Serviced Whole Loan Collection Account, the Distribution Accounts, the Interest Reserve Account, the 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 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 and the 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)           [Reserved.]

 

(l)            The Certificate Administrator shall establish and maintain the Legal Fee Reserve Account.  On the Closing Date, the Depositor shall deposit $250,000 with the Certificate Administrator, to be credited to the Legal Fee Reserve Account.  Funds held in the Legal Fee Reserve Account shall remain uninvested.  Annually, on or about April 1, beginning 2020, upon receipt by the Certificate Administrator from the Depositor of a legal invoice related to Commission compliance matters, the Certificate Administrator shall pay such legal invoice from and solely to the extent of funds then on deposit in the Legal Fee Reserve Account.  Any such instruction shall be sent by email to cts.cmbs.bond.admin@wellsfargo.com, along with a copy of the invoice, and a subject line reference of “Benchmark 2020-B16 - Legal Fee Reserve Account”.  The Legal Fee Reserve Account will not be a part of the Trust Fund, either Trust REMIC.  The Depositor will be the beneficial owner of the Legal Fee Reserve Account for all federal income tax purposes, and shall be taxable on all income earned therefrom.

 

Upon the depletion of the Legal Fee Reserve Account, or if there are insufficient funds to pay any invoice, the Certificate Administrator shall notify the Depositor, and thereafter the Depositor shall pay any additional legal invoices from its own funds and the Certificate Administrator shall have no responsibility in connection therewith.

 

The Certificate Administrator shall have no responsibility for verifying the accuracy, reasonableness, or appropriateness of any invoice received.  On the final Distribution Date, the Certificate Administrator shall pay to the Depositor any funds then remaining in the Legal Fee Reserve Account in accordance with directions provided by the Depositor.

 

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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) (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 Interest Reserve Account and the Gain-on-Sale Reserve Account, pursuant to Section 3.05(f), Section 3.05(e) 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); the Operating Advisor, unpaid Operating Advisor Fees; 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, the Operating Advisor’s or Special Servicer’s, as applicable, rights to payment of Servicing
Fees, Operating Advisor 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 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

 

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Serviced
Companion Loans from the related Companion Loan Noteholders), (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, (D) the
Operating Advisor, any unpaid Operating Advisor Consulting Fees (but only to the extent such Operating Advisor Consulting Fees
were received from the related Borrower) and (E) the Asset Representations Reviewer, the unpaid Asset Representations Reviewer
Asset Review Fee (to the extent such fee is to be paid by the Trust Fund) payable in connection with any Asset Review that was
performed as a result of an Affirmative Asset Review Vote;

 

(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 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-

 

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Delayed
Reimbursement Amount, then such Servicing 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 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 and related REO Properties, second, out of the principal portion of
general collections on the Mortgage 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 and REO Properties 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 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), 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

 

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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;

 

(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

 

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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) subject to the following:  (a) if the Purchase Price is paid for
such Mortgage Loan, then such Person’s right to reimbursement shall be limited to that portion of the Purchase Price that
represents such expense in accordance with clause (f) of the definition of Purchase Price, 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, the Operating Advisor 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

 

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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 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 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 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

 

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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;

 

(xiv)        to pay any Person permitted to purchase a Mortgage 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;

 

(xv)         (A) to pay to itself, the Special Servicer, the Trustee, the Certificate Administrator, the Custodian, the Operating Advisor, the Asset Representations Reviewer 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 allocable to Mortgage Loans to the Lower-Tier Distribution Account for deposit by the Certificate Administrator into the Gain-on-Sale Reserve Account in accordance with Section 3.05(i) of this Agreement;

 

(xix)         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

 

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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(g) of this Agreement;

 

(xx)          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;

 

(xxi)         pursuant to the CREFC® License Agreement, to pay the CREFC® Intellectual Property Royalty License Fee to CREFC® on a monthly basis; and

 

(xxii)        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.

 

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 and (ii) the Companion Loans.

 

The Master Servicer shall pay to the Trustee, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer, the Special Servicer, the Other Trustee,

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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 an officer of the Operating Advisor, a certificate of an officer of the Asset
Representations Reviewer, 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 Operating Advisor, the Asset Representations Reviewer, 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®, the Operating Advisor, the Asset
Representations Reviewer 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, the Operating Advisor Fees, Operating Advisor Consulting Fees (but only to the extent such Operating Advisor Consulting Fees
are actually received from the Borrowers), the Asset Representations Reviewer Asset Review Fee (to the extent owed by the Trust
pursuant to Section 11.02(c) of this Agreement), 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, the Master Servicer, the Operating Advisor
and the Asset Representations Reviewer 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 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

 

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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 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
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

 

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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.

 

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

 

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 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 within the time frame specified in, and otherwise in accordance with Section 3.05(h) and (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 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;

 

(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, 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 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,

 

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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 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 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

 

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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 (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 (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 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 (as allocable thereto pursuant to the related Loan Documents and the related Intercreditor Agreement) in the related

 

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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 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 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;

 

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(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 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 under Section 3.16 with respect to the Mortgage 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;

 

(xvi)        to deposit in the Interest Reserve Account the amounts with respect to the Mortgage 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 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 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 subsequent to the date of purchase or substitution, and,

 

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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(g); 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.

 

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

 

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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(e)), 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 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.

 

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(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 or any related Serviced REO Property and any related transfers from the Loss of Value Reserve Fund with respect to the items contemplated by the immediately preceding clauses (i)-(iii) as to such Mortgage Loan 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.

 

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(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

 

(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 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.

 

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 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

 

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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 and the 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, 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, 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

 

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(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 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 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 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 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

 

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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 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

 

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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 consent of, if no Control Termination Event is continuing, the Directing Holder, and after consultation with the Risk Retention Consultation Parties and the Operating Advisor 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
CREFI 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

 

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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 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).

 

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(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

 

(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 its equivalent by KBRA (if then rated by KBRA) 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,

 

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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 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 its equivalent by KBRA (if then rated by KBRA)),
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

 

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than “A2”
by Moody’s, “A-” by Fitch and its equivalent by KBRA (if then rated by KBRA), 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.

 

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

 

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Balance
of at least $10,000,000, or (4) 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 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.

 

Notwithstanding anything herein to the contrary, with respect to any applicable Excluded Loan relating to the Directing Holder, the Master Servicer or the Special Servicer, as applicable, shall consult with the Operating Advisor, on a non-binding basis, in connection with the related transactions involving proposed Major Decisions that it is processing and consider alternative actions recommended by the Operating Advisor, in respect thereof, in accordance with the procedures set forth in Section 6.07 for consulting with the Operating Advisor.

 

(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

 

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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

 

(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

 

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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 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.

 

Notwithstanding anything herein to the contrary, with respect to any applicable Excluded Loan relating to the Directing Holder, the Master Servicer or the Special Servicer, as applicable, shall consult with the Operating Advisor, on a non-binding basis, in connection with the related transactions involving proposed Major Decisions that it is processing and consider alternative actions recommended by the Operating Advisor, in respect thereof, in accordance with the procedures set forth in Section 6.07 for consulting with the Operating Advisor.

 

(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).

 

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(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 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 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.

 

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(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.

 

(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.

 

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(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 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 and Operating Advisor pursuant to Section 6.07, nothing herein is intended

 

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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 Operating Advisor, 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.

 

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

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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 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

 

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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.

 

(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 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

 

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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 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:

 

(i)         such Mortgaged Property is in compliance with applicable environmental laws or, if not, after consultation with an environmental consultant, that it would be in the best economic interest of the Certificateholders (and with respect to 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, and

 

(ii)        there are no circumstances present at such Mortgaged Property relating to the use, management or disposal of any Hazardous Materials for which investigation, testing, monitoring, containment, clean-up or remediation could be required under any currently effective federal, state or local law or regulation, or that, if any such Hazardous Materials are present for which such action could be required, after consultation with an environmental consultant, it would be in the best economic interest of the Certificateholders (and with respect to any Serviced Whole Loan, the Serviced Companion Loan holders), as a collective whole as if such Certificateholders and, if applicable, Serviced Companion Loan holders 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 

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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 (if no Consultation Termination Event is continuing),
the Risk Retention Consultation Parties, the Operating Advisor, 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 and the Operating Advisor 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 

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Certificate
Administrator has mailed notice to the Holders of the Regular Certificates 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 Regular Certificates
entitled to a majority of the Voting Rights and, with respect to Serviced Whole Loans, the applicable Serviced Companion Loan
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.

 

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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 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

 

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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.

 

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 

 

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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 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.

 

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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 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, the Operating Advisor, the Asset Representations Reviewer 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 Underwriters, the Certificate
Administrator, the Trustee, the Master Servicer, the Certificate Registrar, the Operating Advisor, the Asset Representations
Reviewer and the Special Servicer against any liability that may result if such transfer is not exempt from registration
and/or qualification under the 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 Operating Advisor, the Asset Representations Reviewer, the Depositor, the Special Servicer or
the Trustee shall have any obligation whatsoever regarding payment of the Excess Servicing Fee or the assignment or transfer
of the Excess Servicing Fee Right.

 

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

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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.

 

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).

 

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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.

 

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 

 

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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 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 Resolution Period (and giving effect to any Resolution Extension Period) in accordance with Section
2.03(e) 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
Resolution Period (and giving effect to any Resolution Extension Period) in accordance with Section 2.03(e) 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

 

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either such event the Special Servicer shall be paid the related Workout Fee or Liquidation Fee, as applicable.

 

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

 

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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 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

 

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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 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 Operating Advisor, the Asset Representations Reviewer, 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 Operating Advisor, the Asset Representations Reviewer, 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, the Operating Advisor, the Asset Representations Reviewer 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, the Operating Advisor’s, the
Asset Representations Reviewer’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, the Operating Advisor,
the Asset Representations Reviewer 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, the Operating
Advisor, the Asset Representations Reviewer 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, the Operating
Advisor’s, the Asset Representations Reviewer’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, the Operating Advisor, the Asset Representations Reviewer 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, the Operating Advisor, the Asset Representations Reviewer 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. 

 

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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 March 2020), the
                                                                                                         CREFC® Appraisal Reduction Template, if any for such Distribution Date
                                                                                                         and the CREFC® Loan Periodic Update File with respect to the Mortgage
                                                                                                         Loans that it is servicing (and, if applicable, the related REO Properties) for the related Distribution Date (which shall
                                                                                                         include, 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 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.

 

No later than 5:00
p.m. (New York City time) two (2) days following each Distribution Date (provided that if the second calendar day is not
a Business Day, then the immediately succeeding Business Day) beginning March 2020, the Master Servicer shall deliver to the Certificate
Administrator and the Depositor (in the case of the Depositor, to the Depositor’s email addresses set forth in Section
12.05 together with the name, phone number and email address of the servicing officer of the Master Servicer to contact with
any questions related to the CREFC® Schedule AL File and the Schedule AL Additional File) a single CREFC®
Schedule AL File (with respect to each Mortgage Loan that was part of the Mortgage Pool during any portion of the related
reporting period covered by the Form 10-D required to be filed with respect to the subject Distribution Date pursuant to Section
10.06) and the related Schedule AL Additional File, in each case, in EDGAR Compatible Format and Excel format; provided, however,
that the Master Servicer shall have no obligation to prepare or deliver the CREFC® Schedule AL File or the Schedule
AL Additional File unless and until the Master Servicer receives the Initial Schedule AL File and the Initial Schedule AL Additional
File from the Depositor in EDGAR Compatible Format and Excel format; and provided, further, that, if the Master Servicer has not
received the Initial Schedule AL File and the Initial Schedule AL Additional File from the Depositor prior to the time it would
need the Initial Schedule AL File and the Initial Schedule AL Additional File in order for the Master Servicer to prepare the
CREFC® Schedule AL File with respect to the first Distribution Date, the Master Servicer shall request the Initial
Schedule AL File and the Initial Schedule AL Additional File from the Depositor, including by email to the email addresses for
the Depositor set forth in Section 12.05. If the CREFC® Schedule AL File is not provided by the Master
Servicer to the Certificate Administrator by 5:00 p.m. (New York city time) two (2) calendar days following any Distribution Date
(or by the immediately succeeding Business Day if the second calendar day is not a Business Day), the Certificate Administrator
shall notify the Depositor in writing and also request such CREFC® Schedule AL File from the Master Servicer via
email to NoticeAdmin@midlandls.com. The Master Servicer shall be entitled to conclusively rely, absent manifest error,
without any due diligence, investigation or verification, on the content, completeness and accuracy of the Initial Schedule AL
File and the Initial Schedule AL Additional File, in each case, as of the Closing Date. Any Schedule AL Additional File that the

 

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Master Servicer
determines, in accordance with the Servicing Standard, to deliver in connection with any CREFC® Schedule AL
File prepared by the Master Servicer pursuant to this paragraph shall be delivered in EDGAR Compatible Format and in Excel
format to the Certificate Administrator concurrently with the delivery of the related CREFC® Schedule AL
File. With respect to each Non-Serviced Mortgage Loan, the Master Servicer shall include the analogous CREFC®
Schedule AL File and/or Schedule AL Additional File, as applicable, information that it receives from the related Other
Servicer under the applicable Other Pooling and Servicing Agreement in the single CREFC® Schedule AL File
and/or Schedule AL Additional File, as applicable, that it delivers to the Certificate Administrator for the subject
Distribution Date.

 

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 March 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), the Serviced Companion Loan Noteholders
and the Operating Advisor the following reports (in electronic form) with respect to the Mortgage Loans that it is servicing (and,
if applicable, the related REO Properties), providing the required information as of the immediately preceding 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

 

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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, the Underwriters, the Initial Purchasers and the Operating Advisor 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 June 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 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

 

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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 June 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 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-

 

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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 Operating Advisor, 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 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

 

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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 Operating
Advisor, 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 Operating Advisor, 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 thereto 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 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.

  

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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
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

 

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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 Operating Advisor (but only if a Control Termination Event is continuing), 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 Operating Advisor, 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 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 

 

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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 Master Servicer may provide (or forward electronically) (at the expense of such Certificateholder, 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 Certificateholder may have under this Agreement. For the avoidance of doubt, the Master Servicer shall not make any Asset Status Reports available to any Certificateholders on its website. None of the parties to this Agreement shall provide any Asset Status Report or any Final Asset Status Report to the Certificate Administrator.

 

(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 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-B16 Mortgage Trust, Series 2020-B16” 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

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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;

 

(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;

  

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(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, the Special Servicer, the Operating Advisor or the Asset Representations Reviewer 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 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

 

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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 or submit inquiries to the Operating Advisor relating to the Operating Advisor Annual Reports or actions by the Master Servicer or the Special Servicer as to which the Operating Advisor has consultation rights pursuant to Section 6.07, whether or not referenced in such Operating Advisor Annual Report, (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 Operating Advisor, the Master Servicer or the Special Servicer, the 17g-5 Information Provider shall forward the Inquiry to the Certificate Administrator, Operating Advisor, 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 (i) or (iii) above, the Certificate Administrator, the Operating Advisor, the Master Servicer or the Special Servicer, as applicable, unless it determines not to answer such Inquiry as provided below, shall reply to the Inquiry, which reply of the Certificate Administrator, the Operating Advisor, Master Servicer or Special Servicer shall be by email to the 17g-5 Information Provider. The 17g-5 Information Provider 

 

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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 Operating Advisor, 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 Operating Advisor, the Master
Servicer or the Special Servicer, as applicable, and (B) the Certificate Administrator, the Operating Advisor, the Master
Servicer or the Special Servicer, as applicable, determines in accordance with the Servicing Standard (or in good faith, in
the case of the Certificate Administrator or the Operating Advisor) that the performance of such duties or the payment of
such costs and expenses is beyond the scope of its duties in its capacity as Certificate Administrator, Operating Advisor,
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 Operating Advisor, 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 Underwriters, the Initial Purchasers, the Master Servicer, the Special
Servicer, the Operating Advisor, 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 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 

 

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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-B16 Mortgage Trust, Series 2020-B16” 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 Underwriters, the Initial Purchasers and any other Persons who deliver an Investor Certification
in accordance with this 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

 

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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.

 

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 

 

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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, the Operating Advisor, the Asset Representations Reviewer 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, the Operating Advisor, the Asset Representations
Reviewer or the Special Servicer, on the one hand, and any Rating Agency or NRSRO, on the other hand, with regard to (i) such
Rating Agency’s or NRSRO’s review of the ratings it assigns to the Master Servicer, the Operating Advisor, the Asset
Representations Reviewer or the Special Servicer, as applicable, (ii) such Rating Agency’s or NRSRO’s approval of
the Master Servicer, the Operating Advisor, the Asset Representations Reviewer or the Special Servicer, as applicable, as a commercial
mortgage master, special or primary servicer or (iii) such Rating Agency’s or NRSRO’s evaluation of the Master Servicer’s,
the Operating Advisor, the Asset Representations Reviewer or the Special Servicer’s, as applicable, servicing operations
in general; provided that the Master Servicer, the Operating Advisor, the Asset Representations Reviewer or the Special
Servicer, as applicable, shall not provide any information relating to the Certificates or the Mortgage Loans to any Rating Agency
or NRSRO in connection with such review and evaluation by such Rating Agency or NRSRO unless (x) 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

 

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applicable Rating Agency from the 17g-5 Information Provider’s Website (or another 17g-5 information provider’s website that they have access to) other than pursuant to this Section 3.14(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 

 

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purpose of its
prompt disposition and sale in a manner which does 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) 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, 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”), each of which shall be an Eligible Account and shall be entitled “KeyBank National Association, as Special Servicer, on behalf of Wells Fargo Bank, National Association, as Trustee, for the benefit of the Holders of Benchmark 2020-B16 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series 2020-B16 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 “KeyBank National Association, as Special Servicer, on behalf of Wells Fargo Bank, National Association, as Trustee, for the benefit of the Holders of Benchmark 2020-B16 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series 2020-B16 and the related Serviced Companion Loan Noteholders REO Account,” to be held for the benefit of the Certificateholders 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 

 

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maintenance of such
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 and the Class VRR Interest Certificates (in the same manner as Realized Losses and VRR Realized Losses as set forth in Section 4.01(d) 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.

 

(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

 

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Mortgage Loan or the applicable Serviced Whole Loan, if any, realized in connection with such sale.

 

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(e) 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 and, in the case of a Serviced Whole Loan, the Certificateholders 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) 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 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 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.

 

The Special Servicer shall give the Trustee, the Certificate Administrator, the Master Servicer, the Operating Advisor 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

 

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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, (ii) by the Master Servicer if the Special Servicer is making such an offer unless the Master Servicer and Special Servicer are Affiliates or (iii) the Operating Advisor if the Master Servicer and Special Servicer are Affiliates and the Special Servicer is making an offer. 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 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 

 

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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, the Operating Advisor, the Asset Representations Reviewer 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, in the case of a Serviced Whole Loan, the related Serviced Companion Loan Noteholders in such 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

 

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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, the Operating Advisor, the Asset Representations Reviewer 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 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.

  

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(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 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 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 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 (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, 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 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 were one whole loan on behalf of the 

 

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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
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: (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 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
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 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

 

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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. 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 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 Underwriters and 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 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 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, 

 

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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 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.

  

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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 an equivalent rating by KBRA if rated by KBRA. 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 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 

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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 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 

 

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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 and (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 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 Operating Advisor, the Certificate Administrator, any related Companion Loan holder(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 Operating Advisor, the Certificate Administrator, any related Companion Loan holder(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 

 

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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 Operating Advisor, 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. 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.

 

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, in the case of any Serviced Companion Loans, the related Serviced Companion Loan Noteholders (as a collective whole as if such Certificateholders and, if 

 

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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 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 

 

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(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.

 

Section
3.22    Appointment and Replacement of Special Servicer.  (a) KeyBank 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 Special Servicer, the Master Servicer, the Paying Agent, the Certificate Administrator,
the Operating Advisor, the Asset Representations Reviewer 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 recommendation of replacement of the Special Servicer by
the Operating Advisor and 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.

 

(c)       
During the continuance of a Control Termination Event, if the Operating Advisor determines, in its sole discretion exercised
in good faith, that (i) the Special Servicer is not performing its duties as required hereunder or is otherwise not acting in
accordance with the Servicing Standard, and (ii) the replacement of the Special Servicer would be in the best interest of the
Certificateholders as a collective whole, then the Operating Advisor shall deliver to the Trustee and to the Certificate
Administrator, with a copy to the Special Servicer, a written report setting forth the reasons supporting its recommendation
(along with any information the Operating Advisor considered relevant to its recommendation) and recommending a replacement
special servicer (which must be a Qualified Replacement Special Servicer); provided that in no

 

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event shall the information
or any other content included in such written recommendation contravene any provision of this Agreement. In such event, the Certificate
Administrator shall promptly post notice to all Certificateholders of such recommendation and the related report on the Certificate
Administrator’s Website, and by mail (or through the DTC system, as applicable), and shall conduct the solicitation of
votes of all Certificates in such regard, which requisite affirmative votes must be received within one hundred-eighty (180) days
of the posting of such notice, and if not so received, such votes shall be null and void ab initio. Upon (i) the written
direction of Holders of Principal Balance Certificates and the Class VRR Interest Certificates evidencing at least a majority
of a quorum of Certificateholders (which, for this purpose, is the Holders of Certificates that evidence at least 20% of the Voting
Rights (taking into account the application of any Realized Losses and VRR Realized Losses, as applicable, and Appraisal Reduction
Amounts to notionally reduce the respective Certificate Balances) of all Principal Balance Certificates and the Class VRR Interest
Certificates on an aggregate basis and (ii) receipt of a Rating Agency Confirmation from each Rating Agency with respect to the
Certificates and, if such successor Special Servicer shall also specially service a Serviced Whole Loan, any related class of
Serviced Companion Loan Securities, by the Trustee following satisfaction of the foregoing clause (i), the Trustee (upon receipt
of written confirmation from the Certificate Administrator, if the Certificate Administrator and the Trustee are different entities)
shall (x) terminate all of the rights and obligations of the Special Servicer under this Agreement and appoint such successor
Special Servicer; 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. The reasonable out-of-pocket costs and expenses associated with administering such vote shall
be an Additional Trust Fund Expense. If the Trustee does not receive the affirmative vote of at least a majority of the quorum
described in clause (i) of the preceding sentence within 180 days of after the notice is posted to the Certificate Administrator’s
Website, then the Trustee shall not remove the Special Servicer. Prior to the appointment of any replacement special servicer,
such replacement special servicer shall have agreed to succeed to the obligations of the Special Servicer under this Agreement
and to act as the Special Servicer’s successor hereunder. In the event the Special Servicer is terminated pursuant to this
Section 3.22(c), the Directing Holder shall not subsequently reappoint such terminated Special Servicer or any affiliate
of such terminated Special Servicer. No penalty or fee shall be payable to the terminated Special Servicer with respect to any
termination pursuant to this Section 3.22(c)

 

(d)      
If a Control Termination Event is continuing and upon (a) the written direction of Holders of Principal Balance Certificates
and the Class VRR Interest Certificates evidencing not less than 25% of the Voting Rights (taking into account the
application of any Appraisal Reduction Amounts to notionally reduce the Certificate Balances of the Principal Balance
Certificates and the Class VRR Interest Certificates pursuant to Section 4.08 of
this Agreement) of the Principal Balance Certificates and the Class VRR Interest Certificates requesting a vote to replace
the Special Servicer (other than with respect to any Servicing Shift Whole Loan) with a new special 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

 

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 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 Principal Balance Certificates and the Class VRR Interest Certificates evidencing at least 66-2/3% of a Certificateholder Quorum of Certificates or (ii) Holders of Principal Balance Certificates and the Class VRR Interest Certificates evidencing more than 50% of the aggregate Voting Rights of each Class of Non-Reduced Certificates on an aggregate basis, the Trustee shall (x) terminate all of the rights and obligations of the Special Servicer 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 and Certificate Owner may access notices on the Certificate Administrator’s Website and each Certificateholder 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 for the reasonable expenses of posting such notices. In addition, in the event there are no Classes of Certificates outstanding other than the Control Eligible Certificates, the VRR Interest and the Class R certificates, then all of the rights and obligations of the operating advisor under this Agreement will terminate without payment of any penalty or termination fee (other than any rights or obligations that accrued prior to the date of such termination (including accrued and unpaid compensation) and other than indemnification rights arising out of events occurring prior to such termination). If the operating advisor is terminated pursuant to the foregoing sentence, then no replacement operating advisor will be appointed. 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.

 

(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

 

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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 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) is not the Operating Advisor or former operating advisor, the Asset Representations Reviewer or former asset representations
reviewer, or an affiliate of any of the foregoing, (iii) is not obligated or allowed to pay the Operating Advisor any fees or
otherwise compensate the Operating Advisor (x) in respect of its obligations under this Agreement or (y) for the appointment of
the successor Special Servicer or the recommendation by the Operating Advisor for the replacement Special Servicer to become the
Special Servicer, (iv) is not entitled to receive any compensation from the Operating Advisor other than compensation that is
not material and is unrelated to the Operating Advisor’s recommendation that such party be appointed as the replacement
special servicer, (v) is not entitled to receive any fee from the Operating Advisor for its appointment as successor Special Servicer,
in each case, unless expressly approved by 100% of the Certificateholders, (vi) (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,
(vii) currently has a special servicer rating of at least “CSS3” from Fitch, and (ix) is not a special servicer that
has been cited by KBRA as having servicing concerns as the sole or a material factor in any
qualification, downgrade or withdrawal of the ratings (or placement on “watch status” in contemplation of a ratings
downgrade or withdrawal) of securities in a transaction serviced by the applicable servicer 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.

 

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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 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 

 

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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).

 

(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.

 

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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).

 

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 Operating Advisor, 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

 

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 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.

 

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, the Operating Advisor 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

 

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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 and the Operating Advisor with any information reasonably required by the Special Servicer or the Operating Advisor 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 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 or Serviced Whole 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), 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 Operating Advisor (but, other than with respect to an Excluded Loan applicable to the Directing Holder, only during the continuance of a Control Termination Event), 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

 

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 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;

 

(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

 

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 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 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, 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, 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, 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)). 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”. For so long as no Control Termination Event is continuing, the Special Servicer shall promptly deliver each Final Asset Status Report to the Operating Advisor following the completion of 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

 

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 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 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, 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 Control Termination Event, the Special Servicer shall promptly deliver each Asset Status Report prepared in
connection with a Specially Serviced Loan to the Operating Advisor (and, with respect to any Mortgage Loan that is not an
Excluded Loan applicable to the Directing Holder and only for so long as no Consultation Termination Event is continuing, the
Directing Holder). The Operating Advisor shall provide comments to the Special Servicer in respect of each Asset Status
Report, if any, within ten (10) Business Days following the later of (i) receipt of such Asset Status Report or (ii) receipt
of such additional information reasonably requested by the Operating Advisor and in the possession of the Special Servicer
related thereto, and propose possible alternative courses of action to the extent it determines such alternatives to be in
the best interest of the Certificateholders (including any Certificateholders that are holders of the Control Eligible Certificates), as a collective whole (or, with respect to a Serviced Whole Loan, the best interests of the Certificateholders and the related Companion Loan Noteholders, as a collective whole (taking into account the pari passu and/or

 

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subordinate nature of
such Companion Loan, as applicable). The Special Servicer shall consider such alternative courses of action, if any, and any other
feedback provided by the Operating Advisor (and, with respect to any Mortgage Loan that is not an Excluded Loan applicable to
the Directing Holder and only for so long as no Consultation Termination Event is continuing, the Directing Holder) in connection
with the Special Servicer’s preparation of any Asset Status Report that is provided while a Control Termination Event is
continuing. The Special Servicer may revise the Asset Status Report as it deems necessary to take into account any input and/or
comments from the Operating Advisor (and, with respect to any Mortgage Loan that is not an Excluded Loan applicable to the Directing
Holder and only for so long as no Consultation Termination Event is continuing, the Directing Holder), to the extent the Special
Servicer determines that the Operating Advisor’s and/or the Directing Holder’s input and/or recommendations are
not inconsistent with the Servicing Standard and in the best interest of the Certificateholders as a collective whole (or, with
respect to a Serviced Whole Loan, the best interest of the Certificateholders and the holders of the related Companion Loan, as
a collective whole (taking into account the subordinate or pari passu nature of such
Companion Loan)). Promptly upon determining whether or not to revise any Asset Status Report to take into account any input and/or
comments from the Operating Advisor or the Directing Holder, the Special Servicer shall revise the Asset Status Report, if applicable,
and deliver to the Operating Advisor and the Directing Holder either the revised Asset Status Report (until a Final Asset Status
Report is issued). The procedures described in this paragraph are collectively referred to as the “ASR Consultation Process”.

 

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) and the Operating Advisor shall be entitled to consult with the Special Servicer (in person or remotely via electronic, telephonic or other mutually agreeable communication) and may propose alternative courses of action and provide such other feedback as the Operating Advisor determines in respect of any Asset Status Report. 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 and the Special Servicer shall only be obligated to consult with the Operating Advisor with respect to any Asset Status Report as described above. The Special Servicer may choose to revise the Asset Status Report as it deems reasonably necessary in accordance with the Servicing Standard to take into account any input and/or recommendations of the Operating Advisor or the Directing Holder during the applicable periods described above, but is under no obligation to follow any particular recommendation of the Operating Advisor or the Directing Holder. The Special Servicer shall implement the Final Asset Status Report.

 

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 Trust Directing Holder, will have certain approval rights over any related Asset Status Report.

 

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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 neither the Operating Advisor nor the Directing Holder proposes 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.

 

No direction, advice, consent, approval or disapproval of the Directing Holder, the Operating Advisor 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 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 Operating Advisor, 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.

 

(f)        Unless a Control Termination Event is continuing, the Special Servicer shall deliver to the Operating Advisor only each Final Asset Status Report promptly following the approval or deemed approval of the Directing Holder.

 

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

 

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 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(f) 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 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 Operating Advisor, the Asset Representations Reviewer, 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.

 

(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) and the Operating Advisor, 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

 

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 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, after consultation with the Operating Advisor (if a Control Termination Event is continuing and to the extent the Operating Advisor has consultation rights pursuant to Section 3.23(e), Section 3.31 and Section 6.07 of this Agreement) 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 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.

 

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 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

 

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 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 (1) five years prior to the Rated Final Distribution Date and (2) 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, with respect to a Serviced Whole Loan, the related Serviced Companion Loan Noteholder (as a collective whole as if such Certificateholders 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).

 

(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

 

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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 Operating Advisor (only if a Control 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.

 

(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

 

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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 (i) all of the Mortgage Loans acquired by GACC that are subject to defeasance (other than the Mortgage
Loans identified as Loan No. 1 (Harrison Retail), Loan No. 6 (560 Mission Street), Loan No. 7 (1633 Broadway) and Loan No. 19
(West Road Plaza) on the Mortgage Loan Schedule), and (ii) all of the Mortgage Loans originated, co-originated or acquired by
CREFI that are subject to defeasance (other than the Mortgage Loans identified as Loan No. 2 (Bellagio Hotel and Casino), Loan
No. 9 (650 Madison Avenue), Loan No. 13 (510 East 14th Street), Loan No. 18 (Sunset Grove Shopping Center) and Loan No. 31 (CVS
Argyle) on the Mortgage Loan Schedule), each of GACC and CREFI, as applicable, 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 or CREFI,
as applicable, 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 or CREFI, as applicable, in the case of any such Mortgage Loan for which GACC
or CREFI, as applicable, is the related Mortgage Loan Seller. Until such time as GACC or CREFI, as applicable, 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 (i) 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, and (ii)
CREFI is the related Mortgage Loan Seller shall be delivered to Citi Real Estate Funding Inc., 390 Greenwich Street, 6th Floor,
New York, New York 10013, Attention: Richard Simpson, telecopy number: (646) 328-2943, e-mail: richard.simpson@citi.com,
with a copy to Citi Real Estate Funding Inc., 390 Greenwich Street, 5th Floor, New York, New York 10013, Attention: Raul Orozco,
telecopy number: (347) 394-0898, e-mail: raul.d.orozco@citi.com, and with a copy to Citi Real Estate Funding Inc., 390
Greenwich Street, 17th Floor, New York, New York 10013, Attention: Ryan M. O’Connor, telecopy number: (646) 862-8988, e-mail:
ryan.m.oconnor@citi.com. With respect to any Mortgage Loan originated or acquired by GACC or CREFI, as applicable, that
is subject to defeasance, if the successor borrower is not designated or formed by GACC or CREFI, as the case may be, 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”), 

 

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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 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

 

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 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(f) hereof or in the related Intercreditor Agreement.

 

(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 Operating Advisor and 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.

 

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(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.

 

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.

 

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(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.

 

(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 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

 

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of the Certificateholders and shall be deemed to have agreed to take no action against a Serviced 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 Operating Advisor, the Asset Representations Reviewer, 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

 

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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.

 

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 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 

 

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“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. 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) and the Operating Advisor 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.

 

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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 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 Operating Advisor, the Asset Representations Reviewer, 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.

 

On the Closing Date, the initial Directing Holder shall execute a certification substantially in the form of Exhibit L-1G to this Agreement. 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, the Operating Advisor
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

 

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list provided to any
requesting party pursuant to first sentence of this paragraph. The Master Servicer, the Special Servicer, the Trustee, the Operating
Advisor 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, 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 or in connection with a request made by the Operating Advisor in connection with its obligation under this Agreement
to deliver a copy of the Operating Advisor Annual Report to the Directing Holder 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, the Operating Advisor, the Asset Representations Reviewer and the Special Servicer thereof, who may rely conclusively on such notice from the Master Servicer.

 

(b)        The initial Trust Directing Holder on the Closing Date shall be ECMBS LLC. The Certificate Registrar shall be entitled to assume ECMBS LLC, or any subsequent Trust 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, the Trustee and the Operating Advisor), 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

 

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(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, the Trustee and the Operating Advisor) 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 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, the Operating Advisor, the Asset Representations Reviewer 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, Trustee, Operating Advisor and Asset Representations Reviewer 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 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
Operating Advisor, the Asset Representations Reviewer, 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 or in connection with a request made by the Operating Advisor in connection with its obligation under this Agreement to deliver a copy of the Operating Advisor Annual Report to the Directing Holder and (ii) the requesting party has not been notified of the 

 

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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.

 

The Special Servicer, the Master Servicer, the Certificate Administrator, the Depositor, the Operating Advisor, the Asset Representations Reviewer and the Trustee shall be entitled to assume ECMBS LLC is the Directing Holder appointed by the Holder (or Certificate Owner) of each Class of Control Eligible Certificates until such party receives notice to the contrary. 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, 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 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, the Operating Advisor and each other Certificateholder (or Certificate Owner, if applicable) shall be entitled to rely on such selection unless the Holders of the VRR Interest 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, the Operating Advisor and each other Holder of the VRR Interest, 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 acknowledges and agrees, by its acceptance of its Certificates, 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
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 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 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 acknowledges and agrees, by its acceptance of its Certificates, that: (i) the Risk Retention Consultation Parties may have special relationships and 

 

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interests that conflict with those of Holders of one or more Classes of Certificates other than the Holder of the VRR Interest related to such Risk Retention Consultation Party; (ii) a Risk Retention Consultation Party may act solely in the interests of the applicable Holder of the VRR Interest; (iii) the Risk Retention Consultation Parties do not have any liability or duties to the Holders of any Class of Certificates other than the Holder of the VRR Interest related to such Risk Retention Consultation Party; (iv) the Risk Retention Consultation Parties may take actions that favor interests of the Holders of 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 (other than the Holder of the VRR Interest 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 Operating Advisor, 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

 

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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 respect to any other matter under this Agreement relating to the servicing of the Mortgage Loans (other than as set forth in clause (y) below), the requirement to obtain a Rating Agency Confirmation shall be deemed not to apply (as if such requirement did not exist) with respect to such Rating Agency and the Master Servicer or the Special Servicer, as the case may be, may then take such action if the Master Servicer or the Special Servicer, as applicable, confirms its original determination (made prior to making such request) that taking the action with respect to which it requested the Rating Agency Confirmation would still be consistent with the Servicing Standard, (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) KBRA has not cited servicing concerns of the applicable replacement master 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 in any other commercial mortgage-backed securitization transaction serviced by the applicable replacement master servicer or special servicer prior to the time of determination, if KBRA is the non-responding Rating Agency.

 

Any Rating Agency
Confirmation request made by the Master Servicer, Special Servicer, Certificate Administrator or Trustee, as applicable,
pursuant to this Agreement, shall be made in writing, which writing shall contain a cover page indicating the nature of the Rating Agency Confirmation request, and shall contain all back-up material necessary for the Rating Agency to process such request. Such written Rating Agency Confirmation request shall be provided in electronic format to the 17g-5 Information Provider, and the 17g-5 Information Provider shall post such request on the 17g-5 Information Provider’s Website in accordance with Section 3.14(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 

 

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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.

 

(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

 

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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 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    Appointment and Duties of the Operating Advisor.

 

(a)        The Operating Advisor shall promptly review (i) all information made available to Privileged Persons on the Certificate Administrator’s Website (A) that relates to any Specially Serviced Loan, and (B) that is contained in the CREFC® Servicer Watch List prepared by the applicable Master Servicer and (ii) each Final Asset Status Report delivered or made available to the Operating Advisor. The Operating Advisor shall perform its duties hereunder in accordance with the Operating Advisor Standard.

 

In addition and for the avoidance of doubt, although the Operating Advisor may have certain consultation duties with the Master Servicer with respect to certain Major Decisions processed by the Master Servicer, the Operating Advisor will have no obligations or responsibility at any time to review or assess the actions of the Master Servicer for compliance with the Servicing Standard, and the Operating Advisor will not be required to consider such Master Servicer actions in connection with any Operating Advisor Annual Report.

 

(b)       
The Operating Advisor and its Affiliates will be obligated to keep confidential any information appropriately labeled as
“Privileged Information” received from the Special Servicer or Directing Holder in connection with the Directing
Holder’s exercise of its rights under this Agreement (including, without limitation, in connection with any Asset
Status Report) or otherwise in connection with this transaction, except under the circumstances described in Section
3.31(i) and subject to any law, rule, regulation, order, judgment or decree requiring the disclosure of such Privileged Information. Subject to the terms and conditions in this Agreement related to Privileged Information, the Operating Advisor agrees that it shall use information received from the Special Servicer pursuant to the terms of this Agreement solely for purposes of complying with its duties and obligations hereunder.

 

(c)        During the continuance of a Control Termination Event, based on the Operating Advisor’s review of any assessment of compliance, any attestation report, Asset Status Report and other information (other than any communication between the Directing Holder and the Special Servicer that would be Privileged Information) delivered to the Operating Advisor by the Special Servicer or made available to Privileged Persons that are posted on the Certificate Administrator’s Website during the prior calendar year, including each Asset Status Report delivered during the prior calendar year, the Operating Advisor shall (if any Serviced Mortgage 

 

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Loans and any related
Serviced Companion Loan(s) were Specially Serviced Mortgage Loans during the prior calendar year) deliver to the Depositor,
the Special Servicer, the 17g-5 Information Provider (and made available through the 17g-5 Information Provider’s
Website) and the Certificate Administrator for the benefit of the Certificateholders (and made available through the
Certificate Administrator’s Website) within one hundred twenty (120) days of the end of the prior calendar year for
which a Control Termination Event was continuing as of December 31, an annual report (the “Operating
Advisor Annual Report”), substantially in the form of Exhibit BB
(which form may be modified or altered as to either its organization or content by the Operating Advisor, subject to
compliance of such form with the terms and provisions of this Agreement including, without limitation, provisions herein
relating to Privileged Information; provided, however,
that in no event shall the information or any other content included in the Operating Advisor Annual Report contravene any
provision of this Agreement), and setting forth the Operating Advisor’s assessment of the Special Servicer’s
performance of its duties pursuant to this Agreement during the prior calendar year on an Asset-Level Basis with respect to
the resolution and/or liquidation of any Specially Serviced Loan that the Special Servicer is responsible for servicing under
this Agreement; provided, however, that
in the event the Special Servicer is replaced, the Operating Advisor Annual Report shall only relate to the entity that was
acting as Special Servicer as of December 31 in the prior calendar year and is continuing in such capacity through the date
of such Operating Advisor Annual Report; provided, further,
that the Operating Advisor shall prepare a separate Operating Advisor Annual Report relating to the Excluded Special Servicer
and any Excluded Special Servicer Mortgage Loan(s) serviced by such Excluded Special Servicer. Subject to the restrictions in
this Agreement, each such Operating Advisor Annual Report shall (A) identify any material deviations (i) from the Servicing
Standard and (ii) from the Special Servicer’s obligations under this Agreement with respect to the resolution or
liquidation of Specially Serviced Loans or REO Properties that the Special Servicer is responsible for servicing under this
Agreement (other than with respect to any REO Property related to a Non-Serviced Mortgage Loan) and (B) comply with all of
the confidentiality requirements described in this Agreement regarding Privileged Information (subject to any permitted
exceptions). In preparing the Operating Advisor Annual Report, the Operating Advisor shall not be required (A) to report on
any instances of non-compliance with, or deviations from, the Servicing Standard or the Special Servicer’s obligations
under this Agreement that the Operating Advisor determines, in accordance with the Operating Advisor Standard, to be
immaterial or (B) to provide or obtain a legal opinion, legal review or legal conclusion. Such Operating Advisor Annual
Report shall be delivered to the Depositor, the Certificate Administrator (which shall promptly post such Operating Advisor
Annual Report on the Certificate
Administrator’s Website in accordance with Section 4.02(b)) and the 17g-5 Information Provider (which shall
promptly post such Operating Advisor Annual Report on the 17g-5 Information Provider’s Website in accordance with Section
3.14(d)) with a copy to the Special Servicer; provided, however,
that the Special Servicer shall be given an opportunity to review the Operating Advisor Annual Report at least five (5)
Business Days prior to such Operating Advisor Annual Report’s delivery to the Depositor, the Certificate Administrator
and the 17g-5 Information Provider. The Operating Advisor shall have no obligation to adopt any comments to the Operating
Advisor Annual Report that are provided by the Special Servicer. Notwithstanding the foregoing, no Operating Advisor Annual
Report shall be required from the Operating Advisor with respect to the Special Servicer, if during the prior calendar year,
no Final Asset Status Report was prepared by the Special Servicer in connection with a Specially Serviced Loan or REO
Property.

 

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In the event the Operating Advisor’s ability to perform its obligations in respect of the Operating Advisor Annual Report is limited or prohibited due to the failure of a party hereto to timely deliver information required to be delivered to the Operating Advisor or because such information is inaccurate or incomplete, the Operating Advisor shall set forth such limitations or prohibitions in the related Operating Advisor Annual Report and the Operating Advisor shall not be subject to any liability arising from such limitations and prohibitions. The Operating Advisor shall be entitled to conclusively rely on the accuracy and completeness of any information it is provided. If the Operating Advisor is prohibited or materially limited from obtaining Privileged Information and such prohibition or limitation prevents the Operating Advisor from performing its duties under this Agreement, the Operating Advisor shall not be subject to any liability arising from its lack of access to such Privileged Information.

 

(d)       Other than during continuance of a Control Termination Event, the Special Servicer shall forward any Appraisal Reduction Amount and net present value calculations used in the Special Servicer’s determination of what course of action to take in connection with the workout or liquidation of a Specially Serviced Loan to the Operating Advisor after such calculations have been finalized. The Operating Advisor shall review such calculations but shall not opine on or take any affirmative action with respect to such Appraisal Reduction Amount calculations and/or net present value calculations (except that if the Operating Advisor discovers a mathematical error contained in such calculations, then the Operating Advisor shall notify the Special Servicer and the Directing Holder of such error).

 

(e)       
During the continuance of a Control Termination Event, with respect to each Serviced Mortgage Loan or Serviced Whole Loan,
after the calculation but prior to the utilization by the Special Servicer of any of the calculations related to (i)
Appraisal Reduction Amounts or (ii) net present value in accordance with Section 1.02(i)), the Master Servicer or the
Special Servicer, as applicable, shall forward such calculations, together with any supporting material or additional
information necessary in support thereof (including such additional information reasonably requested by the Operating Advisor
to confirm the mathematical accuracy of such calculations, but not including any Privileged Information and, in the case of
the Appraisal Reduction Amount, only to the extent the Master Servicer has provided such information to the Special Servicer)
to the Operating Advisor promptly, but in any event no later than two (2) Business Days after preparing such calculations,
and the Operating Advisor shall promptly, but no later than three (3) Business Days after receipt of such calculations and
any supporting or additional materials, recalculate and verify the accuracy of the mathematical calculations and the corresponding application of the non-discretionary portion of the applicable formulas required to be utilized in connection with any such calculation.

 

(i)   
In connection with this Section 3.31(e), in the event the Operating Advisor does not agree with the mathematical calculations
of the Appraisal Reduction Amount or net present value or the application of the applicable non-discretionary portions of the
formula required to be utilized for such calculation, the Operating Advisor and the Master Servicer or the Special Servicer, as
applicable, shall consult with each other in order to resolve any material inaccuracy in the mathematical calculations or the
application of the non-discretionary portions of the related formula in arriving at those mathematical calculations or any disagreement
within five (5) Business Days of delivery of such calculations. The Special Servicer shall cooperate with the Master Servicer
and provide

 

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any information
reasonably requested by the Master Servicer necessary for the calculation of the Appraisal Reduction Amount that is in the Special
Servicer’s possession or reasonably obtainable at no additional cost by the Special Servicer. In the event the Operating
Advisor and the Master Servicer or the Special Servicer, as applicable, are not able to resolve such inaccuracies or disagreement
prior to the end of such five (5) Business Day period, the Operating Advisor shall promptly notify the Certificate Administrator
of such disagreement and the Certificate Administrator shall examine the calculations and supporting materials provided by the
Operating Advisor, the Special Servicer or the Master Servicer, as applicable, and determine which calculation is to apply (and
shall provide prompt written notice of such determination to the Operating Advisor, the Master Servicer and the Special Servicer,
as applicable). In making such determination, the Certificate Administrator may hire an independent third party to assist with
any such calculation at the expense of the Trust and shall be entitled to conclusively rely on such third party’s determination
(provided such third party has been selected with reasonable care by the Certificate Administrator).

 

(f)       Notwithstanding the foregoing, with respect to the Operating Advisor’s review of Appraisal Reduction Amount or net present value calculations as required above, the Operating Advisor’s recalculation shall not take into account the reasonableness of the Master Servicer’s or Special Servicer’s, as applicable, property and borrower performance assumptions or other similar discretionary portions of the net present value calculation or Appraisal Reduction calculation.

 

(g)       [Reserved.]

 

(h)      Subject to the requirements of confidentiality imposed on the Operating Advisor herein (including without limitation in respect of Privileged Information), the Operating Advisor shall respond to Inquiries proposed by Privileged Persons from time to time in accordance with the terms of Section 4.02(c) of this Agreement.

 

(i)   
    The Operating Advisor and its Affiliates shall keep all information appropriately labeled as “Privileged
Information” confidential and shall not, without the prior written consent of the Special Servicer and either the
Directing Holder (with respect to any Mortgage Loan other than a Non-Serviced Whole Loan and any applicable Excluded Loan and
for so long as no Consultation Termination Event is continuing) or the Risk Retention Consultation Party (with respect to any Mortgage Loan other than a Non-Serviced Whole Loan and any applicable Excluded Loan), as applicable, disclose such labeled Privileged Information to any Person (including Certificateholders other than the Directing Holder), other than (i) to the extent expressly required by this Agreement, to the other parties to this Agreement with a notice indicating that such information is Privileged Information or (ii) pursuant to a Privileged Information Exception or (3) where necessary to support specific findings or conclusions concerning allegations of deviations from the Servicing Standard (i) in the Operating Advisor Annual Report or (ii) in connection with a recommendation by the Operating Advisor to replace the Special Servicer. Each party to this Agreement that receives Privileged Information from the Operating Advisor with a notice stating that such information is Privileged Information shall not disclose such Privileged Information to any Person without the prior written consent of the Special Servicer and the Directing Holder (with respect to any Mortgage Loan other than a Non-Serviced Mortgage Loan and any applicable Excluded Loan) other than pursuant to a Privileged

 

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Information Exception. Notwithstanding the foregoing, the Operating Advisor shall be permitted to share Privileged Information with its Affiliates and any subcontractors of the Operating Advisor that agree in writing to be bound by the same confidentiality provisions applicable to the Operating Advisor. Subject to the terms and conditions in this Agreement related to Privileged Information, the Operating Advisor agrees that it shall use information received from the Special Servicer pursuant to the terms of this Agreement solely for purposes of complying with its duties and obligations hereunder. In addition and for the avoidance of doubt, while the Operating Advisor may serve in a similar capacity with respect to other securitizations that involve the same parties or borrower involved in this securitization, the knowledge of the employees performing operating advisor functions for such other securitizations shall not be imputed to employees of the Operating Advisor involved in this securitization.

 

(j)        
On each Master Servicer Remittance Date, the Operating Advisor shall be paid the applicable Operating Advisor Fee from
amounts on deposit in the Collection Account pursuant to Section 3.06 of
this Agreement, as applicable. In addition, the Operating Advisor Consulting Fee shall be payable to the Operating Advisor
with respect to each Major Decision for which the Operating Advisor has consultation rights. Each of the Operating Advisor
Fee and the Operating Advisor Consulting Fee shall be payable from funds on deposit in the Collection Account as provided in Section
3.06 of this Agreement, but with respect to the Operating Advisor Consulting Fee only to the extent such Operating
Advisor Consulting Fee is actually received from the related Borrower. When the Operating Advisor has consultation rights
with respect to a Major Decision under this Agreement, the Master Servicer or the Special Servicer processing the Major
Decision shall use efforts to collect the applicable Operating Advisor Consulting Fee from the related Borrower in connection
with such Major Decision that are consistent with the efforts that the Master Servicer or the Special Servicer, as
applicable, would use to collect any borrower-paid fees not specified in the related loan documents owed to it in accordance
with the Servicing Standard, but only to the extent not prohibited by the related Loan Documents. The Master Servicer or
Special Servicer, as applicable, may waive or reduce the amount of any Operating Advisor Consulting Fee payable by the
related Borrower if it determines that such full or partial waiver is in accordance with the Servicing Standard, but in no
event shall the Master Servicer or the Special Servicer take any enforcement action with respect to the collection of such
Operating Advisor Consulting Fee other than requests for collection; provided that
the Master Servicer or the Special Servicer, as applicable, shall consult on a non-binding basis with the Operating Advisor prior to any such waiver or reduction.

 

(k)        The Operating Advisor may delegate its duties to agents or subcontractors so long as the related agreements or arrangements with such agents or subcontractors are consistent with the provisions of this Agreement. Notwithstanding the foregoing sentence, the Operating Advisor shall remain obligated and primarily liable for any actions required to be performed hereunder in accordance with the provisions of this Agreement without diminution of such obligation or liability or related obligation or liability by virtue of such delegation or arrangements or by virtue of indemnification from any Person acting as its agents or subcontractor to the same extent and under the same terms and conditions as if the Operating Advisor alone were performing its obligations under this Agreement.

 

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Section 3.32    Delivery of Excluded Information to the Certificate Administrator.

 

(a)        Any Excluded Information that the Master Servicer, the Special Servicer or the Operating Advisor identifies and delivers to the Certificate Administrator for posting to the Certificate Administrator’s Website shall be delivered to the Certificate Administrator via e-mail (or such other electronic means as is mutually acceptable to the parties) in one or more separate files labeled “Excluded Information” followed by the applicable loan name and loan file to cmbsexcludedinformation@wellsfargo.com. For the avoidance of doubt, any information that is not appropriately labeled and delivered in accordance with this Section 3.32 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, the Special Servicer or the Operating Advisor shall have any obligations to separately label and deliver any Excluded Information in accordance with this Section 3.32 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 or any Controlling Class Certificateholder from receiving, requesting or reviewing any Excluded Information relating to any Excluded Controlling Class Loan with respect to which the Directing 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 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

 

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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, Operating Advisor Fees and any other amounts due to the Master Servicer or the Special Servicer) to the applicable Repurchasing Seller or its designee by the Master Servicer on each Distribution Date pursuant to instructions provided by the applicable Repurchasing Seller and deposited and applied in accordance with this Agreement, subject to (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 Mortgage Loan including, without limitation, losses of principal or interest, Nonrecoverable Advances, interest on Advances, Operating Advisor expenses, 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.

 

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(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, the Special Servicer or the Operating Advisor as servicer, special servicer or operating advisor, respectively, of the related Repurchased Note. All rights of the mortgagee under each such Joint Mortgage Loan shall be exercised by the Master Servicer or the Special Servicer, 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, the Special Servicer and the Operating Advisor 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, the Special Servicer or the Operating Advisor shall have any obligation to make P&I Advances with respect to any Repurchased Note or, if no related 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 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 

 

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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 and any consultation rights of the Operating Advisor), the Master Servicer or the Special Servicer, as applicable, on behalf of the holders of any of the Repurchased Notes, shall have the exclusive right and obligation to (i) administer, service and make all decisions and determinations regarding the related Joint Mortgage Loan and (ii) enforce the applicable 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 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.

 

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(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    [Reserved.]

 

Article IV

 

DISTRIBUTIONS TO CERTIFICATEHOLDERS

 

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 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

 

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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 Regular Certificates on each Distribution Date pursuant to Section 4.01(b), Section 4.01(c)
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, Class X-B Strip Rate, Class X-D Strip Rate, Class
X-F Strip Rate, Class X-G Strip Rate or Class X-H 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.

 

All distributions of reimbursements of Realized Losses or VRR Realized Losses, as applicable, and Additional Trust Fund Expenses made in respect of any Class of Principal Balance Certificates or the Class VRR Interest Certificates 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 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(c) for principal distributions, up to the amount of Realized Losses or VRR Realized Losses, as applicable, and Additional Trust Fund Expenses previously allocated to a particular Lower-Tier Regular Interest corresponding to such Class of Certificates.

 

On each Distribution Date, the Certificate Administrator shall apply amounts related to each Prepayment Premium and Yield Maintenance Charge then on deposit 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 pursuant to this Section 4.01(a).

 

The Certificate Administrator shall be deemed to deposit the Lower-Tier 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 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) (but only to the extent of such amount for such Distribution Date remaining in the Lower-Tier Distribution Account, if any).

 

(b)        Distributions of Available Funds. On each Distribution Date, the Certificate Administrator shall withdraw from the Upper-Tier Distribution Account the amounts

 

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deposited in the
Upper-Tier Distribution Account to the extent of the 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:

 

(i)      First, to the Class A-1, Class A-2, Class A-3, Class A-SB, Class A-4, Class A-5, Class X-A, Class X-B, Class X-D, Class X-F, Class X-G and Class X-H 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-1, Class A-2, Class A-3, Class A-SB, Class A-4 and Class A-5 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-1 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 Certificates pursuant to (A) above in this clause (b)(ii)) for such Distribution Date, until the Certificate Balance of such Class is reduced to zero;

 

(C)       third, to the Class A-2 Certificates, in reduction of Certificate Balance thereof, an amount equal to the Principal Distribution Amount (or the portion of it remaining after distributions on the Class A-SB and Class A-1 Certificates pursuant to (A) and (B) above in this clause (b)(ii)) for such Distribution Date, until the Certificate Balance of such Class is reduced to zero;

 

(D)       fourth,
to the Class A-3 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-1 and Class A-2 Certificates pursuant to (A), (B) and (C) above in this clause (b)(ii)) for such Distribution Date, until the Certificate Balance of such Class is reduced to zero;

 

(E)       fifth, to the Class A-4 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-1, Class A-2 and Class A-3 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;

 

(F)       sixth, to the Class A-5 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-1, 

 

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Class
A-2, Class A-3 and Class A-4 Certificates pursuant to (A), (B), (C), (D) and (E) above in this clause (b)(ii)) for such Distribution
Date, until the Certificate Balance of such Class is reduced to zero;

 

(G)       seventh, 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-1, Class A-2, Class A-3, Class A-SB, Class A-4 and Class A-5 Certificates pursuant to (A), (B), (C), (D), (E) and (F) 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-1, Class A-2, Class A-3, Class A-SB, Class A-4 and Class A-5 Certificates, up to an amount equal to, and pro rata based upon, the aggregate unreimbursed Realized Losses previously allocated to those Classes of Certificates;

 

(iv)            Fourth, to the Class A-M Certificates in respect of interest, up to an amount equal to the Interest Distribution Amount of such Class;

 

(v)           Fifth, to the Class A-M Certificates, in reduction of the Certificate Balance thereof, an amount equal to the Principal Distribution Amount less amounts of Principal Distribution Amount distributed pursuant to all prior clauses, until the Certificate Balance of such Class A-M is reduced to zero;

 

(vi)            Sixth, to the Class A-M Certificates, up to an amount equal to the aggregate of unreimbursed Realized Losses previously allocated to such Class;

 

(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 amounts of 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, up to an amount equal to the aggregate of unreimbursed Realized Losses previously allocated to such Class;

 

(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 amounts of 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, up to an amount equal to the aggregate of unreimbursed Realized Losses previously allocated to such Class;

 

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(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 amounts of 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, up to an amount equal to the aggregate of unreimbursed Realized Losses previously allocated to such Class;

 

(xvi)         Sixteenth, to the Class E Certificates in respect of interest, up to an amount equal to the Interest Distribution Amount of such Class;

 

(xvii)        Seventeenth, to the Class E Certificates in reduction of the Certificate Balance thereof, an amount equal to the Principal Distribution Amount, less amounts of Principal Distribution Amount distributed pursuant to all prior clauses, until the Certificate Balance of such Class is reduced to zero;

 

(xviii)       Eighteenth, to the Class E Certificates, up to an amount equal to the aggregate of unreimbursed Realized Losses previously allocated to such Class;

 

(xix)         Nineteenth, to the Class F Certificates in respect of interest, up to an amount equal to the Interest Distribution Amount of such Class;

 

(xx)          Twentieth, to the Class F Certificates in reduction of the Certificate Balance thereof, an amount equal to the Principal Distribution Amount less the amount of the Principal Distribution Amount distributed pursuant to all prior clauses, until the Certificate Balance of such Class is reduced to zero;

 

(xxi)         Twenty-first, to the Class F Certificates, up to an amount equal to the aggregate of unreimbursed Realized Losses previously allocated to such Class;

 

(xxii)        Twenty-second, to the Class G Certificates in respect of interest, up to an amount equal to the Interest Distribution Amount of such Class;

 

(xxiii)       Twenty-third, to the Class G Certificates in reduction of the Certificate Balance thereof, an amount equal to the Principal Distribution Amount less the amount of the Principal Distribution Amount distributed pursuant to all prior clauses, until the Certificate Balance of such Class is reduced to zero;

 

(xxiv)       Twenty-fourth, to the Class G Certificates, up to an amount equal to the aggregate of unreimbursed Realized Losses previously allocated to such Class;

 

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

 

(xxvi)       Twenty-sixth, to the Class H Certificates in reduction of the Certificate Balance thereof, an amount equal to the Principal Distribution Amount less the amount 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;

 

(xxvii)      Twenty-seventh, to the Class H Certificates, up to an amount equal to the aggregate of unreimbursed Realized Losses previously allocated to such Class; and

 

(xxviii)    Twenty-eighth, to the Class R Certificates (in respect of the Class UTR Interest), any amounts of 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-1, Class A-2, Class A-3, Class A-SB, Class A-4 and Class A-5 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 VRR Available Funds on the Class VRR Interest Certificates. 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 VRR Available Funds for such Distribution Date, and shall distribute such amounts to the Holders of the Class VRR Interest Certificates in accordance with this section (c).

 

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 VRR Interest Certificates for the following purposes and in the following order of priority:

 

(i)             first, distributions of interest on the Class VRR Interest Certificates, up to an amount equal to the VRR Interest Distribution Amount for such Distribution Date;

 

(ii)        second, distributions in reduction of the Certificate Balance of the Class VRR Interest Certificates, up to an amount equal to the VRR Principal Distribution Amount for such Distribution Date, until the outstanding Certificate Balance of the Class VRR Interest Certificates has been reduced to zero; and

 

(iii)          third, reimbursements of prior write-offs of the Certificate Balance of the Class VRR Interest Certificates, up to an amount equal to the unreimbursed VRR Realized Losses previously allocated to the Class VRR Interest Certificates;

 

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 VRR Interest Certificates 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 VRR Interest Certificates.

 

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(d)         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-1, Class A-2, Class A-3, Class A-SB, Class A-4, Class A-5, Class A-M, Class B, Class C, Class D and Class E 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-1, Class A-2, Class A-3, Class A-SB, Class A-4, Class A-5, Class A-M, Class B, Class C, Class D, Class E, Class F, Class G and Class H 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 (the “IO Group YM Distribution Amount”) shall be allocated and distributed in the following manner:

 

(i)   
to the Class X-A Certificates, in an amount equal to the product of (a) a fraction, the numerator of which is the aggregate
amount of principal distributed on the Class A-1, Class A-2, Class A-3, Class A-SB, Class A-4, Class A-5 and Class A-M Certificates on such Distribution Date and the denominator of which is the total Principal Distribution amount in respect of such Distribution Date, multiplied by (b) the IO Group YM Distribution Amount;

 

(ii)   to the Class X-B Certificates, in an amount equal to the product of (a) a fraction, the numerator of which is the aggregate amount of principal distributed to the Class B and Class C Certificates on such Distribution Date and the denominator of which is the total Principal Distribution Amount in respect of such Distribution Date, multiplied by (b), the IO Group YM Distribution Amount; and

 

(iii)  to the Class X-D Certificates, the IO Group YM Distribution Amount remaining after such distribution to the holders of the Class X-A and Class X-B Certificates as described in (i) and (ii) above.

 

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 VRR Interest Certificates, on a pro rata and pari passu basis.

 

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(e)        Gain-on-Sale Accounts. On each Master Servicer Remittance Date, the Certificate Administrator shall determine if the 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 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 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 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).

 

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 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, 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)).

 

On each
Distribution Date, immediately after giving effect to the operation of the two preceding paragraphs, amounts held 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) that exceed amounts reasonably required (as determined by the Certificate Administrator) to offset future 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) 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 or Class VRR Interest Certificates receiving such distributions.

 

(f)        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 Realized Loss and VRR Realized Loss for such Distribution Date. Any allocation of Realized Losses to any Class of Principal Balance Certificates and VRR Realized Losses shall be made by reducing the Certificate Balance thereof

 

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by the amount so allocated.
The allocation of Realized Losses and VRR Realized Losses shall constitute allocations of losses and other shortfalls experienced
by the Trust Fund.

 

The Certificate Balances of each Class of Principal Balance Certificates will be reduced without distribution on any Distribution Date as a write-off to the extent of any Realized Losses allocated to such Class of Certificates with respect to such date. Any such write-offs will be applied to the Classes of 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 H Certificates; second, to the Class G Certificates; third, to the Class F Certificates; fourth, to the Class E Certificates; fifth, to the Class D Certificates; sixth, to the Class C Certificates; seventh, to the Class B Certificates, eighth, to the Class A-M Certificates; and finally, to the Class A-1, Class A-2, Class A-3, Class A-SB, Class A-4 and Class A-5 Certificates, pro rata, based on their respective Certificate Balances.

 

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.

 

Distributions in
reimbursement of Realized Losses or VRR Realized Losses, as applicable, previously allocated to the respective Classes of the
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(c), 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 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 VRR Interest Certificates 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 of the Classes of 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

 

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Distribution Date
if the restored write-down for the reimbursed Class of Principal Balance Certificates had never been written down; and (ii) the
VRR Percentage of the amount of such recovery will be added to the Certificate Balance of the VRR Interest up to the lesser of
(A) the VRR Percentage of the amount of such recovery and (B) the amount of 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 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 Principal Balance Certificates or the
VRR Interest (or the Lower-Tier Principal Balance of any Lower-Tier Regular Interest) is so increased, the amount of unreimbursed
Realized Losses or VRR Realized Losses, as applicable, of such Class of Principal Balance 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.

 

With respect to any Distribution Date, any 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 same priority as the Class of Corresponding Certificates.

 

(g)       
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.

 

(h)        Except as otherwise provided in Section 9.01 with respect to an Anticipated Termination Date, 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

 

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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(h) shall not have been surrendered for cancellation within six months after the time specified in such notice, the
Certificate Administrator shall mail a second notice to the remaining non-tendering Holders 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 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(h). 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.

 

(i)         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.

 

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(j)         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.

 

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 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) the following information:

 

(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;

 

(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 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, CREFC®, the Operating Advisor and the Asset Representations Reviewer 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 Class VRR Interest Certificates with respect to such

 

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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);

 

(vii)          the amount of the distribution on the Distribution Date to the holders of any Class of Non-VRR Certificates and the Class VRR Interest Certificates 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 Class VRR Interest Certificates for such Distribution Date;

 

(ix)           the Pass-Through Rate for each Class of Non-VRR Certificates and the Class VRR Interest Certificates 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 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 Realized Loss 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 Class VRR Interest Certificates 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 Class VRR Interest Certificates 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 

 

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with the aggregate amount of Principal Prepayments made during the related Collection Period;

 

(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 on the Distribution Date attributable to reimbursement of 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 and the 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 and Class R Certificates);

 

(xxii)        the original and then-current ratings of each Class of Certificates (other than the 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 for such Distribution Date;

 

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(xxvi)       the amount of the distribution on the Distribution Date to the holders of the 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)     the identity of the Operating Advisor;

 

(xxix)     the amount of Realized Losses and 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.

 

The Master Servicer may omit from the reports that it delivers to the Certificate Administrator (and the Special Servicer may omit from the reports it delivers to the Master Servicer) in connection with the preparation of the Distribution Date Statement any information that the Master Servicer or the Special Servicer, as applicable, regards as confidential, so long as such information is not required to be disclosed pursuant to Item 1125 of Regulation AB. None of the Master Servicer, the Special Servicer, the Trustee or the Certificate Administrator shall be responsible for the accuracy or completeness of any information supplied to it by a Borrower, a Mortgage Loan Seller, the Depositor, any Sponsor, any party to this Agreement or a master servicer, a special servicer or other similar party under an Other Pooling and Servicing Agreement or other third party that is included in any reports, statements, materials or information prepared or provided by the Master Servicer, the Special Servicer, the Trustee or the Certificate Administrator, as applicable.

 

If and for so long as the Trust is subject to the reporting requirements of the Exchange Act, no Distribution Date Statement that is part of any Commission filing shall include references to the Rating Agencies or any ratings ascribed by any Rating Agency to any Class of Certificates.

 

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 

 

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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, a report summarizing on an annual 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 or Certificate Owner reasonably requests, to enable such Certificateholders 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).

 

Upon receipt of any Asset Review Report Summary from the Asset Representations Reviewer required to be delivered pursuant to Section 11.04(e), the Certificate Administrator shall include such summary in Item 1B on the Form 10-D for such period in which the Asset Review Report Summary was delivered.

 

(b)        The Certificate Administrator shall make available via the Certificate Administrator’s Website, to any Privileged Person (provided that the Prospectus, 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 Prospectus;

 

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(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)      the following “SEC EDGAR filings”:

 

(A)       any reports on Forms 10-D, 10-K, 8-K and ABS-EE that have been filed by the Certificate Administrator with respect to the Trust through the EDGAR system;

 

(iii)       the following “periodic reports”:

 

(A)       the Distribution Date Statements;

 

(B)       the supplemental reports and the CREFC® data files identified as such in the definition of “CREFC® Investor Reporting Package (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; and

 

(C)       any Operating Advisor Annual Reports.

 

(iv)      the following “additional documents”:

 

(A)       the summary of any Final Asset Status Report delivered to the Certificate Administrator in electronic format;

 

(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;

 

(E)       all notices of the occurrence of any Servicer Termination Events (or any analogous servicer termination event under any Other Pooling and 

 

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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, the Operating Advisor, the Asset Representations Reviewer or the Trustee (and appointments of successors to the Master Servicer, the Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer or the Trustee);

 

(G)       any notice to Certificateholders of the Operating Advisor’s recommendation to replace the Special Servicer and the related report prepared by the Operating Advisor in connection with such recommendation;

 

(H)       any notice of any request by requisite percentage of Certificateholders for a vote to terminate the Special Servicer, the Operating Advisor or the Asset Representations Reviewer;

 

(I)        notice of the Certificate Administrator’s determination that an Asset Review Trigger is in effect and any other notice required to be delivered to the Certificateholders pursuant to Section 11.01;

 

(J)        any Asset Review Report Summary received by the Certificate Administrator;

 

(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;

 

(M)      any notice of the occurrence or termination of a Control Termination Event;

 

(N)       any notice of the occurrence of a Consultation Termination Event;

 

(O)       any notice of the occurrence of an Operating Advisor Termination Event;

 

(P)       any notice of the occurrence of an Asset Representations Reviewer Termination Event;

 

(Q)       any Proposed Course of Action Notice;

 

(R)       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;

 

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(S)       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

 

(T)       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 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 Prospectus, this Agreement, the Mortgage Loan Purchase Agreements and the Commission filings on the Certificate Administrator’s Website, and (b) in the case of the Directing Holder or a Controlling Class Certificateholder, if any such Person becomes an Excluded Controlling Class Holder, upon delivery to the Master Servicer, the Special Servicer, the Operating Advisor, the Certificate Administrator and the Trustee in physical form 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 

 

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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 or a Controlling Class Certificateholder that is not an Excluded Controlling Class Holder, upon delivery
of an investor certification substantially in the form of Exhibit L-1B hereto, such Directing Holder or Controlling
Class Certificateholder shall be entitled to access all information on the Certificate Administrator’s Website. The
Master Servicer, the Special Servicer, the Operating Advisor, the Certificate Administrator and the Trustee may each rely on
(i) an investor certification in the form of Exhibit L-1B hereto from the Directing Holder or a Controlling Class
Certificateholder to the effect that such Person is not an Excluded Controlling Class Holder and (ii) an investor
certification in the form of Exhibit 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 or a Controlling Class Certificateholder becomes an Excluded Controlling Class
Holder, such party shall promptly notify each of the Master Servicer, the Special Servicer, the Operating Advisor, the
Certificate Administrator and the Trustee in writing substantially in the form of Exhibit 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, the Special Servicer
and the Operating Advisor shall mark or label such information as “Excluded Information” prior to delivery to the Certificate Administrator, and the Certificate Administrator shall segregate on the Certificate Administrator’s Website such Excluded Information (and may be segregated on loan-by-loan basis) from information relating to other Mortgage Loans. Notwithstanding anything herein to the contrary, each of the Master Servicer, the Special Servicer, the Operating Advisor 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, the Operating Advisor or the Certificate Administrator, as applicable, has received such notice from the Directing Holder or a Controlling Class Certificateholder that it has become an Excluded Controlling Class Holder. None of the Master Servicer, the Special Servicer, the Operating Advisor or the Certificate Administrator shall be liable for any communication to the Directing Holder or Controlling Class Certificateholder or disclosure of Excluded Information if the Master Servicer, the Special Servicer, the Operating Advisor or the Certificate Administrator, as applicable, did not receive prior written notice that the related Mortgage Loan is an Excluded Controlling Class Loan (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, the Operating Advisor and the Certificate Administrator shall be entitled to conclusively rely on (i) any written notice from the Directing Holder or a Controlling Class Certificateholder that it is no longer an Excluded Controlling Class Holder and (ii) any certification delivered by the Directing Holder or a 

 

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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 VRR Interest Certificate receives access pursuant to this
Agreement to any information solely related to a Mortgage Loan with respect to which such party is a Borrower Party (which
shall include any Asset Status Reports, Final Asset Status Reports (or summaries thereof), inspection reports related to
Specially Serviced Loans conducted by the Special Servicer or any Excluded Special Servicer and which may include any
Operating Advisor reports delivered to the Certificate Administrator regarding the Special Servicer’s net present
value determination or 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, 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 VRR Interest Certificate 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 VRR Interest Certificate 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

 

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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.

 

(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 and Certificate Owners who are Privileged Persons may (A) submit questions to the Certificate Administrator relating to the Distribution Date Statement, (B) submit questions to the Master Servicer or the Special Servicer, as applicable, relating to the reports being made available pursuant to this Section 4.02(c), the Mortgage Loans or the Mortgaged Properties (other than a Non-Serviced Mortgage Loan) or related Mortgaged Properties and (C) submit questions to the Operating Advisor relating to the Operating Advisor Annual Reports or actions by the Master Servicer or the Special Servicer as to which the Operating Advisor has consultation rights, whether or not referenced in any Operating Advisor Annual Reports or other reports prepared by the Operating Advisor (collectively, “Inquiries”), and (ii) Privileged Persons may view Inquiries that have been previously submitted and answered, together with the answers thereto. Upon receipt of an Inquiry for the Master Servicer, the Special Servicer or the Operating Advisor, the Certificate Administrator shall forward the Inquiry to the Master Servicer, the Special Servicer or the Operating Advisor, 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, the Special Servicer (other than with respect to the Non-Serviced Mortgage Loans or related Mortgaged Properties) or the Operating Advisor, as applicable, unless it determines not to answer such Inquiry as provided below, shall reply to the Inquiry, which reply of the Master Servicer, Special Servicer or the Operating Advisor 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

 

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Administrator, the Master
Servicer, the Special Servicer or the Operating Advisor determines, in its respective sole discretion, that (i) any Inquiry is
beyond the scope outlined above, (ii) answering any Inquiry would not be in the best interests of the Trust and/or the Certificateholders,
(iii) answering any Inquiry would be in violation of applicable law, this Agreement 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, the Special Servicer or the Operating Advisor, 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, the Special Servicer or the Operating Advisor, 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 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 and Certificate Owners can register and thereafter obtain contact information with respect to any other Certificateholder or Certificate Owner that has so registered. Any person registering to use the Investor Registry will be required to certify that (a) it is a Certificateholder or a Certificate Owner and (b) it grants authorization to the Certificate Administrator to make its name and contact information available on the Investor Registry for at least 45 days from the date of such certification to other registered Certificateholders and registered Certificate Owners. Such Person shall then be asked to enter certain mandatory fields such as the individual’s name, the company name and email address, as well as certain optional fields such as address, phone, and Class(es) of Certificates owned. If any Certificateholder or Certificate Owner notifies the Certificate Administrator that it wishes to be removed from the Investor Registry (which notice may not be within 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

 

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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 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

 

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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;

 

(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 

 

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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 and the Upper-Tier REMIC shall constitute, and that the affairs of the Lower-Tier REMIC and the Upper-Tier 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 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 and the Upper-Tier REMIC, 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 and the Upper-Tier REMIC, 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;

 

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(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 and the Upper-Tier REMIC 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 and the Upper-Tier REMIC 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 and the Upper-Tier REMIC as may be necessary to prepare the foregoing
returns, schedules, statements or information, such records, for federal income tax purposes, to be maintained on a calendar year and on an accrual basis.

 

The Certificate Administrator shall be designated as the “partnership representative” within the meaning of Section 6223 of the Code of each Trust REMIC. Each 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 or the Upper-Tier REMIC or the imposition of tax on the Lower-Tier REMIC or the Upper-Tier REMIC (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

 

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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 or the Upper-Tier REMIC 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 or the Upper-Tier REMIC
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 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 Sole Certificateholder, 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.

 

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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 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 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 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 Holders of the VRR Interest, 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 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

 

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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 that it is servicing shall:

 

(i)      remit to the Certificate Administrator for deposit in the Lower-Tier Distribution Account 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;

 

(ii)    remit to the Certificate Administrator for deposit in the Lower-Tier Distribution Account an amount equal to the aggregate of the Aggregate Available Funds for such Distribution Date;

 

(iii)   [Reserved]; 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 either (i) remit to the Certificate Administrator
for deposit into the Lower-Tier Distribution Account from its own funds an amount equal to the aggregate amount of P&I Advances,
if any to be made in respect of the related Distribution Date, (ii) apply amounts held in the Collection Account 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 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

 

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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 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. 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 and any REO Loan (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 delinquent in respect of its Balloon Payment as of the Master Servicer Remittance Date (including any REO Loan (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 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 and (v) estimate and consider (among other things) the timing of recoveries.

 

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 Operating Advisor, the Special Servicer, any related Serviced Pari Passu Companion Loan holder(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 Operating Advisor, the Certificate Administrator, the Master 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

 

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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 Operating Advisor, the Asset Representations Reviewer, 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 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 

 

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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 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 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 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 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 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 as of the immediately preceding Determination Date less any Appraisal Reduction Amount applicable to such Mortgage Loan and the denominator of which is the Stated Principal Balance of such Mortgage Loan as of such Determination Date. All P&I Advances for any Mortgage Loans 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 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.

 

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The portion of any Insurance Proceeds and Net Liquidation Proceeds in respect of a Mortgage 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 Operating Advisor, the Asset Representations Reviewer, 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 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 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 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 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.

 

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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 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 and this Agreement.

 

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Section 4.08    Appraisal Reductions; Collateral Deficiency Amounts.  (a) For purposes of (x) determining the 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 VRR Interest Certificates. The Non-VRR Percentage of the Appraisal Reduction Amounts allocated to the Mortgage Loans will be allocated to each Class of Principal Balance Certificates in reverse sequential order to notionally reduce the related Certificate Balances until the Certificate Balance of each such Class of Certificates is reduced to zero (i.e., first, to the Class H Certificates; second, to the Class G Certificates, third, to the Class F Certificates, fourth, to the Class E Certificates, fifth, to the Class D Certificates, sixth, to the Class C Certificates, seventh, to the Class B Certificates, eighth, to the Class A-M Certificates, and ninth, to the Class A-1, Class A-2, Class A-3, Class A-SB, Class A-4 and Class A-5 Certificates, pro rata, based on their Certificate Balances).

 

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 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 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 Non-Reduced Certificates, the Controlling Class and the occurrence of a Control Termination Event, the VRR Percentage of any Appraisal 

 

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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 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 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, the Special Servicer and the Operating Advisor 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).

 

(b)        The Holders of the majority (by Certificate Balance) of any Class of 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 

 

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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, until such time, if any, as such Class is reinstated as the Controlling
Class and the rights of the Controlling Class will be exercised by the next most senior Control Eligible Certificates, if any,
during such period.

 

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 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.

 

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 

 

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(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 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    [Reserved.]

 

Section 4.10    Secure Data Room.  (a) The Certificate Administrator shall create the Secure Data Room and the Depositor shall, upon receipt of each Mortgage Loan Seller’s Diligence File Certification, deliver to the Certificate Administrator within 120 days following the Closing Date an electronic copy of the Diligence Files for the Mortgage Loans that have been uploaded by the Mortgage Loan Sellers to the Intralinks Site. Upon receipt thereof, the Certificate Administrator shall promptly upload the contents of each Diligence File to the Secure Data Room. Access to the Secure Data Room shall be granted by the Certificate Administrator to (i) the Asset Representations Reviewer and (ii) any other Person at the direction of the Depositor, in each case, upon the occurrence of an Affirmative Asset Review Vote and receipt by the Certificate Administrator of a certification substantially in the form of Exhibit KK hereto 

 

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(which shall be sent via
email to trustadministrationgroup@wellsfargo.com or submitted electronically via the Certificate
Administrator’s website). In no case whatsoever shall Certificateholders be permitted to access the Secure Data Room. For
the avoidance of doubt, the Certificate Administrator shall be under no obligation to post any documents or information to the
Secure Data Room other than the contents of the Diligence Files initially delivered to it by the Depositor.

 

(b)       
The Certificate Administrator shall not have any obligation or duty to verify, review, confirm or otherwise determine whether
the type, number or contents of any Diligence File delivered to the Certificate Administrator is accurate, complete, or
relates to the transaction or confirm that all documents and information constituting any Diligence File have actually been
delivered to the Certificate Administrator. In no case shall the Certificate Administrator be deemed to have obtained actual
or constructive knowledge of the contents of, or information contained in, any Diligence File by virtue of posting such
Diligence File to the Secure Data Room. In the event that any document or information is posted in error, the Certificate
Administrator may remove such document or information from the Secure Data Room. The Certificate Administrator shall not have
any obligation to produce physical or electronic copies of any document or information provided to it for posting to the
Secure Data Room. The Certificate Administrator shall not be responsible or held liable for any other Person’s use or
dissemination of the documents or information contained on the Secure Data Room; provided
that such event or occurrence is not also a result of its own negligence, bad faith or willful misconduct. The Certificate Administrator shall not be required to restrict access to the Secure Data Room on a loan-by-loan basis and any Person with access to the Secure Data Room shall covenant to access only the information necessary to perform its duties and responsibilities under this Agreement.

 

(c)        Upon the resignation or removal of the Certificate Administrator pursuant to Section 8.07, the Certificate Administrator shall transfer electronic copies of the Diligence Files to a successor certificate administrator designated in writing by the Depositor, and all costs and expenses associated with the transfer of the Diligence Files shall be payable as part of the costs and expenses associated with the transfer of its responsibilities upon the resignation or removal of the Certificate Administrator pursuant to Section 8.07. Following the date on which any Mortgage Loan is paid in full, liquidated, repurchased or otherwise removed from the Trust, the Master Servicer or the Special Servicer, as applicable, may (but shall not be obligated to) direct the Certificate Administrator in writing to delete the Diligence File related to such Mortgage Loan from the Secure Data Room; provided that absent such direction, the Certificate Administrator shall not be obligated to delete any Diligence File from the Secure Data Room. Following the termination of the Trust pursuant to Section 9.01, the Certificate Administrator shall be permitted to delete all files from the Secure Data Room. Upon deletion pursuant to this Section 4.10, in no event shall the Certificate Administrator be obligated to reproduce or retrieve such deleted files.

 

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Article V

THE CERTIFICATES

 

Section 5.01    The Certificates.  (a) The Certificates consist of the Class A-1 Certificates, the Class A-2 Certificates, the Class A-3 Certificates, the Class A-SB Certificates, the Class A-4 Certificates, the Class A-5 Certificates, the Class A-M Certificates, the Class X-A Certificates, the Class X-B Certificates, the Class X-D Certificates, the Class X-F Certificates, the Class X-G Certificates, the Class X-H Certificates, the Class B Certificates, the Class C Certificates, the Class D Certificates, the Class E Certificates, the Class F Certificates, the Class G Certificates, the Class H Certificates, the Class R Certificates and the Class VRR Interest Certificates.

 

The Class A-1,
Class A-2, Class A-3, Class A-SB, Class A-4, Class A-5, Class A-M, Class X-A, Class X-B, Class X-D, Class X-F, Class X-G,
Class X-H, Class B, Class C, Class D, Class E, Class F, Class G, Class H, Class R and the Class VRR Interest 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 R Certificates) will be issuable in
registered form only, in minimum denominations of authorized Certificate Balance 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 VRR Interest 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). 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-1

	
 

	
$                 10,000

	
 

	
$             4,592,000

	
 

	
A-2

	
 

	
$                 10,000

	
 

	
$           10,098,000

	
 

	
A-3

	
 

	
$                 10,000

	
 

	
$           40,849,000

	
 

	
A-SB

	
 

	
$                 10,000

	
 

	
$             9,800,000

	
 

	
A-4

	
 

	
$                 10,000

	
 

	
$         221,000,000

	
 

	
A-5

	
 

	
$                 10,000

	
 

	
$         311,560,000

	
 

	
X-A

	
 

	
$               100,000

	
 

	
$         691,854,000

	
 

	
A-M

	
 

	
$                 10,000

	
 

	
$           93,955,000

	
 

	
B

	
 

	
$                 10,000

	
 

	
$           36,301,000

	
 

	
C

	
 

	
$                 10,000

	
 

	
$           34,166,000

	
 

	
X-B

	
 

	
$            1,000,000

	
 

	
$           70,467,000

	
 

	
X-D

	
 

	
$            1,000,000

	
 

	
$           40,572,000

	
 

	
X-F

	
 

	
$            1,000,000

	
 

	
$           16,015,000

	
 

	
X-G

	
 

	
$            1,000,000

	
 

	
$             8,541,000

	
 

	
X-H

	
 

	
$            1,000,000

	
 

	
$           26,692,872

	
 

 

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Class 

	
 

	
Minimum
Denomination 

	
 

	
Aggregate Denomination of
all Certificates of Class 

	
 

	
D

	
 

	
$               100,000

	
 

	
$           23,489,000

	
 

	
E

	
 

	
$               100,000

	
 

	
$           17,083,000

	
 

	
F

	
 

	
$               100,000

	
 

	
$           16,015,000

	
 

	
G

	
 

	
$               100,000

	
 

	
$             8,541,000

	
 

	
H

	
 

	
$               100,000

	
 

	
$           26,692,872

	
 

	
VRR Interest

	
 

	
$                 10,000

	
 

	
$           44,955,000

	
 

 

Each Certificate will share ratably in all rights of the related Class.

 

The Class R Certificates will 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.

 

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 Private 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 

 

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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.

 

(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. 

 

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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 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)       
If the Trust Fund ceases to be subject to Section 13 or 15(d) of the Exchange Act, the Certificate Administrator shall make
available to each Holder and Certificate Owner of a Class of Certificates, upon request of such a Holder, information, to the
extent such information is in its possession, substantially equivalent in scope to the information currently filed by the Certificate Administrator with the Commission pursuant to the Exchange Act, plus additional information required to be provided for securities qualifying for resales under Rule 144A under the Act.

 

For so long as the Class R Certificates remain outstanding, none of the Depositor, the Trustee or the Certificate Registrar shall take any action which would cause the Trust Fund to fail to be subject to Section 15(d) of the Exchange Act.

 

(h)        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-22 executed by the Authenticating Agent by manual signature, and such certificate of authentication upon any Certificate shall be

 

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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.

 

(i)         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 Operating Advisor, the Asset Representations Reviewer, 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.

 

(j)        
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 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

 

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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 Class VRR Interest Certificate 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. 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(h) 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(j).

 

(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 

 

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Holder may request, subject
to the provisions of Sections 5.01(h) and 5.02(c), (d), (e), (f), (g), (h) and
(i) of this Agreement.

 

(c)        In addition to the provisions of Sections 5.01(h) 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 Private Certificates that are Individual Certificates or beneficial interests in the Private 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 Private Certificates to a transferee that takes delivery in the form of an Individual Certificate (other than transfers of the Class R Certificates, which may be made only in accordance with Section 5.02(i) of this Agreement, and transfers of any Class VRR Interest Certificate, 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(j)):

 

(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 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 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 

 

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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 Private Global Certificates. Notwithstanding any provision to the contrary herein, so long as a Private 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 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

 

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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 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

 

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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.

 

(iii)      Transfers
from the Private Global Certificates to Individual Certificates. Any and all transfers from a Private 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 Private 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 Private 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.

 

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Upon acceptance for exchange or transfer of a beneficial interest in a Private Global Certificate for an Individual Certificate, as provided herein, the Certificate Registrar shall endorse on the schedule affixed to the related Private Global Certificate (or on a continuation of such schedule affixed to such Private 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 Private 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 Private Global Certificate shall bear the Securities Legend.

 

(iv)       Transfers
of Individual Certificates to the Private 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(j)). 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 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.

 

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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 Private 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(j)).

 

(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 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(i) 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 

 

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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 Private 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 Private 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 Private 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 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 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 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.

 

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(j)        No transfer, sale, pledge or other disposition of any Class of Private 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 Private 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 Private 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 X-F, Class X-G, Class X-H, Class F, Class G, Class H, Class R or Class VRR Interest
Certificate (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 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 by reason of a Plan’s
investment in the entity (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 VRR Interest Certificates or the Class R Certificates), 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 either (A) 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 or (B) if the transferee is such an entity specified in (i) or (ii) above (except in the case of a Class VRR Interest Certificate or a Class R Certificate, which may not be transferred unless the transferee represents it is not such an entity), such entity, at its own expense, shall provide any opinion of counsel, officers’ certificates or agreements as may be required by, and in form and substance satisfactory to, the Depositor, the Certificate Administrator and the Certificate Registrar, to the effect that the purchase and holding of the Certificates by or on behalf of a Plan will not constitute or result in a non-exempt prohibited transaction within the meaning of Sections 406 and 407 of ERISA and Section 4975 of the Code or a non-exempt violation of any Similar Law, and will not subject the Master Servicer, the Special Servicer, the Operating Advisor, the Asset Representations Reviewer, the Depositor, the Certificate Administrator, the Trustee, the Underwriters, the Initial Purchasers or the Certificate Registrar to any obligation or liability.

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Neither the Certificate
Administrator nor the Certificate Registrar shall register a Class R 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 (with respect to transfers of
beneficial interests in Global Certificates which are Restricted Certificates other than the Class VRR Interest 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, any Underwriter, the Master Servicer, the Special Servicer, the Certificate Administrator, the Operating Advisor 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.

 

(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 

 

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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 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 

 

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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 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 

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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.

 

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 an equivalent rating from KBRA (if rated by KBRA), 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) 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

 

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“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-B16 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 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 

 

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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 a Private 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), if at the time of such request periodic reports are not being filed with respect to the Trust under Section 13 or Section 15(d) of the Exchange Act.

 

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, THE RISK RETENTION CONSULTATION PARTies, THE OPERATING ADVISOR AND THE ASSET REPRESENTATIONS REVIEWER

 

Section 6.01   Liability of the Depositor, the Master Servicer, the Special Servicer, the Operating Advisor and the Asset Representations Reviewer. The Depositor, the Master Servicer, the Special Servicer, the Operating Advisor and the Asset Representations Reviewer 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, the Depositor, the Asset Representations Reviewer or the Operating Advisor. 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. In addition, subject to the following paragraph, the Operating Advisor and the Asset Representations Reviewer shall keep in full effect its existence, rights and good standing as a limited liability company under the laws of the State of New York and shall not jeopardize its ability to do business in each jurisdiction in which the Mortgaged Properties are located or to protect the validity and enforceability of this Agreement, the Certificates or any of such Mortgage Loans and to perform its respective duties under this Agreement.

 

Each of the
Master Servicer, the Special Servicer, the Depositor, the Operating Advisor or the Asset Representations Reviewer 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, the Depositor, the Operating Advisor or the Asset Representations Reviewer may be merged or consolidated, or any Person resulting from any merger or consolidation to which the Master Servicer, the Special Servicer, the Depositor, the Operating Advisor or the Asset Representations Reviewer is a party, or any Person succeeding to the business of the Master Servicer, the Special Servicer, the Depositor, the Operating Advisor or the Asset Representations Reviewer, shall be the successor of the Master Servicer, the Special Servicer, the Depositor, the Operating Advisor or the Asset Representations Reviewer, as applicable, hereunder, and shall be deemed to have assumed all of the liabilities of the Master Servicer, the Special Servicer, the Depositor, the Operating Advisor or the Asset Representations Reviewer, 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, the Special Servicer or the Operating Advisor shall be required to obtain a Rating Agency Confirmation from any Rating Agency if the Master Servicer, Special Servicer or Operating Advisor, 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, the Special Servicer or the Operating Advisor enters into a merger and the Master Servicer, the Special Servicer or the Operating Advisor, as applicable, is the surviving entity under applicable law, the Master 

 

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Servicer, the Special
Servicer or the Operating Advisor, as applicable, shall not, as a result of the merger, be required to provide a Rating Agency
Confirmation or obtain the consent of the Depositor. Notwithstanding the foregoing, no Master Servicer, Special Servicer, the
Operating Advisor or the Asset Representations Reviewer may remain the Master Servicer, Special Servicer, the Operating Advisor
or the Asset Representations Reviewer, as applicable, under this Agreement after (x) being merged or consolidated with or into
any Person that is a Prohibited Party, or (y) transferring all or substantially all of its assets to any Person if such Person
is a Prohibited Party, except to the extent (i) the Master Servicer, the Special Servicer, the Operating Advisor or the Asset
Representations Reviewer, 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. The Asset Representations Reviewer shall keep in full effect its
existence and rights as an entity under the laws of the jurisdiction of its organization, and shall be in compliance with the
laws of all jurisdictions to the extent necessary to perform its duties under this Agreement. Any Person into which the Asset
Representations Reviewer may be merged or consolidated, or any Person resulting from any merger or consolidation to which the
Asset Representations Reviewer shall be a party, or any Person succeeding to the business of the Asset Representations Reviewer,
shall be the successor of the Asset Representations Reviewer hereunder, and shall be deemed to have assumed all of the liabilities
and obligations of such Asset Representations Reviewer hereunder, without the execution or filing of any paper or any further
act on the part of any of the parties hereto, anything herein to the contrary notwithstanding; provided, however,
that the Trustee has received a Rating Agency Confirmation with respect to such successor or surviving Person.

 

Section
6.03   Limitation on Liability of the Depositor, the Master Servicer, the Special Servicer, the Operating
Advisor, the Asset Representations Reviewer and Others. (a)
None of the Depositor, the Master Servicer, the Special Servicer, the Operating Advisor, the Asset Representations Reviewer
nor any Affiliates, partners, shareholders, directors, officers, employees, members, managers, representatives or agents
(including sub-servicers) of the Depositor, the Master Servicer, the Special Servicer, the Operating Advisor or the Asset Representations Reviewer shall be under any liability to the Trust Fund, the Certificateholders, 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, the Special Servicer, the Operating Advisor or the Asset Representations Reviewer, or any Affiliate, representative, member, manager, director, officer, employee or agent (including sub-servicers) of the Depositor, the Master Servicer, the Special Servicer, the Operating Advisor or the Asset Representations Reviewer, 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 (x) the Master Servicer or Special Servicer, by reason of any specific liability imposed hereunder for a breach of the Servicing Standard, (y) the Operating Advisor, by reason of any specific liability imposed hereunder for a breach of the Operating Advisor Standard or (z) the Asset Representations Reviewer, by reason of any specific liability imposed hereunder for a breach of the Asset Review 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, the Operating Advisor, the Asset 

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Representations Reviewer
and any Affiliate, representative, member, manager, director, officer, employee or agent (including sub-servicers) of the Depositor,
the Master Servicer, the Special Servicer or the Operating Advisor may rely in good faith on any document of any kind which, prima
facie, is properly executed and submitted by any appropriate Person respecting any matters arising hereunder. 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, the Special Servicer and the Operating Advisor (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, the Operating Advisor, the Asset Representations Reviewer and any Affiliates,
directors, officers, employees, members, managers, representatives and agents (including sub-servicers) of the Depositor, the
Master Servicer, the Special Servicer, the Operating Advisor and the Asset Representations Reviewer 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, 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.

 

The Depositor shall indemnify the Asset Representations Reviewer and the Operating Advisor and each of their respective Affiliates and each of their respective directors, 

 

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officers, employees, representatives and agents, 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 such indemnified party may sustain in connection with this Agreement (including, without limitation, reasonable fees and disbursements of counsel incurred by such indemnified party in any action or proceeding between the Depositor and such indemnified party or between such indemnified party and any third party or otherwise) resulting from the Depositor’s willful misconduct, bad faith, fraud or negligence in the performance of each of its duties hereunder or by reason of negligent disregard of its respective obligations and duties hereunder.

 

The Operating Advisor shall indemnify the Asset Representations Reviewer and the Depositor and each of their respective Affiliates and each of their respective directors, officers, employees, representatives and agents, 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 such indemnified party may sustain in connection with this Agreement (including, without limitation, reasonable fees and disbursements of counsel incurred by such indemnified party in any action or proceeding between the Operating Advisor and such indemnified party or between such indemnified party and any third party or otherwise) resulting from the Operating Advisor’s willful misconduct, bad faith, fraud or negligence in the performance of each of its duties hereunder or by reason of negligent disregard of its respective obligations and duties hereunder.

 

The Asset
Representations Reviewer shall indemnify the Master Servicer, the Special Servicer, the Trustee, the Certificate
Administrator, the Depositor, the Operating Advisor and the Trust and each of their Affiliates and any partner, director,
officer, shareholder, member, manager, employee, representative or agent thereof, and hold them harmless, from and against
any and all claims, losses, damages, penalties, fines, forfeitures, reasonable legal fees and related costs, judgments, and
any other costs, liabilities, fees and expenses that any of them may sustain arising from or as a result of any willful misconduct, bad faith, fraud or negligence of the Asset Representations Reviewer in the performance of its obligations and duties under this Agreement or by reason of negligent disregard by the Asset Representations Reviewer of its duties and obligations hereunder.

 

(b)        None of the Depositor, the Master Servicer, the Special Servicer, the Operating Advisor or the Asset Representations Reviewer 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, the Special Servicer or the Operating Advisor 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 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, the Special Servicer and the Operating Advisor 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 

 

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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, the Special Servicer and the Operating Advisor;
Termination of the Master Servicer, the Special Servicer and the Operating Advisor. (a)
Each of the Master Servicer, the Special Servicer and the Operating Advisor 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 (solely with respect to the Operating Advisor) 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 (or, in the case of the Operating Advisor, an Eligible Operating
Advisor), 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 under such laws to perform the duties of the Master Servicer, Special
Servicer or Operating Advisor 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, Special Servicer or Operating Advisor, 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, the Special Servicer or the Operating Advisor shall not be released from its obligations under this Agreement that arose prior to the effective date of such assignment and delegation under this Section 6.04; (iii) the rate at which the Servicing Compensation, Special Servicing Compensation or Operating Advisor Fee, as applicable (or any component thereof) is calculated shall not exceed the rate then in effect and (iv) the resigning Master Servicer, Special Servicer or Operating Advisor, as applicable, shall be responsible for the reasonable costs and expenses of each other party hereto and the Rating Agencies in connection with such transfer. Upon acceptance of such assignment and delegation, the purchaser or transferee shall be the successor Master Servicer, Special Servicer or Operating Advisor, as applicable, hereunder.

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(b)        Except as provided in Section 6.02 of this Agreement and this Section 6.04, the Master Servicer, the Special Servicer and the Operating Advisor 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, (ii) in connection with the assignment of rights and delegation of duties as set forth in Section 6.04(a), or (iii) solely with respect to the Operating Advisor, pursuant to Section 6.04(e). Any such determination described in clause (i) above permitting the resignation of the Master Servicer, the Special Servicer or the Operating Advisor, as applicable, shall be evidenced by an Opinion of Counsel (obtained at the resigning Master Servicer’s, Special Servicer’s or Operating Advisor’s expense) to such effect delivered to the Trustee and the Certificate Administrator.

 

(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, the Special Servicer or the Operating Advisor as contemplated by the
preceding paragraphs of this Section 6.04 shall become effective until (i) the Trustee or a successor Master Servicer, Special Servicer or Operating Advisor shall have assumed the resigning or terminated Master Servicer’s, Special Servicer’s or Operating Advisor’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, Special Servicer or Operating Advisor can be obtained to perform such obligations for the same compensation to which the terminated Master Servicer, Special Servicer or Operating Advisor would have been entitled, additional amounts payable to such successor Master Servicer, Special Servicer or Operating Advisor shall be treated as Realized Losses.

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(e)        The Operating Advisor may resign from its obligations and duties hereby imposed on it (a) upon thirty (30) days’ prior written notice to the Depositor, the Master Servicer, the Special Servicer, the Trustee, the Certificate Administrator, the Asset Representations Reviewer, the Risk Retention Consultation Parties and the Directing Holder, if applicable, and (b) upon the appointment of, and the acceptance of such appointment by, a successor Operating Advisor that is an Eligible Operating Advisor. No such resignation by the Operating Advisor shall become effective until the replacement Operating Advisor shall have assumed the resigning Operating Advisor’s responsibilities and obligations. The resigning Operating Advisor shall pay all costs and expenses (including costs and expenses incurred by the Trustee and the Certificate Administrator) associated with a transfer of its duties pursuant to this Section 6.04(e).

 

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
Underwriters, 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.

 

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 

 

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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, the Operating Advisor 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 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)

 

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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, the Operating Advisor 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 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, the Operating Advisor 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.

 

(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 

 

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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)        During the continuance of a Control Termination Event, the Master Servicer or the Special Servicer, as applicable, shall provide each Major Decision Reporting Package to the Operating Advisor simultaneously with the Master Servicer’s or the Special Servicer’s, as applicable, written request for the Operating Advisor’s input regarding the related Major Decision (which written request and Major Decision Reporting Package may be delivered in one notice), as set forth below. During the continuance of a Control Termination Event, with respect to any particular Major Decision and/or related Major Decision Reporting Package or any Asset Status Report required to be delivered by Master Servicer or the Special Servicer to the Operating Advisor, the Master Servicer or the Special Servicer, as applicable, shall make available to the Operating Advisor a servicing officer with the relevant knowledge regarding the Mortgage Loan and such Major Decision and/or Asset Status Report in order to address reasonable questions that the Operating Advisor may have relating to, among other things, such Major Decision and/or Asset Status Report.

 

If a Control Termination Event is continuing, the Master Servicer or the Special Servicer, as applicable, shall consult with the Operating Advisor in connection with any proposed Major Decision that it is processing as to which it has delivered to the Operating 

 

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Advisor a Major Decision Reporting Package (and any other actions which otherwise require consultation with the Operating Advisor) and consider alternative actions recommended by the Operating Advisor, in respect thereof, provided that such consultation is on a non-binding basis. In the event that the Master Servicer or the Special Servicer, as applicable, receives no response from the Operating Advisor within ten (10) days following the later of (i) its written request for input on any required consultation (which request is required to include the related Major Decision Reporting Package) and (ii) delivery of all such additional information reasonably requested by the Operating Advisor related to the subject matter of such consultation, the Master Servicer or the Special Servicer, as applicable, shall not be obligated to consult with the Operating Advisor on the specific matter; provided, however, that the failure of the Operating Advisor to respond on any specific matters shall not relieve the Master Servicer or the Special Servicer, as applicable, from its obligation to use reasonable efforts to consult with the Operating Advisor on any future matter with respect to the applicable Mortgage Loan or any other Mortgage Loan. Notwithstanding anything herein to the contrary, with respect to any applicable Excluded Loan related to the Directing Holder, the Master Servicer, the Special Servicer or the related Excluded Special Servicer, as applicable, shall consult with the Operating Advisor, on a non-binding basis, in connection with the related transactions involving proposed Major Decisions that it is processing or for which it must give its consent or for which it must give its consent and consider alternative actions recommended by the Operating Advisor, in respect thereof, in accordance with the procedures set forth in this Section 6.08 for consulting with the Operating Advisor.

 

(d)       The failure of the Directing Holder, the Operating Advisor 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, the Operating Advisor 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 or the Operating Advisor, 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, the Risk Retention Consultation Parties or the Operating Advisor, would otherwise cause the Special Servicer or Master Servicer, as applicable, to violate the terms of any Mortgage Loan, any Intercreditor 

 

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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 or the Operating Advisor, 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, any Risk Retention Consultation Party or the Operating Advisor 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, (i) 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 and (ii) at no time shall the Operating Advisor be entitled to the rights of the “Non-Directing Holder” (or similar term) under the related Intercreditor Agreement.

 

The Directing Holder shall have no 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; 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 

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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 Operating Advisor 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 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.

 

The Starwood
Industrial Portfolio Whole Loan is being serviced pursuant to the GSMS 2020-GC45 Pooling and Servicing Agreement. With
respect to the Starwood Industrial Portfolio Whole Loan, (i) for so long as no Control Appraisal Period is continuing, the
holder of the related Subordinate Companion Loan will be the controlling holder of such Whole Loan and the Trust will have
consultation rights over, among other things, “Major Decisions” pursuant to the GSMS 2020-GC45 Pooling and
Servicing Agreement, and (ii) for so long as a Control Appraisal Period is continuing, the Trust will be the controlling
holder of such Whole Loan and will have consent rights with respect to, among other things, “Major Decisions” pursuant to the GSMS 2020-GC45 Pooling and Servicing Agreement. The Trust Directing Holder will be entitled to exercise such consultation rights (for so long as no Consultation Termination Event is continuing) and such consent rights (for so long as no Control Termination Event is continuing). Regardless of whether a Control Appraisal Period is continuing, the Starwood Industrial Portfolio Whole Loan is expected to continue to be serviced pursuant to the GSMS 2020-GC45 Pooling and Servicing Agreement.

 

(g)      The Master Servicer, the Special Servicer, the Trustee or the Operating Advisor, may from time to time request that the Certificate Administrator provide the name of the then-current Trust Directing Holder for any applicable Mortgage Loan or Serviced Whole Loan. 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 Trust Directing Holder to the Master Servicer, the Special Servicer, the Trustee or the Operating Advisor, but only to the extent the Certificate Administrator has actual knowledge of the identity of the then-current Directing Holder; provided that if the Certificate Administrator does not have actual knowledge of the identity of the then-current Trust Directing Holder, 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 identity of the Trust Directing Holder. Any expenses incurred in 

 

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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 Trust 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 in connection with a request made by the Operating Advisor
in connection with its obligation under this Agreement to deliver a copy of the Operating Advisor Annual Report to the Trust Directing
Holder and (ii) the requesting party has not been notified of the identity of the Trust Directing Holder or reasonably believes
that the identity of the Trust Directing Holder has changed, then such expenses shall be at the expense of the Trust. The Master
Servicer, the Special Servicer, the Trustee and the Operating Advisor, 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 Trust Directing Holder or the list of Holders (or Certificate Owners, if applicable) of the Controlling Class, then the Master Servicer or the Special Servicer, as applicable, shall promptly notify the Trustee, the Certificate Administrator, the Operating Advisor, 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 CREFI 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, the Operating Advisor and each other Certificateholder (or Certificate Owner, if applicable) shall be entitled to rely on such selection unless DBNY (in the case of the VRR1 Risk Retention Consultation Party), JPMCB (in the case of the VRR2 Risk Retention Consultation Party) or CREFI (in the case of the VRR3 Risk Retention Consultation Party), as applicable, shall have notified the Master Servicer, the Special Servicer, the Trustee, the Certificate Administrator, the Operating Advisor and each other Holder of the VRR Interest, 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 VRR Interest 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 VRR Interest 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,

 

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 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 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 AND OPERATING ADVISOR 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 

 

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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; provided, further, however, that such extended period will not apply to the obligations regarding Exchange Act reporting contemplated by Article X;

 

(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 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;

 

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(iv)      a decree or order of a court or agency or supervisory authority having jurisdiction in the premises in an involuntary case under any present or future federal or state bankruptcy, insolvency or similar law for the appointment of a conservator, 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 KBRA (or, in the case of Serviced Companion Loan Securities, any Companion Loan
Rating Agency) has (A) qualified, downgraded or withdrawn its rating or ratings of one or more Classes of Certificates or one
or more classes of Serviced Companion Loan Securities, or (B) placed one or more Classes of Certificates or one or more
classes of Serviced Companion Loan Securities on “watch status” in contemplation of a rating downgrade or
withdrawal (and such qualification, downgrade, withdrawal or “watch status” placement shall not have been withdrawn by Moody’s or KBRA (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

 

(ix)        subject to Section 10.16(c), 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 

 

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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 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 

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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 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; 

 

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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; provided, further, however, that such extended period will not apply to the obligations regarding Exchange Act reporting contemplated by Article X;

 

(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 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 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 

 

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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 KBRA (or, in the case of Serviced Companion Loan Securities, any Companion Loan Rating Agency) has (A) qualified, downgraded or withdrawn its rating or ratings of one or more Classes of Certificates or one or more classes of Serviced Companion Loan Securities, or (B) placed one or more Classes of Certificates or one or more classes of Serviced Companion Loan Securities on “watch status” in contemplation of a rating downgrade or withdrawal (and such qualification, downgrade, withdrawal or “watch status” placement shall not have been withdrawn by Moody’s or KBRA (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)       subject to Section 10.16(c), 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 25% of the aggregate Voting Rights of all Certificates, (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

 

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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.

 

(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

 

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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 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.

 

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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 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 

 

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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 (or, for so long
as no Control Termination Event is continuing, the Directing Holder), or (ii) in the case of the Special Servicer, at least
25% of the aggregate Voting Rights (or, for so long as no Control Termination Event is continuing, the Directing Holder), so
request 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 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.

  

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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), the Operating Advisor, the Asset Representations Reviewer 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), Operating Advisor Termination Event or Asset Representations Reviewer Termination Event 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, Operating Advisor Termination Event or Asset Representations Reviewer Termination Event, unless such Servicer Termination Event, Operating Advisor Termination Event or Asset Representations Reviewer 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 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 and Operating Advisor Termination Events; Termination. The Holders of Certificates evidencing not less than 66-2/3% of the aggregate Voting Rights of the Certificates may, together with each affected Serviced Companion Loan Noteholder (to the extent they are adversely affected by such Servicer Termination Event or Operating Advisor Termination Event, as applicable), on behalf of all Holders of Certificates waive any termination event with respect to the Master Servicer, the Special Servicer or the Operating Advisor (within 20 days of the receipt of notice from the

 

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Certificate Administrator of the occurrence of an Operating Advisor Termination Event) 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 or Operating Advisor Termination Event arising therefrom shall be deemed to have been remedied for every purpose of this Agreement. No such waiver shall extend to any subsequent or other termination event or impair any right consequent thereon. Notwithstanding the foregoing, a Master Servicer Termination Event under Section 7.01(a)(ii) (to the extent such Master Servicer Termination Event relates to the obligations regarding Exchange Act reporting contemplated by Article X) or Section 7.01(a)(ix) or a Special Servicer Termination Event under Section 7.01(b)(ii) (to the extent such Special Servicer Termination Event relates to the obligations regarding Exchange Act reporting contemplated by Article X) or Section 7.01(b)(ix) of this Agreement may be waived only with the consent of the Depositor and each affected Other Depositor.

 

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
notice given with respect to a Nonrecoverable Advance or any determination of nonrecoverability in connection therewith by
the Master Servicer hereunder.

 

Section 7.07   
Termination of the Operating Advisor. (a) An “Operating Advisor Termination Event” means any one of the following events whether any such event shall be voluntary or involuntary or be effected by operation of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation of any administrative or governmental body:

 

(i)          any failure by the Operating Advisor to observe or perform in any material respect any of its covenants or agreements or the material breach of its representations or

 

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warranties under this Agreement, which failure shall continue unremedied for a period of 30 days after the date on which written notice of such failure, requiring the same to be remedied, shall have been given to the Operating Advisor by any party hereto or to the Operating Advisor, the Certificate Administrator and the Trustee by the Holders of Certificates having greater than 25% of the aggregate Voting Rights; provided that with respect to any such failure which is not curable within such 30-day period, the Operating Advisor shall have an additional cure period of thirty (30) days to effect such cure so long as it has commenced to cure such failure within the initial 30-day period and has provided the Trustee and the Certificate Administrator with an Officer’s Certificate certifying that it has diligently pursued, and is continuing to pursue, such cure;

 

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

 

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

 

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

 

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

 

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

 

Upon receipt by the Certificate Administrator of notice of the occurrence of any Operating Advisor Termination Event, the Certificate Administrator shall promptly provide written notice to all Certificateholders by posting such notice on the Certificate Administrator’s Website and by mail, unless the Certificate Administrator has received notice that it has been remedied. If an Operating Advisor Termination Event has occurred then, and in each and every such case, so long as such Operating Advisor Termination Event shall not have been remedied, either (i) the Trustee may or (ii) upon the written direction of holders of Certificates evidencing not less than 25% of the Voting Rights of each Class of Regular Certificates, the Trustee shall,

 

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terminate all of the rights and obligations of the Operating Advisor under this Agreement, other than rights and obligations accrued prior to such termination, including the right to receive all amounts accrued and owing to it under this Agreement, and other than indemnification rights (arising out of events occurring prior to such termination), by notice in writing to the Operating Advisor; provided that no such termination shall be effective until a successor Operating Advisor has been appointed and has assumed all of the obligations of the Operating Advisor under this Agreement. Notwithstanding anything herein to the contrary, the Depositor shall have the right, but not the obligation, to notify the Certificate Administrator and the Trustee of any Operating Advisor Termination Event of which the Depositor has actual knowledge.

 

The holders of
Voting Rights representing at least 25% of the Voting Rights affected by any Operating Advisor Termination Event hereunder
may waive such Operating Advisor Termination Event within twenty (20) days of the receipt of notice from the Certificate
Administrator of the occurrence of such Operating Advisor Termination Event. Upon any such waiver of an Operating Advisor
Termination Event, such Operating Advisor Termination Event shall cease to exist and shall be deemed to have been remedied
for every purpose hereunder. Upon any such waiver of an Operating Advisor Termination Event by Certificateholders, the
Trustee and the Certificate Administrator shall be entitled to recover all costs and expenses incurred by it in connection
with enforcement action taken with respect to such Operating Advisor Termination Event prior to such waiver from the
Trust.

 

(b)        With respect to any Serviced Mortgage Loan, upon (i) the written direction of holders of Certificates evidencing not less than 15% of the aggregate Voting Rights requesting a vote to terminate and replace the Operating Advisor with a proposed successor Operating Advisor that is an Eligible Operating Advisor and (ii) payment by such Holders to the Certificate Administrator of the reasonable fees and expenses to be incurred by the Certificate Administrator in connection with administering such vote, the Certificate Administrator shall promptly provide written notice thereof to the Operating Advisor and to all Certificateholders by (i) posting such notice on the Certificate Administrator’s Website and (ii) mail at their addresses appearing in the Certificate Register. Upon the written direction of Holders of Certificates evidencing more than 50% of the Voting Rights that exercise their right to vote (provided that Holders of at least 50% of the Voting Rights exercise their right to vote), the Trustee shall terminate all of the rights and obligations of the Operating Advisor with respect to the Mortgage Loans under this Agreement (other than rights and obligations accrued prior to such termination including the right to receive all amounts accrued and owing to it under this Agreement and other than indemnification rights arising out of events occurring prior to such termination) by written notice to the Operating Advisor, and the proposed successor operating advisor will be appointed. The provisions set forth in the foregoing sentences of this Section 7.07(b) shall be binding upon and inure to the benefit of solely the Certificateholders and the Trustee as between each other. The Operating Advisor shall not have any cause of action based upon or arising from any breach or alleged breach of such provisions other than may arise, as a result of the failure to comply with the above described voting procedures. As between the Operating Advisor, on the one hand, and the Certificateholders, on the other, the Certificateholders shall be entitled in their sole discretion to vote for the termination or not vote for the termination of the Operating Advisor.

 

The provisions set forth in the foregoing sentences of this Section 7.07(b) shall be binding upon and inure to the benefit of solely the Certificateholders and the Trustee as between

 

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each other. The Operating Advisor shall not have any cause of action based upon or arising from any breach or alleged breach of such provisions other than may arise, as a result of the failure to comply with the above described voting procedures. As between the Operating Advisor, on the one hand, and the Certificateholders, on the other, the Certificateholders shall be entitled in their sole discretion to vote for the termination or not vote for the termination of the Operating Advisor.

 

(c)   
   On or after the receipt by the Operating Advisor of such written notice of termination, subject to the
foregoing, all of its authority and power under this Agreement shall be terminated and, without limitation, the terminated
Operating Advisor shall execute any and all documents and other instruments, and do or accomplish all other acts or things
reasonably necessary or appropriate to effect the purposes of such notice of termination. As soon as practicable, but in no
event later than 15 Business Days after (1) the Operating Advisor resigns pursuant to Section
6.04(a) of this Agreement or (2) the Certificate Administrator delivers such written notice of termination to the
Operating Advisor, the Trustee shall upon the written direction of Holders of Certificates evidencing not less than 25% of
the Voting Rights of each Class of Certificates appoint a successor Operating Advisor that is an Eligible Operating Advisor,
which successor Operating Advisor may be an Affiliate of the Trustee and shall be the proposed Operating Advisor in the case
of a termination pursuant to Section 7.07(b) of this Agreement; provided that
if the Trustee is acting as the successor Master Servicer or successor Special Servicer, neither the Trustee nor any of its
Affiliates shall be the successor Operating Advisor. The Trustee shall provide written notice of the appointment of a
successor Operating Advisor to the Master Servicer, the Special Servicer and the Certificate Administrator (and the
Certificate Administrator shall promptly provide such notice to the Directing Holder, each Serviced Companion Loan Noteholder
and each Certificateholder) within one Business Day of such appointment. The Operating Advisor shall not at any time be the
Depositor, the Master Servicer, the Special Servicer, a Mortgage Loan Seller, an Other Depositor, an Other Servicer, an Other
Special Servicer or an Affiliate of any of them. If any of such entities becomes the Operating Advisor, including by means of
an Affiliation arising after the date hereof, the Operating Advisor shall immediately resign or cause an assignment
under Section 6.04 of this Agreement and the Trustee shall upon the written
direction of Holders of Certificates evidencing not less than 25% of the Voting Rights of each Class of Certificates appoint
a successor Operating Advisor subject to and in accordance with this Section
7.07(c), which successor Operating Advisor may be an Affiliate of the Trustee.

 

(d)       Upon any termination of the Operating Advisor and appointment of a successor to the Operating Advisor, the Trustee shall, as soon as possible, give written notice thereof to the Special Servicer, the Master Servicer, the Certificate Administrator, the Depositor, the Certificateholders, any Serviced Companion Loan Noteholder, the Risk Retention Consultation Parties, 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, if no Consultation Termination Event is continuing, the Directing Holder. If the Operating Advisor is terminated, all of its rights and obligations under this Agreement shall terminate, other than any rights or obligations that accrued prior to the date of such termination (including the right to receive all amounts accrued and owing to it under this Agreement) and other than indemnification rights (arising out of events occurring prior to such termination).

 

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(e)        The parties hereto agree, and the Certificateholders by their acceptance of their Certificates shall be deemed to have agreed, that (i) subject to Article VI, the Operating Advisor shall have no liability to any Certificateholder for any actions taken or for refraining from taking any actions under this Agreement, (ii) the Operating Advisor shall act solely as a contracting party to the extent set forth in this Agreement, (iii) the Operating Advisor shall have no (A) fiduciary duty, or (B) other duty except with respect to its specific obligations under this Agreement, and shall have no duty to any particular Class of Certificates or particular Certificateholders, and (iv) the Operating Advisor does not constitute an “investment adviser” within the meaning of the Investment Advisers Act of 1940, as amended.

 

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

 

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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 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, the Operating Advisor, the Asset Representations Reviewer 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

 

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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 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, the Special Servicer, the
Operating Advisor or the Asset Representations Reviewer 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;

 

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(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,
pursuant to the provisions of this Agreement, unless such Certificateholders 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

 

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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, the Special Servicer or the Operating Advisor, as applicable, if a Servicer Termination Event or Operating Advisor Termination Event shall have occurred and be continuing relating to the Master Servicer, the Special Servicer or the Operating Advisor, respectively, and 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, nominees, custodians or attorneys but shall not be relieved of the obligations hereunder; provided that the Trustee or the Certificate Administrator, as the case may be, may not perform any duties hereunder through any Person that is a Prohibited Party;

 

(vii)    
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.

 

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(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 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 Operating Advisor, the Asset Representations Reviewer, the Master Servicer, or the Special Servicer and the Trustee, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer, the Master Servicer and the Special Servicer assume no responsibility for their correctness. The Trustee, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer, 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

 

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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 this
Agreement); (vi) the compliance by the Depositor, the Master Servicer, the Special Servicer, the Operating Advisor or the
Asset Representations Reviewer 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 Operating Advisor, the Asset Representations Reviewer, 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 deposited in or withdrawn from the
Collection Accounts, any Serviced Whole Loan Collection Account, the Lower-Tier Distribution Account, 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

 

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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.

 

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, the Initial Purchasers and the
Underwriters 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

 

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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 or the Upper-Tier REMIC and the losses, liabilities, damages, claims or expenses (including reasonable attorneys’ fees) incurred or advanced by an Indemnified Party in connection with any litigation arising out of this Agreement attributable to the Lower-Tier REMIC or the Upper-Tier REMIC, 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), the Asset Representations
Reviewer 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).

 

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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
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 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

 

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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 Deutsche Bank
Securities Inc. (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 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(j) and 5.02(c)(vi) 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,

 

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(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

 

(vii)         an
institution whose long-term senior unsecured debt is rated at least “A2” by Moody’s and “A” by
Fitch; 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, (b) its
short-term debt obligations have a short-term rating of not less than “P-2” from Moody’s and
“F1” by Fitch (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 and “A” by Fitch, 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 Operating Advisor, the Asset

 

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Representations Reviewer,
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 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 30 days after the giving of such notice of
resignation, the resigning Trustee or Certificate Administrator, as the case may be, may petition any court of competent jurisdiction
for the appointment of a successor. The Trustee or the Certificate Administrator, as applicable, shall bear all reasonable out
of pocket costs and expenses of each other party hereto and each Rating Agency in connection with its resignation.

  

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 Operating Advisor, the Asset Representations
Reviewer, 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

 

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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 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-B16 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series 2020-B16 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-B16 Mortgage Trust Commercial
Mortgage Pass-Through Certificates, Series 2020-B16 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, (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 and the Operating Advisor and (iii) during the

 

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continuance of a Consultation Termination Event, after
consultation with the Operating Advisor and the reasonable cooperation (as determined by the Depositor) of the Depositor.

 

Section 8.08          Successor
Trustee and Certificate Administrator. (a) Any successor trustee or certificate administrator shall execute, acknowledge
and deliver to the Depositor, the Operating Advisor, the Asset Representations Reviewer, 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 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.

 

(c)           Neither the Asset Representations Reviewer nor any of its Affiliates may be appointed as successor trustee or certificate
administrator.

 

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

 

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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 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

 

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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.

 

Article IX

TERMINATION

 

Section 9.01         
Termination. (a) The respective obligations and responsibilities of the Master Servicer, the Special Servicer, the
Depositor, the Operating Advisor, the Asset Representations Reviewer, the Certificate Administrator and the Trustee created hereby
with respect to the Certificates (other than the obligations of the Certificate Administrator to make certain payments and to send
certain notices to Certificateholders as hereinafter set forth) shall terminate upon payment (or provision for payment) to the
Certificateholders 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 earlier to occur of (i) the purchase of the Mortgage Loans and all other property held by the Trust Fund in accordance with
Section 9.01(c) of this Agreement; (ii) the exchange by the Sole Certificateholder of its Certificates for the Mortgage
Loans in accordance with Section 9.01(g) of this Agreement; and (iii) the later of (a) the receipt or collection of
the last payment due on any Mortgage Loan included in the Trust Fund, or (b) the liquidation and disposition pursuant to this Agreement
of the last asset held by 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.

 

For purposes of this
Section 9.01, the Sole Certificateholder shall have the first option to terminate the Trust Fund, pursuant to Section 9.01(g),
and then the Certificateholder owning a majority of the Percentage Interests in the Controlling Class, the Special Servicer and
the Master Servicer, in that order, shall have the option to terminate the Trust Fund pursuant to subsection (c). For
purposes of this Section 9.01, the Directing Holder with the consent of the Holders of the Controlling Class, shall
act on behalf of the Holders of the Controlling Class in purchasing the assets of the Trust Fund and terminating the Trust.

 

(b)           The Trust Fund, the Lower-Tier REMIC and the Upper-Tier REMIC shall be terminated and the assets of the Trust Fund shall
be sold or otherwise disposed of in

 

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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 and the Upper-Tier REMIC shall terminate on a Distribution Date occurring
not more than 90 days following the date of adoption of the plan of complete liquidation. For purposes of this Section 9.01(b),
the Notice of Termination given pursuant to Section 9.01(c) of this Agreement shall constitute the adoption of
the plan of complete liquidation as of the date such notice is given, which date shall be specified by the Certificate
Administrator in the final federal income tax returns of the Upper-Tier REMIC and the Lower-Tier REMIC. Notwithstanding the
termination of the Lower-Tier REMIC, 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 for the period ending with such termination, and shall
retain books and records with respect to such Trust REMICs 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)           The Certificateholder owning a majority of the Percentage Interest of the Controlling Class and, if no such Certificateholder
exercises such option, the Special Servicer, and if the Special Servicer does not exercise such option, the Master Servicer may
effect an early termination of the Trust Fund, upon not less than 30 days’ prior Notice of Termination given to the
Trustee, the Special Servicer and the Master Servicer any time specifying the Anticipated Termination Date, which shall be on or
after the Early Termination Notice Date, by purchasing on such date all, but not less than all, of the Mortgage Loans then included
in the Trust Fund, and the Trust’s interest in all property acquired in respect of any Mortgage Loan, at a purchase price,
payable in cash, equal to the sum of, without duplication:

 

(i)            100% of the Stated Principal Balance of each Mortgage Loan included in the Trust as of the last day of the month preceding
such Anticipated Termination Date (less any P&I Advances previously made on account of principal);

 

(ii)           the fair market value of all other property included in the Trust Fund as of the last day of the month preceding such Anticipated
Termination Date, as determined by an Independent appraiser acceptable to the Master Servicer as of a date not more than 30 days
prior to the last day of the month preceding such Distribution Date;

 

(iii)          all unpaid interest accrued on the unpaid balance of each Mortgage Loan (including any Mortgage Loan as to which title to
the related Mortgaged Property has been acquired) at the Mortgage Rate to the last day of the month preceding such Anticipated
Termination Date (less any P&I Advances previously made on account of interest); and

 

(iv)          the aggregate amount of unreimbursed Advances, with interest thereon at the Reimbursement Rate, and unpaid Servicing Compensation,
Special Servicing Compensation, Operating Advisor Fees, Certificate Administrator/Trustee Fees, the CREFC® Intellectual
Property Royalty License Fees and Trust Fund expenses.

 

If the Certificateholder
owning a majority of the Percentage Interests in the Controlling Class, the Master Servicer or the Special Servicer purchases all
of the Mortgage

 

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Loans and all property acquired in
respect of any Mortgage Loan remaining in the Trust Fund in accordance with this Section 9.01(c), the
Certificateholder owning a majority of the Percentage Interests in the Controlling Class, the Master Servicer or the Special
Servicer, as applicable, shall deposit in the Lower-Tier Distribution Account, as applicable, not later than the Master
Servicer Remittance Date relating to the Anticipated Termination Date on which the final distribution on the Certificates is
to occur, an amount in immediately available funds equal to the above-described purchase price (exclusive of any portion
thereof payable to any Person other than the Certificateholders pursuant to Section 3.05(a) of this Agreement,
which portion shall be deposited in the Collection Account). In addition, the Master Servicer shall transfer to the
Certificate Administrator for deposit in the Lower-Tier Distribution Account, as applicable, all amounts required to be
transferred thereto on the Master Servicer Remittance Date from the Collection Account, together with any other amounts on
deposit in the Collection Account that would otherwise be held for future distribution. Upon confirmation by the Master
Servicer in writing that it has transferred all such amounts to the Certificate Administrator, the Custodian shall release or
cause to be released to the Certificateholder owning a majority of the Percentage Interests in the Controlling Class, the
Master Servicer or the Special Servicer, as applicable, the Mortgage Files for the remaining Mortgage Loans and shall
execute all assignments, endorsements and other instruments furnished to it by such purchasing party as shall be necessary to
effectuate transfer of the Mortgage Loans and all property acquired in respect of any Mortgage Loan remaining in the Trust
Fund, and the Trust Fund shall be liquidated in accordance with this Article IX.

 

For purposes of this
Section 9.01, the Directing Holder with the consent of the Holders of the Controlling Class, shall act on behalf of
the Holders of the Controlling Class in purchasing the assets of the Trust Fund and terminating the Trust.

 

As a condition to the
purchase of the assets of the Trust Fund pursuant to this Section 9.01(c), the purchaser shall deliver to the Trustee
and the Certificate Administrator an Opinion of Counsel, which shall be at the expense of such purchaser, stating that such termination
will be a “qualified liquidation” under Section 860F(a)(4)(A) of the Code. All costs and expenses incurred by any and
all parties to this Agreement or by the Trust Fund in connection with the purchase of the Mortgage Loans and other assets of the
Trust Fund pursuant to this Section 9.01(c) shall be borne by the party exercising its purchase rights hereunder. The
Trustee and the Certificate Administrator shall be entitled to rely conclusively on any determination made by an Independent appraiser
pursuant to this subsection (c).

 

(d)           If the Trust Fund has not been previously terminated pursuant to subsection (c) of this Section 9.01, the Certificate
Administrator shall determine as soon as practicable the Distribution Date on which the Certificate Administrator reasonably anticipates,
based on information with respect to the Mortgage Loans previously provided to it, that the final distribution will be made to
the Holders of outstanding Certificates, notwithstanding that such distribution may be insufficient to distribute in full the Certificate
Balance of each Class of Certificates, together with amounts required to be distributed on such Distribution Date pursuant to Section 4.01(b)
of this Agreement; provided that, if no such Classes of Certificates are then outstanding, the final distribution shall
be made (i) to the Holders of the Class R Certificates (in respect of the Class LTR Interest) of any amount remaining in the Collection
Accounts, the

 

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Lower-Tier Distribution Account, and (ii) to the Holders of the Class R Certificates (in respect of the Class UTR
Interest) of any amount remaining in the Upper-Tier Distribution Account.

 

(e)           Notice of any termination of the Trust Fund pursuant to this Section 9.01 shall be mailed by the Certificate
Administrator to Certificateholders (with a copy to the Trustee, the Master Servicer, the Special Servicer, the Mortgage Loan Sellers,
the Operating Advisor, the Asset Representations Reviewer, 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)), at their addresses shown in the Certificate Registrar not more than 30 days, and not less than ten days,
prior to the Anticipated Termination Date. The notice mailed by the Certificate Administrator to Certificateholders shall:

 

(i)            specify the Anticipated Termination Date on which the final distribution is anticipated to be made to Holders of Certificates
of the Classes specified therein;

 

(ii)           specify the amount of any such final distribution, if known; and

 

(iii)          state that the final distribution to Certificateholders will be made only upon presentation and surrender of Certificates
at the office of the Paying Agent therein specified.

 

If the Trust Fund is not terminated on
any Anticipated Termination Date for any reason, the Certificate Administrator shall promptly mail notice thereof to each Certificateholder.

 

(f)            Any funds not distributed on the Termination Date because of the failure of any Certificateholders to tender their Certificates
shall be set aside and held in trust for the account of the appropriate non-tendering Certificateholders, whereupon the Trust Fund
shall terminate. If any Certificates as to which notice of the Termination Date has been given pursuant to this Section 9.01
shall not have been surrendered for cancellation within six months after the time specified in such notice, the Certificate Administrator
shall mail a second notice to the remaining Certificateholders, at their last addresses shown in the Certificate Register, to surrender
their Certificates for cancellation in order to receive, from such funds held, the final distribution with respect thereto. If
within one year after the second notice any Certificate shall not have been surrendered for cancellation, the Certificate Administrator
may, directly or through an agent, take appropriate steps to contact the remaining Certificateholders concerning surrender of their
Certificates. The costs and expenses of maintaining such funds and of contacting Certificateholders shall be paid out of the assets
which remain held. If within two years after the second notice any Certificates shall not have been surrendered for cancellation,
the Paying Agent shall pay to the 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.

 

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(g)           Following
the date on which the Class X-A Notional Amount, the Class X-B Notional Amount and the Class X-D Notional Amount, and the
aggregate Certificate Balance of the Class A-1, Class A-2, Class A-3, Class A-SB, Class A-4, Class A-5, Class A M, Class B,
Class C, Class D and Class E Certificates is reduced to zero, the Sole Certificateholder shall have the right to exchange all
of the then-outstanding Certificates (other than the Class R Certificates) for all of the Mortgage Loans and each REO
Property remaining in the Trust Fund as contemplated by clause (ii) of Section 9.01(a) by giving written notice
to all the parties hereto no later than 60 days prior to the anticipated date of exchange; provided that such Sole
Certificateholder pays to the Certificate Administrator as additional compensation an amount equal to one day of interest
calculated at the Prime Rate on the aggregate Certificate Balance of the Principal Balance Certificates as of the first day
of the current calendar month and such Sole Certificateholder pays to the Master Servicer as additional compensation an
amount equal to (i) the product of (a) the Prime Rate, (b) the aggregate Certificate Balance of the then outstanding
Certificates (other than any Class of Class X Certificates and the Class R Certificates) as of the date of the exchange and
(c) three, divided by (ii) 360, for the Mortgage Loans and any REO Properties remaining in the Trust Fund and such payments
shall be treated as made by the Sole Certificateholder directly to the Certificate Administrator and the Master Servicer and
not through or by either of the Trust REMICs. If the Sole Certificateholder elects to exchange all of the then-outstanding
Certificates (other than the Class R Certificates) for all of the Mortgage Loans and each REO Property remaining in the Trust
Fund in accordance with the preceding sentence, such Sole Certificateholder, not later than the Distribution Date on which
the final distribution on the Certificates is to occur, shall deposit in the Collection Account an amount in
immediately available funds equal to all amounts due and owing to the Depositor, the Master Servicer, the Special Servicer,
the Certificate Administrator, the Operating Advisor and the Trustee hereunder through the date of the liquidation of the
Trust Fund that may be withdrawn from the Collection Account, or an escrow account acceptable to the respective parties
hereto, pursuant to Section 3.06(a) of this Agreement or that may be withdrawn from the Distribution Accounts
pursuant to Section 3.06(g) of this Agreement, but only to the extent that such amounts are not already on
deposit in the Collection Account. In addition, the Master Servicer shall transfer all amounts required to be transferred to
the Certificate Administrator for deposit in the Lower-Tier Distribution Account on such Servicer Remittance Date from the
Collection Account pursuant to Section 3.05 of this Agreement. Upon confirmation from the Certificate
Administrator that such final deposits have been made and following the surrender of all the then-outstanding Certificates
(other than the Class R Certificates) on the final Distribution Date to the Certificate Administrator, the Custodian shall
upon receipt of a Request for Release from the Master Servicer, release to the Sole Certificateholder or any designee
thereof, the Mortgage Files for the remaining Mortgage Loans and shall execute all assignments, endorsements and other
instruments furnished to it by the Sole Certificateholder as shall be necessary to effectuate transfer of the Mortgage
Loans and REO Properties remaining in the Trust Fund and the Trust Fund shall be liquidated in accordance with this Article IX.
The remaining Mortgage Loans and REO Properties are deemed distributed to the Sole Certificateholder in liquidation of the
Trust Fund pursuant to this Article IX. Solely for federal income tax purposes, the Sole Certificateholder shall
be deemed to have purchased the assets of the Lower-Tier REMIC for an amount equal to the remaining Certificate Balance of
its Certificates (other than the Class R Certificates), plus accrued, unpaid interest with respect thereto, and the
Certificate Administrator shall credit such amounts against amounts distributable in respect of the Lower-Tier Regular
Interests and such Certificates.

 

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(h)           [Reserved.]

 

(i)            The duties of the Operating Advisor under this Agreement will terminate, without cost or expense to the Operating Advisor,
upon termination of the Trust Fund.

 

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-B16 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series 2020-B16 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 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 Operating Advisor, the Asset Representations Reviewer, 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

 

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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 (i) such Other Depositor or Other Trustee, as
applicable, has provided written notice as soon as reasonably practicable and, concurrently with such written notice,
obtained verbal confirmation of receipt of such written notice, in each case, in accordance with Section 11.05 of
this Agreement and (ii) 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 (ii) 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, Operating
Advisor, the Asset Representations Reviewer, 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 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

 

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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 Prospectus (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 Prospectus 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 Prospectus 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-B16 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 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.

 

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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 the Trust is subject to the reporting
requirements of the Exchange Act and 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 the Depositor and 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 the Trustee, the Certificate
Administrator and the Depositor (and 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 the Trustee, the Certificate Administrator and the Depositor (and 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 the Depositor (or 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 Class of Certificates or 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 case may be, or their
respective counsel, in connection with the information concerning such party in the Prospectus and/or any other disclosure
materials relating to this Trust.

 

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Section 10.04        Information
to be Provided by the Trustee. (a) For so long as the Trust 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 Depositor and 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 Depositor, and 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 Depositor, and to the Other Depositor related to any Other
Securitization that includes a Serviced Companion Loan, all information reasonably requested by the Depositor, or 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
Class of Certificates or 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 Prospectus and/or any
other disclosure materials relating to this Trust.

 

Section 10.05   
   Filing Obligations. (a) Each of the Master Servicer, the Special Servicer, the Operating Advisor,
the Asset Representations Reviewer, the Certificate Administrator and the Trustee shall, and each of the Master Servicer, the
Special Servicer, the Operating Advisor, the Asset Representations Reviewer, 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 the Certificate Administrator and the Depositor (and any Other Trustee or Other Depositor related
to any Other Securitization that includes a Serviced Companion Loan) in connection with the Certificate Administrator’s
and Depositor’s (or such Other Trustee’s or Other Depositor’s) good faith efforts to satisfy the
Trust’s (or 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
calendar quarter following receipt of such notice from the Other Depositor, or the updated

 

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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 and Form ABS-EE Filings. Within 15 days after each Distribution Date (subject to
permitted extensions under the Exchange Act), the Certificate Administrator shall prepare and file on behalf of the Trust any
Form 10-D and Form ABS-EE

 

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required by the Exchange Act and the rules
and regulations of the Commission thereunder, in form and substance as required by the Exchange Act and such rules and regulations;
provided that, in connection with the filing of the Prospectus and the Preliminary Prospectus with respect to the Public
Certificates, the Depositor shall file any related Form ABS-EE required to be filed with the Commission and incorporated by reference
into each such document. A duly authorized representative of the Depositor shall sign each Form 10-D filed on behalf of the Trust.
The Certificate Administrator shall file each Form 10-D with a copy of the related Distribution Date Statement attached thereto;
provided that the Certificate Administrator shall redact from such Distribution Date Statement any information relating
to the ratings of the Certificates and the identity of the Rating Agencies. Any disclosure in addition to the Distribution Date
Statement that is required to be included on Form 10-D and/or Form ABS-EE (“Additional Form 10-D Disclosure”) shall, pursuant to the paragraph immediately below, be reported by the parties set forth on Schedule
IV and directed to the Certificate Administrator and the Depositor for approval by the Depositor. The Certificate Administrator
will have no duty or liability for any failure hereunder to determine or prepare any Additional Form 10-D Disclosure (other than
such Additional Form 10-D Disclosure which is to be reported by it as set forth on Schedule IV) absent such reporting, direction
and approval after the date hereof. The Certificate Administrator shall include in any Form 10-D filed by it, without limitation,
to the extent such information is provided to the Certificate Administrator by the Depositor for inclusion therein, (i) the
information required by Rule 15Ga-1(a) under the Exchange Act concerning all assets of the Trust that were subject
of a demand to repurchase or replace for breach of the representations and warranties, (ii) a reference to the most recent
Form ABS-15G filed by the Depositor and each Mortgage Loan Seller, if applicable, and the Commission assigned “Central
Index Key” number for each such filer and (iii) incorporate by reference the Form ABS-EE filing for the related reporting
period (which Form ABS-EE disclosures shall be filed at the time of each filing of the applicable report on Form 10-D with respect
to each Mortgage Loan that was part of the Mortgage Pool during any portion of the related reporting period). The Certificate Administrator
and the Depositor shall be entitled together to determine the manner of the presentation of such information (including the dates
as of which such information is presented) in accordance with applicable laws and regulations.

 

For so long as the Trust
is subject to the reporting requirements of the Exchange Act and for so long as any Other Securitization that includes a Serviced
Companion Loan is subject to the reporting requirements of the 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 the Certificate Administrator and
the Depositor (and in the case of any Servicing Function Participant with a copy to the Master Servicer) (and 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, (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 and (iii) the Certificate

 

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Administrator shall, at any time
prior to filing the related Form 10-D, provide prompt notice to the Depositor to the extent that the Certificate
Administrator is notified of an event reportable on Form 10-D for which it has not received the necessary Additional Form
10-D Disclosure from the applicable party. No later than the 7th calendar day after the Distribution Date, the Depositor will
approve, as to form and substance, or disapprove, as the case may be, the inclusion of the Additional Form 10-D Disclosure on
Form 10-D or (in the case of asset-level information required by Item 1A on Form 10-D) Form ABS-EE with respect to the Trust; provided
that if the Certificate Administrator does not receive a response from the Depositor by such time the Depositor will be
deemed to have consented to the inclusion of such Additional Form 10-D Disclosure. Other than to the extent provided for in
clause (iii) above, 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. The Depositor will be responsible for any reasonable fees assessed
and any expenses incurred by the Certificate Administrator in connection with including any Additional Form 10-D Disclosure
on Form 10-D or (in the case of asset-level information required by Item 1A on Form 10-D) Form ABS-EE with respect to the
Trust pursuant to this paragraph.

 

After preparing the Form
10-D, the Certificate Administrator shall forward electronically a copy of the Form 10-D to the Depositor for review and approval;
provided that the Certificate Administrator shall use its reasonable best efforts to provide such copy to the Depositor
by the 8th day after the Distribution Date. No later than the end of business on the 4th Business Day prior to the filing date,
the Depositor shall notify the Certificate Administrator in writing (which may be furnished electronically) of any changes to or
approval of such Form 10-D, and no later than the 2nd Business Day prior to the filing, a duly authorized representative of the
Depositor shall sign the Form 10-D and return an electronic or fax copy of such signed Form 10-D (with an original executed hard
copy to follow by overnight mail) to the Certificate Administrator. The Certificate Administrator shall file such Form 10-D, upon
signature thereof as provided in Section 10.16, not later than (i) 5:30 p.m. (New York City time) on the
15th calendar day after the related Distribution Date or (ii) if agreed to prior to the time set forth in clause (i)
above, such other time as the Depositor and the Certificate Administrator mutually agree is permitted by the Commission for the
filing such Form 10-D. If a Form 10-D cannot be filed on time or if a previously filed Form 10-D needs to be amended, the Certificate
Administrator shall follow the procedures set forth in Section 10.10(b). After filing with the Commission, the Certificate
Administrator shall, pursuant to Section 4.02(b), make available on the Certificate Administrator’s website a
final executed copy of each Form 10-D prepared and filed by the Certificate Administrator. The parties to this Agreement acknowledge
that the performance by the Certificate Administrator of its duties under this Section 10.06 related to the timely
preparation and filing of Form 10-D is contingent upon such parties (and any Additional Servicer or Servicing Function Participant)
observing all applicable deadlines in the performance of their duties under this Section 10.06. The Certificate Administrator
shall have no liability for any loss, expense, damage, claim arising out of or with respect to any failure to properly prepare
or file such Form 10-D where such failure results from the Certificate Administrator’s inability or failure to receive on
a timely basis any information from any other party hereto needed to prepare, arrange for execution or file such Form 10-D, not
resulting from its own negligence, bad faith or willful misconduct.

 

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Form 10-D requires
the registrant to indicate (by checking “yes” or “no”) that it “(1) has filed all reports
required to be filed by Section 13 or 15(d) of the Exchange Act during the preceding 12 months (or for such shorter
period that the registrant was required to file such reports) and (2) has been subject to such filing requirements for the
past 90 days.” The Depositor shall notify the Certificate Administrator in writing via email to cts.sec.notifications@wellsfargo.com,
no later than the 5th calendar day after the related Distribution Date during any year in which the Trust is required to
file a Form 10-D if the answer to the questions should be “no”; provided that if the failure of the
Depositor to have filed such required reports arises in connection with the securitization contemplated by this Agreement,
then the Certificate Administrator shall be deemed to have notice of such failure (only with respect to Exchange Act reports
prepared or required to be prepared and filed by the Certificate Administrator) without being notified by the Depositor; provided, further,
that in connection with the delivery of any notice contemplated by this sentence, the Depositor may instruct the Certificate
Administrator that such notice shall be effective for a period (not to exceed 12 months) from the date of such notice, in
which case no further notice from the Depositor shall be required during such specified period. The Certificate Administrator
shall be entitled to rely on such notifications in preparing, executing and/or filing any Form 10-D.

 

The Depositor hereby
directs the Certificate Administrator to include the following individual’s name and phone number on the cover of Forms 10-D
and ABS-EE for each reporting period: Name: Lainie Kaye, Telephone: (212) 504-6678. The Certificate Administrator may rely without
further investigation that this information remains correct unless and until the Depositor provides the Certificate Administrator
with a new individual’s name and phone number in writing.

 

Upon receipt of an Asset
Review Report Summary from the Asset Representations Reviewer required to be delivered pursuant to Section 11.01(b),
the Certificate Administrator shall include such Asset Review Report Summary under Item 1B on the Form 10-D for such reporting
period in which the Asset Review Report Summary was received by the Certificate Administrator.

 

To the extent the Certificate
Administrator receives a Communication Request from any Certificateholder or Certificate Owner to communicate with other Certificateholders
or Certificate Owners pursuant to Section 5.05, the Certificate Administrator shall include under Item 1B on the Form
10-D relating to the reporting period in which such request was received a Special Notice regarding the request to communicate,
and such Special Notice is required to include the following and no more than the following: (a) the name of the Certificateholder
or Certificate Owner making the request, (b) the date the request was received, (c) a statement to the effect that the Certificate
Administrator has received such request, stating that such Certificateholder or Certificate Owner is interested in communicating
with other Certificateholders or Certificate Owners with regard to the possible exercise of rights under this Agreement, and (d)
a description of the method other Certificateholders or Certificate Owners may use to contact the requesting Certificateholder
or Certificate Owner. It is hereby understood that a disclosure in substantially the following form shall be deemed to satisfy
the requirements in the preceding sentence:

 

On [date], the Certificate Administrator
received from [name], a Certificateholder or Certificate Owner, a request to communicate

 

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with other Certificateholders and Certificate
Owners in the securitization transaction to which this report on Form 10-D relates (the “Securitization”). The
requesting Certificateholder or Certificate Owner is interested in communicating with other Certificateholders and Certificate
Owners with regard to the possible exercise of rights under the pooling and servicing agreement governing the Securitization. Other
Certificateholders and Certificate Owners may contact the requesting Certificateholder or Certificate Owner at [telephone number],
[email address] and/or [mailing address].

 

At the time
required under Section 10.06, the Certificate Administrator shall file each Form ABS-EE with a copy of the
related CREFC® Schedule AL File received by the Certificate Administrator pursuant to Section 3.13(a)
as Exhibit 102 thereto. To the extent the Certificate Administrator receives any Schedule AL Additional File with respect to
such Form ABS-EE pursuant to Section 3.13(a), the Certificate Administrator shall file such Schedule AL
Additional File as Exhibit 103 to such Form ABS-EE. The Certificate Administrator shall not be required to combine multiple
CREFC® Schedule AL Files or Schedule AL Additional Files. The Certificate Administrator shall not be required
to review, redact, reconcile, edit or verify the content, completeness or accuracy of the information contained in any
CREFC® Schedule AL File or Schedule AL Additional File. The Certificate Administrator shall not be deemed to
have actual knowledge of the contents of any CREFC® Schedule AL File or Schedule AL Additional File solely by
its receipt thereof.

 

After preparing the Forms
10-D and ABS-EE with respect to the Trust, the Certificate Administrator shall forward electronically copies of such Forms 10-D
and ABS-EE (together with the related CREFC® Schedule AL File and any Schedule AL Additional File received by the
Certificate Administrator) to the Depositor for review no later than seven (7) calendar days after the related Distribution Date
or, if the 7th calendar day after the related Distribution Date is not a Business Day, the immediately preceding Business Day.
The Master Servicer shall reasonably cooperate with the Depositor to answer any questions that the Depositor may pose to the Master
Servicer regarding the data or information contained in, or omitted from, any CREFC® Schedule AL File or Schedule
AL Additional File (other than questions regarding (1) the accuracy as of the Closing Date of data that had been included in the
Initial Schedule AL File, the Initial Schedule AL Additional File or the Annex A-1 to the Prospectus or (2) changes made to such
CREFC® Schedule AL File or Schedule AL Additional File by the Certificate Administrator following receipt from the
Master Servicer). Any such questions for the Master Servicer related to the filing shall be directed to Midland Loan Services,
a Division of PNC Bank, National Association at the email address provided with the submission of the CREFC® Schedule AL File
and Schedule AL Additional File (or such other email address or phone number provided to the Certificate Administrator and Depositor
by written notice from the Master Servicer). The Certificate Administrator, the Master Servicer and the Depositor shall each, to
the extent related to such party’s obligations hereunder, reasonably cooperate to remedy any filing errors regarding any
CREFC® Schedule AL File or any Schedule AL Additional File as soon as possible. Within four (4) Business Days after
receipt of copies of such Forms 10-D and ABS-EE from the Certificate Administrator, but no later than two (2) Business Days prior
to the 15th calendar day after the related Distribution Date, the Depositor shall notify the Certificate

 

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Administrator in writing (which may
be furnished electronically) of any changes to or approval of such Form 10-D and Form ABS-EE, respectively, and an officer of
the Depositor shall sign the Form 10-D and Form ABS-EE with respect to the Trust and return an electronic or fax copy of each
of the signed Form 10-D and Form ABS-EE (with an original executed hard copy to follow by overnight mail) to the Certificate
Administrator. Upon receipt of such signed Form 10-D and Form ABS-EE (in electronic form or by fax copy), the Certificate
Administrator shall deem such reports to be approved by the Depositor and shall proceed with filing such reports with the
Commission. If a Form 10-D or Form ABS-EE with respect to the Trust cannot be filed on time or if a previously filed Form
10-D or Form ABS-EE with respect to the Trust needs to be amended, the Certificate Administrator will follow the procedures
set forth in Section 10.10(b) of this Agreement. Promptly after filing with the Commission, the Certificate
Administrator will make available on its internet website a final executed copy of each Form 10-D and Form ABS-EE with
respect to the Trust prepared and filed by the Certificate Administrator. The signing party at the Depositor can be contacted
at Deutsche Mortgage & Asset Receiving Corporation at 60 Wall Street, New York, New York 10005, Attention: Lainie Kaye,
with copies via email to cmbs.requests@db.com, or such other address as the Depositor may direct. The parties to this
Agreement acknowledge that the performance by the Certificate Administrator of its duties under this Section 10.06
related to the timely preparation and filing of Form 10-D and Form ABS-EE with respect to the Trust is contingent upon such
parties observing all applicable deadlines in the performance of their duties under this Section 10.06. The
Certificate Administrator shall have no liability for any loss, expense, damage, or claim arising out of or with respect to
any failure to properly prepare, arrange for execution and/or timely file any Form 10-D or Form ABS-EE with respect to the
Trust, where such failure results because required disclosure information was either not delivered to the Certificate
Administrator or delivered to the Certificate Administrator after the delivery deadlines set forth in this Agreement, not
resulting from its own negligence, bad faith or willful misconduct.

 

Section 10.07     
Form 10-K Filings. Within 90 days after the end of each fiscal year of the Trust or such earlier date as may
be required by the Exchange Act (the “10-K Filing Deadline”) (it being understood that the fiscal year for the
Trust ends on December 31st of each year), commencing with fiscal year 2020, the Certificate Administrator shall prepare and
file on behalf of the Trust a Form 10-K, in form and substance as required by the Exchange Act. Each such Form 10-K shall include
the following items, in each case to the extent they have been delivered to the Certificate Administrator within the applicable
time frames set forth in this Agreement:

 

(i)            an annual compliance statement for each applicable Certifying Servicer, as described under Section 10.11;

 

(ii)           (A) the annual reports on assessment of compliance with servicing criteria for each applicable Reporting Servicer,
as described under Section 10.12, and (B) if any Reporting Servicer’s report on assessment of compliance
with servicing criteria described under Section 10.12 identifies any material instance of noncompliance, disclosure
identifying such instance of noncompliance (including whether such instance of noncompliance involved the servicing of the assets
backing the Certificates issued pursuant to this Agreement and any steps taken to remedy such instance of noncompliance), or if
any Reporting Servicer’s report on assessment of compliance with

 

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servicing criteria described under Section 10.12
is not included as an exhibit to such Form 10-K, disclosure that such report is not included and an explanation as to why such
report is not included;

 

(iii)          (A) the registered public accounting firm attestation report for each Reporting Servicer, as described under Section 10.13,
and (B) if any registered public accounting firm attestation report described under Section 10.13 identifies any
material instance of noncompliance, disclosure identifying such instance of noncompliance, or if any such registered public accounting
firm attestation report is not included as an exhibit to such Form 10-K, disclosure that such report is not included and an explanation
as to why such report is not included; and

 

(iv)         a
Sarbanes-Oxley Certification as described in Section 10.08.

  

Any
disclosure or information in addition to (i) through (iv) above that is required to be included on Form 10-K
(“Additional Form 10-K Disclosure”) shall, pursuant to the paragraph immediately below, be reported by the
parties set forth on Schedule V hereto to the Depositor and the Certificate Administrator (and to any Other Depositor
or Other Trustee related to any Other Securitization that includes a Serviced Companion Loan) and approved by the Depositor
(and such Other Depositor), and the Certificate Administrator (or such Other Trustee) will have no duty or liability for any
failure hereunder to determine or prepare any Additional Form 10-K Disclosure (other than such Additional Form 10-K
Disclosure which is to be reported by it as set forth on Schedule V) absent such reporting and approval.

 

Not later than 10 Business
Days after the end of each fiscal year for which the Trust (or any Other Securitization that includes a Serviced Companion Loan)
is required to file a Form 10-K, the Master Servicer, the Special Servicer, the Operating Advisor, the Asset Representations Reviewer,
the Certificate Administrator and the Trustee shall provide the other parties to this Agreement and the Mortgage Loan Sellers
(and the parties to any Other Pooling and Servicing Agreement with respect to any Other Securitization that includes such Serviced
Companion Loan) with written notice of the name and address of each Servicing Function Participant retained by such party. Not
later than the end of each year for which the Trust is required to file a Form 10-K, (i) the Certificate Administrator shall
upon request provide to each Mortgage Loan Seller, Other Depositor and Other Trustee 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 related Mortgage Loan Seller, Other Depositor and Other Trustee
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, as applicable, including the name and address of any new Sub-Servicer
that is a Servicing Function Participant or an Additional Servicer.

 

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

 

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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 the
Trust (or 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 2020 (i) the parties listed on Schedule V hereto shall
be required to provide to the Certificate Administrator and the Depositor (and in the case of any Servicing Function
Participant with a copy to the Master Servicer) (and 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 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-K Disclosure described on Schedule V applicable to such party,
(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 and (iii) the Certificate
Administrator shall, at any time prior to filing the related Form 10-K, provide prompt notice to the Depositor to the extent
that the Certificate Administrator is notified of an event reportable on Form 10-K for which it has not received the
necessary Additional Form 10-K Disclosure from the applicable party. No later than March 10th, the Depositor will
approve, as to form and substance, or disapprove, as the case may be, the inclusion of the Additional Form 10-K Disclosure on
Form 10-K; provided that if the Certificate Administrator does not receive a response from the Depositor by such
time the Depositor will be deemed to have consented to the inclusion of such Additional Form 10-K Disclosure. Other than to
the extent provided for in clause (iii) above, 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. The Depositor will be responsible for
any reasonable fees assessed and any expenses incurred by the Certificate Administrator in connection with including any
Additional Form 10-K Disclosure on Form 10-K pursuant to this paragraph.

 

After preparing the Form
10-K, on or prior to the 6th Business Day prior to the 10-K Filing Deadline, the Certificate Administrator shall forward electronically
a copy of the Form 10-K to the Depositor for review and approval. Within three Business Days after receipt of such copy, but no
later than March 24th, the Depositor shall notify the Certificate Administrator in writing (which may be furnished electronically)
of any changes to or approved of such Form 10-K. No later than 5:00 p.m., New York City time, on the 4th Business Day prior
to the 10-K Filing Deadline, a senior officer in charge of securitization of the Depositor shall sign the Form 10-K and return
an electronic or fax copy of such signed Form 10-K (with an original executed hard copy to follow by overnight mail) to the Certificate
Administrator. The Certificate Administrator shall file such Form 10-K, upon signature thereof as provided in

 

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Section 10.16,
not later than (i) 5:30 p.m. (New York City time) on the 10-K Filing Deadline or (ii) such other time as the Depositor
and the Certificate Administrator mutually agree is permitted by the Commission for the filing such Form 10-K, of each year in
which a report on Form 10-K is required to be filed by the Trust. If a Form 10-K cannot be filed on time or if a previously filed
Form 10-K needs to be amended, the Certificate Administrator will follow the procedures set forth in Section 10.10(b).
After filing with the Commission, the Certificate Administrator shall, pursuant to Section 4.02(b), make available
on its internet website a final executed copy of each Form 10-K prepared and filed by the Certificate Administrator. The parties
to this Agreement acknowledge that the performance by the Certificate Administrator of its duties under this Section 10.07
related to the timely preparation and filing of Form 10-K is contingent upon such parties (and any Additional Servicer or Servicing
Function Participant) observing all applicable deadlines in the performance of their duties under this Article X. The
Certificate Administrator shall have no liability with respect to any failure to properly prepare or file such Form 10-K resulting
from the Certificate Administrator’s inability or failure to receive from any other party any information needed to prepare,
arrange for execution or file such Form 10-K on a timely basis, not resulting from its own negligence, bad faith or willful misconduct.

 

Form 10-K requires the
registrant to indicate (by checking “yes” or “no”) that it “(1) has filed all reports required to
be filed by Section 13 or 15(d) of the Exchange Act during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports) and (2) has been subject to such filing requirements for the past 90 days.”
The Depositor shall notify the Certificate Administrator in writing via email to cts.sec.notifications@wellsfargo.com, no
later than the 15th calendar day of March during any year in which the Trust is required to file a Form 10-K if the answer
to the questions should be “no”; provided that if the failure of the Depositor to have filed such required reports
arises in connection with the securitization contemplated by this Agreement, then the Certificate Administrator shall be deemed
to have notice of such failure (only with respect to Exchange Act reports prepared or required to be prepared and filed by the
Certificate Administrator) without being notified by the Depositor; provided, further, that in connection with the
delivery of any notice contemplated by this sentence, the Depositor may instruct the Certificate Administrator that such notice
shall be effective for a period (not to exceed 12 months) from the date of such notice, in which case no further notice from the
Depositor shall be required during such specified period. The Certificate Administrator shall be entitled to rely on such notifications
in preparing, executing and/or filing any Form 10-K.

 

Section 10.08     
Sarbanes-Oxley Certification. Each Form 10-K shall include a certification (the “Sarbanes-Oxley Certification”),
as set forth in Exhibit W attached hereto, required to be included therewith pursuant to the Sarbanes-Oxley Act. Each
Reporting 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 the Trust or any Other Securitization
that includes a Serviced Companion Loan (each such Person, a “Certifying Person”), by March 1st of each
year (commencing in 2020) in which the Trust is subject to the reporting requirements of the Exchange Act and of each year 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,

 

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Exhibit Q, Exhibit R, 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. The senior officer in charge of securitization of the Depositor shall serve as the Certifying Person on behalf of the Trust.
The Certifying Person at the Depositor can be contacted at Deutsche Mortgage & Asset Receiving Corporation at 60 Wall
Street, New York, New York 10005, Attention: Lainie Kaye, with a copy to Salvatore Palazzolo, Esq. 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.

 

Each Performance Certification
shall include a reasonable reliance provision enabling the Certification Parties to rely upon each (i) annual compliance statement
provided pursuant to Section 10.11, (ii) annual report on assessment of compliance with servicing criteria provided
pursuant to Section 10.12 and (iii) registered public accounting firm attestation report provided pursuant to
Section 10.13.

 

For so long as the Trust
is subject to the reporting obligations of the Exchange Act, with respect to any Non-Serviced Mortgage Loan serviced under an Other
Pooling and Servicing Agreement, the Certificate Administrator shall use commercially reasonable efforts to procure a Sarbanes-Oxley
back-up certification from the Non-Serviced Mortgage Loan Service Providers, in form and substance similar to a Performance Certification
or to the form, if any, provided in the Other Pooling and Servicing Agreement. The Master Servicer shall promptly forward to the
Certificate Administrator and the Depositor any such Sarbanes-Oxley back-up certification received by the Master Servicer.

 

Section 10.09     
Form 8-K Filings. Within four (4) Business Days after the occurrence of an event requiring disclosure (the “8-K
Filing Deadline”) under Form 8-K (each a “Reportable Event”), to the extent it receives the Form
8-K Disclosure Information described below, the Certificate Administrator shall, at the direction of the Depositor, prepare and
file on behalf of the Trust any Form 8-K, as required by the Exchange Act and shall provide notice thereof to Form10K.Compliance@cwt.com,
provided that the Depositor shall file the initial Form 8-K in connection with the issuance of the Certificates. Any disclosure
or information related to a Reportable Event or that is otherwise required to be included on Form 8-K (“Form 8-K

 

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Disclosure Information”) shall, pursuant to the paragraph immediately below, be reported by the parties set forth on
Schedule VI to which such Reportable Event relates and such Form 8-K Disclosure Information shall be delivered to the Depositor
and the Certificate Administrator (and to any Other Depositor and Other Trustee related to any Other Securitization that includes
a Serviced Companion Loan) in EDGAR Compatible Format and approved by the Depositor. The Certificate Administrator will have no
duty or liability for any failure hereunder to determine or prepare any Form 8-K Disclosure Information (other than such Form 8-K
Disclosure Information which is to be reported by it as set forth on Schedule VI) absent such reporting and approval.

 

For so long as the
Trust (or 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 the
Depositor and the Certificate Administrator (and to any Other Depositor and Other Trustee related to any Other Securitization
that includes a Serviced Companion Loan) 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 the
Certificate Administrator and the Depositor (and 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 Depositor will approve, as to
form and substance, or disapprove, as the case may be, the inclusion of the Form 8-K Disclosure Information on Form 8-K by
the end of business on the 2nd Business Day after the Reportable Event; provided that if the Certificate Administrator
does not receive a response from the Depositor by such time as required under this Agreement the Depositor will be deemed to
have consented to such Form 8-K Disclosure Information. 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; provided that to the extent
that the Certificate Administrator is notified of such Reportable Event and it does not receive the necessary
Form 8-K Disclosure Information, it shall notify the Depositor that it has not received such information and, provided, further,
that the limitation on liability provided by this sentence shall not be applicable if the Reportable Event relates to the
Certificate Administrator or any party that the Certificate Administrator has engaged to perform its obligations under this
Agreement. The Depositor will be responsible for any reasonable fees assessed and any expenses incurred by the Certificate
Administrator in connection with including any Form 8-K Disclosure Information on Form 8-K pursuant to this paragraph.

 

After preparing the Form
8-K, the Certificate Administrator shall, no later than the end of the Business Day (New York City time) on the 3rd Business Day
after the Reportable Event, forward electronically a copy of the Form 8-K to the Depositor for review and approval and the Depositor
shall promptly notify the Certificate Administrator in writing (which may be furnished electronically) of any changes to the Form
8-K. No later than noon on the 4th Business Day (New York City time) after the Reportable Event, a duly authorized representative
of the Depositor shall sign the Form 8-K and return an electronic or fax copy of such signed Form 8-K (with an original executed
hard copy to follow by overnight mail) to the Certificate

 

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Administrator. The Certificate
Administrator shall file such Form 8-K, upon signature thereof as provided in Section 10.16, not later than
(i) 5:30 p.m. (New York City time) on the 4th Business Day following the reportable event or (ii) such other
time as the Depositor and the Certificate Administrator mutually agree is permitted by the Commission for the filing such
Form 8-K. If a Form 8-K cannot be filed on time or if a previously filed Form 8-K needs to be amended, the Certificate
Administrator will follow the procedures set forth in Section 10.10(b). After filing with the Commission, the
Certificate Administrator will, pursuant to Section 4.02(b), make available on its internet website a final
executed copy of each Form 8-K prepared and filed by the Certificate Administrator. The parties to this Agreement acknowledge
that the performance by the Certificate Administrator of its duties under this Section 10.09 related to the
timely preparation and filing of Form 8-K is contingent upon such parties observing all applicable deadlines in the
performance of their duties under this Section 10.09. The Certificate Administrator shall have no liability for
any loss, expense, damage, claim arising out of or with respect to any failure to properly prepare, arrange for
execution and/or timely file such Form 8-K, where such failure results from the Certificate Administrator’s inability
or failure to receive approved Form 8-K Disclosure Information within the applicable timeframes set forth in this Section 10.09
and not resulting from the Certificate Administrator’s own negligence, bad faith or willful misconduct (provided
that to the extent that the Certificate Administrator is notified of such Reportable Event and it does not receive the
necessary Form 8–K Disclosure Information, it will notify the Depositor that it has not received such information and
further provided that the limitation on liability provided by this sentence shall not be applicable if the Reportable
Event relates to the Certificate Administrator or any party that the Certificate Administrator has engaged to perform its
obligations under this Agreement).

 

In addition to the foregoing,
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.

 

For so long as the Trust
is subject to the reporting obligations of the Exchange Act, with respect to any Non-Serviced Mortgage Loan serviced under an Other
Pooling and Servicing Agreement, no resignation, removal or replacement of any party to such Other Pooling and Servicing Agreement
that would be required to be reported on a Form 8-K relating to this Trust shall become effective until the Certificate Administrator
shall have filed any required Form 8-K pursuant to this Section 10.09.

 

Section 10.10    
   Suspension of Exchange Act Filings; Incomplete Exchange Act Filings; Amendments to Exchange Act Reports.
(a) If at any time the Trust is permitted to suspend its reporting obligations under the Exchange Act, on or before
January 30 of the first year in which the Certificate Administrator is able to do so under applicable law, the Depositor
shall direct the Certificate Administrator to prepare and file any form necessary to be filed with the Commission to suspend
such reporting obligations. With respect to any reporting period occurring after the filing of such form, except with respect
to the Other Securitizations, the

 

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obligations of the parties to this Agreement under Section 10.01, Section 10.03, Section 10.06, Section 10.07, Section 10.08
and Section 10.09 with respect to the Trust shall be suspended. The Certificate Administrator shall provide
prompt notice to the Depositor, the Master Servicer, the Special Servicer, the Trustee, the Operating Advisor, the Asset
Representations Reviewer and the Mortgage Loan Sellers that such form has been filed.

 

(b)           If
the Certificate Administrator is unable to timely file with the Commission all or any required portion of any Form 8-K, Form
10-D, Form ABS-EE or Form 10-K required to be filed by this Agreement because required disclosure information either was not
delivered to it or was delivered to it after the delivery deadlines set forth in this Agreement or for any other reason, the
Certificate Administrator shall promptly notify (which notice (which may be sent by fax or by email notwithstanding the
provisions of Section 12.04) shall include the identity of those Reporting Servicers who either did not deliver
such information or delivered such information to it after the delivery deadlines set forth in this Agreement) the Depositor
and each Reporting Servicer that failed to make such delivery. In the case of Form 10-D, Form ABS-EE and Form 10-K, each such
Reporting Servicer shall cooperate with the Depositor and the Certificate Administrator to prepare and file a Form 12b-25 and
a Form 10-D/A, Form ABS-EE/A and Form 10-K/A as applicable, pursuant to Rule 12b-25 of the Exchange Act. In the case of
Form 8-K, the Certificate Administrator shall, upon receipt of all required Form 8-K Disclosure Information and upon the
approval and direction of the Depositor, include such disclosure information on the next Form 10-D, Form ABS-EE that is
required to be filed on behalf of the Trust. In the event that any previously filed Form 8-K, Form 10-D, Form ABS-EE or Form
10-K needs to be amended, the Certificate Administrator shall notify the Depositor and such other parties as needed and such
parties shall cooperate to prepare any necessary Form 8-K/A, Form 10-D/A, Form ABS-EE/A or Form 10-K/A. In the event that any
Reporting Servicer receives notice from the applicable parties to any Other Securitization that any previously filed Form
8-K, Form 10-D, Form ABS-EE or Form 10-K needs to be amended, such party shall cooperate in preparation of any necessary Form
8-K/A, Form 10-D/A, Form ABS-EE/A or Form 10-K/A. Any Form 12b-25 or any amendment to Form 8-K, Form 10-D, Form ABS-EE or
Form 10-K shall be signed by the Depositor. The parties to this agreement acknowledge that the performance by the Certificate
Administrator of its duties under this Section 10.10 related to the timely preparation and filing of a Form
12b-25 or any amendment to Form 8-K, Form 10-D, Form ABS-EE or Form 10-K is contingent upon the Master Servicer, the
Special Servicer and the Depositor performing their duties under this Section. The Certificate Administrator shall have no
liability for any loss, expense, damage or claim arising out of or with respect to any failure to properly prepare and/or
timely file any such Form 12b-25 or any amendments to Forms 8-K, Form 10-D, Form ABS-EE or Form 10-K, where such failure
results from the Certificate Administrator’s inability or failure to receive, on a timely basis, any information from
any other party hereto needed to prepare, arrange for execution or file such Form 12b-25 or any amendments to Form 8-K, Form
10-D, Form ABS-EE or Form 10-K, not resulting from its own negligence, bad faith or willful misconduct.

 

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

 

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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, the Operating Advisor (in the case of the Special Servicer
only), 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.

 

(d)           Each of the Operating Advisor, 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

 

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confirmation to the Operating Advisor, 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 2020, the
Master Servicer, the Special Servicer (regardless of whether the Special Servicer has commenced special servicing of any
Mortgage Loan), the Certificate Administrator, the Custodian, the Trustee (only with respect to any period during which
any Relevant Servicing Criteria was applicable to it), the Operating Advisor 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 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 covered by the Form 10-K required to
be filed pursuant to Section 10.07, 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, the Special Servicer and the Operating Advisor 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, the Operating Advisor and each Servicing Function
Participant submit their respective assessments by March 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

 

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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, the
Operating Advisor 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 Operating Advisor, 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, the Operating Advisor 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, the
Operating Advisor 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 or Operating Advisor 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 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

 

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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 2020, 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, the Operating Advisor 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), the Operating Advisor (in the case of the Special Servicer only) 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 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

 

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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. Each of the Master Servicer, the Special Servicer, the Operating Advisor, the Asset
Representations Reviewer, 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 Operating Advisor, the Asset Representations Reviewer, the Custodian, the Certificate
Administrator and the Trustee shall cooperate (and require each Servicing Function Participant and Additional Servicer retained
by it to cooperate under the applicable Sub-Servicing Agreement) with the

 

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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 Operating Advisor, the Asset Representations Reviewer, the Custodian, the
Certificate Administrator, the Trustee, a Servicing Function Participant or an Additional Servicer, as applicable
(“Affected Reporting Party”), (y) regarding such Affected Reporting Party, and (z) prepared by such
Affected Reporting Party or any registered public accounting firm, attorney or other agent retained by such 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 related thereto shall be promptly paid by
the applicable Affected Reporting Party upon receipt of

 

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an itemized invoice from the Depositor or such Other Depositor, as
applicable. Each of the Master Servicer, the Special Servicer, the Operating Advisor, the Asset Representations Reviewer, 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 Operating Advisor, the Asset Representations Reviewer, 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 Operating Advisor, the Asset Representations Reviewer, 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 Operating Advisor, the Asset Representations Reviewer, 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 Operating Advisor, the Asset Representations Reviewer, 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

 

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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 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       
Exchange Act Report Signatures; Delivery of Notices. (a) Each Form 8-K report, Form 10-D report, Form 10-K report
and Form ABS-EE shall be signed by the Depositor in accordance with procedures to be agreed upon by the Depositor and the Certificate
Administrator. The signing party at the Depositor can be contacted at Deutsche Mortgage & Asset Receiving Corporation
at 60 Wall Street, New York, New York 10005, Attention: Lainie Kaye, with a copy to Salvatore Palazzolo.

 

(b)           Notwithstanding anything in Section 12.04 to the contrary, any notice required to be delivered to (i) the
Depositor under this Article X shall be properly given if sent by email to cmbs.request@db.com with a copy to
anna.glick@cwt.com (or such other email address as the Depositor may instruct) and (ii) to the Certificate Administrator
under this Article X shall be properly given if sent by facsimile to (410) 884-2380, Attention: Core

 

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Services, or such
other number as the Certificate Administrator may instruct and with a copy by email to cts.sec.notifications@wellsfargo.com
(or such other email address as the Certificate Administrator may instruct).

 

(c)           For the avoidance of doubt:

 

(i)            Neither Master Servicer nor the Special Servicer shall be subject to a Servicer Termination Event, as applicable, pursuant
to the second clause of the definition of “Master Servicer Termination Event” or “Special Servicer Termination
Event,” as applicable, nor shall any such party be deemed to not be in compliance under this Agreement, during any grace
period provided for in such second clause; provided that if any such party fails to comply with the requirements of this
Article X by the expiration of any applicable grace period such failure shall constitute a Servicer Termination Event
with respect to such party;

 

(ii)             Neither
Master Servicer nor the Special Servicer shall be subject to a Servicer Termination Event, as applicable, pursuant to the last
clause of the definition of “Master Servicer Termination Event” or “Special Servicer Termination Event,”
as applicable, nor shall any such party be deemed to not be in compliance under this Agreement, for failing to deliver any item
required under this Article X by the time required hereunder with respect to any reporting period for which the Trust
and each Other Securitization is not required to file Exchange Act reports.

 

(d)           If
the Certificate Administrator or the Depositor does not receive the report on assessment of compliance and/or attestation report
pursuant to Section 10.12 and 10.13, respectively, with respect to any Servicing Function Participant, or with
respect to any Servicing Function Participant retained or engaged by a party hereto that is actually known by a Responsible Officer
of the Certificate Administrator or the Depositor, as the case may be, by March 1st of any year during which an Annual Report
on Form 10-K is required to be filed with the Commission with respect to the Trust, then the Certificate Administrator shall,
and the Depositor may, forward a Servicer Notice to such Servicing Function Participant or the party hereto that retained or engaged
such Sub-Servicing Function Participant, as the case may be, with a copy of such Servicer Notice to the Depositor (if the Certificate
Administrator is sending the Servicer Notice) or the Certificate Administrator (if the Depositor is sending the Servicer Notice),
as applicable, within two (2) Business Days of such failure. For the purposes of this Article X and Section 7.01
of this Agreement, a “Servicer Notice” shall constitute either any writing forwarded to such party or, in the
case of the Master Servicer and the Special Servicer, notwithstanding the provisions of Section 12.05, e-mail notice
or fax notice which, in the case of an email transmission, shall be forwarded to all of the following e-mail addresses for the
applicable party: in the case of the Master Servicer and the Special Servicer, to the applicable email address as provided in
writing by the Master Servicer or the Special Servicer, as applicable, upon request, or such other e-mail addresses as are provided
in writing by the Master Servicer or the Special Servicer, as applicable, to the Certificate Administrator and the Depositor (but
any party to this Agreement (or someone acting on their behalf) shall only be required to forward any such notice to be delivered
to the Master Servicer to no more than three e-mail addresses in the aggregate in order to fulfill its notification requirements
as set forth in the preceding sentence and/or under the provisions of Section 7.01. Notwithstanding anything herein
to the contrary, the forwarding of a Servicer Notice shall not relieve any Master Servicer

 

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or the Special Servicer, as applicable,
of any liability under Section 7.01(a)(ix) or Section 7.01(b)(ix), respectively, for the failure of any
Servicing Function Participant or Sub-Servicing Entity to deliver any Exchange Act reporting items pursuant to this Article X.

 

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 (a) such termination shall not be effective until a successor certificate administrator shall have accepted the
appointment, (b) the Certificate Administrator may not be terminated if it cannot perform its obligations due to
its failure to properly prepare or file on a timely basis any Form 8-K, Form 10-K, Form 10-D or Form ABS-EE or any amendments
to such forms or any Form 12b-25 where such failure results from the Certificate Administrator’s inability or failure
to receive, within the exact time frames set forth in this Agreement any information, approval, direction or signature from
any other party hereto needed to prepare, arrange for execution or file any such Form 8-K, Form 10-K, Form 10-D or Form
ABS-EE or any amendments to such forms or any Form 12b-25 not resulting from its own negligence, bad faith or willful
misconduct, (c) the Certificate Administrator may not be terminated if, following the Certificate Administrator’s
failure to comply with any of such obligations under Section 10.06, Section 10.07, Section 10.09, Section 10.11, Section 10.12 or Section 10.13
on or prior to the dates by which such obligations are to be performed pursuant to, and as set forth in, such Sections the
Certificate Administrator subsequently complies with such obligations before the Depositor gives written notice to it that it
is terminated in accordance with this Section 10.17 and (d) the Certificate Administrator may not be
terminated if the Certificate Administrator’s failure to comply does not cause it to fail in its obligations to timely
file the related Form 8-K, Form 10-D, Form ABS-EE or Form 10-K, as the case may be, by the related deadline for filing such
Form 8-K, Form 10-D, Form ABS-EE or Form 10-K, then the Depositor shall cease to have the right to terminate the
Certificate Administrator under this Section 10.17 on the date on which such Form 8-K, Form 10-D, Form ABS-EE or
Form 10-K is so filed.

 

Article XI

THE ASSET REPRESENTATIONS REVIEWER

 

Section 11.01   
Asset Review.

 

(a)            On
or prior to each Distribution Date, based either on the CREFC® Delinquent Loan Status Report or the CREFC®
Loan Periodic Update File, the Certificate Administrator shall determine if an Asset Review Trigger has occurred. If
an Asset Review Trigger is determined to have occurred, the Certificate Administrator shall promptly provide notice to the Asset
Representations Reviewer, the Master Servicer, the Special Servicer, the Trust Directing Holder and all Certificateholders and
each other party to this Agreement. Any notice required to be delivered to the Certificateholders pursuant to this Article XI
shall be delivered by the Certificate Administrator by posting such notice on the Certificate Administrator’s Website,
by mailing such notice to their addresses appearing in the Certificate Register in the case of Individual Certificates and by
delivering such notice via the Depository in the case of Book-Entry Certificates. The Certificate Administrator shall include
in the Form 10-

 

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D
relating to the reporting period in which the Asset Review Trigger occurred the following date a statement describing the
events that caused the Asset Review Trigger to occur: “As of the [Date of Distribution], the following mortgage loans
identified below are 60 or more days delinquent and an Asset Review Trigger as defined in the Pooling and Servicing Agreement
has occurred.” On each Distribution Date after providing such notice to Certificateholders, the Certificate
Administrator, based on information provided to it by the Master Servicer or the Special Servicer, shall determine whether
(1) any additional Mortgage Loan has become a Delinquent Mortgage Loan, (2) any Mortgage Loan has ceased to be a
Delinquent Mortgage Loan and (3) an Asset Review Trigger has ceased to exist, and, if there is an occurrence of any of the
events or circumstances identified in clauses (1), (2) or (3), deliver such information in a written
notice (which may be via email) substantially in the form attached hereto as Exhibit LL within 2 Business Days to the
Master Servicer, the Special Servicer, the Operating Advisor, the Asset Representations Reviewer and the Trust Directing
Holder.

 

If
Certificateholders evidencing not less than 5% of the Voting Rights deliver to the Certificate Administrator, within 90 days after
the filing of the Form 10-D reporting the occurrence of an Asset Review Trigger, a written direction requesting a vote to commence
an Asset Review (such written direction, the “Asset Review Vote Election”), then upon receipt of the Asset
Review Vote Election, the Certificate Administrator shall promptly provide written notice thereof to the Asset Representations
Reviewer and to all Certificateholders and to conduct a solicitation of votes of the Certificateholders to authorize an Asset
Review. Upon the affirmative vote to authorize an Asset Review by Holders of Certificates evidencing at least a majority of an
Asset Review Quorum within 150 days of receipt of the Asset Review Vote Election (an “Affirmative Asset Review Vote”),
the Certificate Administrator shall promptly provide written notice thereof to all parties to this Agreement, the Underwriters,
the Mortgage Loan Sellers, each Risk Retention Consultation Party, the Trust Directing Holder and the Certificateholders. In the
event an Affirmative Asset Review Vote has not occurred within such 150-day period following the receipt of the Asset Review Vote
Election, no Certificateholder may request a vote or cast a vote for an Asset Review and the Asset Representations Reviewer will
not be required to review any Delinquent Mortgage Loan unless and until (A) an additional Mortgage Loan has become a Delinquent
Mortgage Loan after the expiration of such 150-day period, (B) an additional Asset Review Trigger has occurred as a result
or otherwise is in effect, (C) the Certificate Administrator has timely received any Asset Review Vote Election after the
occurrence of the events described in clauses (A) and (B) in this sentence and (D) an Affirmative Asset Review Vote has occurred
within 150 days after the Asset Review Vote Election described in clause (C) in this sentence. After the occurrence of any Asset
Review Vote Election or an Affirmative Asset Review Vote, no Certificateholder may make any additional Asset Review Vote Election
except as described in the immediately preceding sentence. Any reasonable out-of-pocket expenses incurred by the Certificate Administrator
in connection with administering such vote will be paid as an expense of the Trust from the Collection Account. The Certificate
Administrator shall be entitled to administer any vote in connection with the foregoing through an agent.

 

(b)             (i)
Upon receipt of such notice of an Affirmative Asset Review Vote (the “Asset Review Notice”), the Custodian
(with respect to clauses (1) – (5) for all Mortgage Loans), the Master Servicer (with respect to clauses
(6) and (7) for Performing Loans) and the Special Servicer (with respect to clauses (6) and (7) for Specially
Serviced Loans), in each case to the

 

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extent in such party’s possession, will be required to promptly, but in no event later
than 10 Business Days (except with respect to clause (7)) after receipt of such notice from the Certificate Administrator,
provide the following materials to the asset representations reviewer (collectively, with the Diligence Files, a copy of the Prospectus,
a copy of each related Mortgage Loan Purchase Agreement and a copy of this Agreement, the “Review Materials”):

 

(1)        
a copy of an assignment of the Mortgage in favor of the Trustee (or the related Other Trustee, in the case of a Non-Serviced Mortgage
Loan), with evidence of recording thereon, for each Delinquent Mortgage Loan that is subject to an Asset Review;

 

(2)        
a copy of an assignment of any related assignment of leases (if such item is a document separate from the Mortgage) in favor of
the Trustee (or the related Other Trustee, in the case of a Non-Serviced Mortgage Loan), with evidence of recording thereon, related
to each Delinquent Mortgage Loan that is subject to an Asset Review;

 

(3)        
a copy of the assignment of all unrecorded documents relating to each Delinquent Mortgage Loan that is subject to an Asset Review,
if not already covered pursuant to items (1) or (2) above;

 

(4)        
a copy of all filed copies (bearing evidence of filing) or evidence of filing of any UCC financing statements related to each
Delinquent Mortgage Loan that is subject to an Asset Review;

 

(5)        
a copy of an assignment in favor of the Trustee (or the related Other Trustee, in the case of a Non-Serviced Mortgage Loan) of
any financing statement executed and filed in the relevant jurisdiction related to each Delinquent Mortgage Loan that is subject
to an Asset Review;

 

(6)        
a copy of any notice previously delivered by the Master Servicer or the Special Servicer, as applicable, of any alleged defect
or breach with respect to any Delinquent Mortgage Loan; and

 

(7)        
any other related documents that were entered into or delivered in connection with the origination of such Mortgage Loan that
are necessary in connection with the Asset Representations Reviewer’s completion of any Asset Review and that are that are
reasonably requested by the Asset Representations Reviewer in the time frame and as otherwise described below.

 

(ii)         If, as part of an Asset Review of any Mortgage Loan, the Asset Representations Reviewer determines that it is missing any documents
that are required to be a part of the Review Materials for such Mortgage Loan or which were entered into or delivered in connection
with the origination of such Mortgage Loan, in each case that are necessary to review and assess one or more documents comprising
the Diligence File in connection with its completion of any Test, then the Asset Representations Reviewer shall promptly, but
in no event later than 10 Business Days after receipt of the Review Materials identified in clauses (1) through (6)
above, notify (in writing) that the Master Servicer (with respect to Performing Loans) or the Special Servicer (with respect
to Specially Serviced Loans), as applicable, of such missing documents, and provide a

 

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written
request (in accordance with this Agreement) that the Master Servicer or the Special Servicer, as applicable, promptly, but
in no event later than 10 Business Days after receipt of such notification from the Asset Representations Reviewer, to
deliver to the Asset Representations Reviewer such missing documents to the extent in its possession; provided that
any such notification and/or request shall be in writing, specifically identify the documents being requested and sent to the
notice address for the related party set forth in Section 12.05 of this Agreement. In the event any such missing
documents are not provided by the Master Servicer or Special Servicer, as applicable, within such 10 Business Day period, the
Asset Representations Reviewer shall request such documents from the related Mortgage Loan Seller. The Mortgage Loan Seller
will be required under the related Mortgage Loan Purchase Agreement to deliver such additional documents only to the extent
in the possession of such Mortgage Loan Seller; provided that the Mortgage Loan Seller shall not be required to
deliver information that is proprietary to the related originator or Mortgage Loan Seller or any draft documents or
privileged or internal communications.

 

(iii)          The
Asset Representations Reviewer may, but is under no obligation to, consider and rely upon information furnished to it by a Person
that is not a party to this Agreement or the related Mortgage Loan Seller, and shall do so only if such information can be independently
verified (without unreasonable effort or expense to the Asset Representations Reviewer) and is determined by the Asset Representations
Reviewer in each case in accordance with its good faith and sole discretion to be relevant to the Asset Review conducted pursuant
to this Section 11.01 hereof (such information, “Unsolicited Information”).

 

(iv)          Upon
receipt by the Asset Representations Reviewer of the Asset Review Notice and access to the Diligence File posted to the Secure
Data Room with respect to a Delinquent Mortgage Loan, the Asset Representations Reviewer, as an independent contractor, shall
commence a review of the compliance of each Delinquent Mortgage Loan with the representations and warranties related to that Delinquent
Mortgage Loan in accordance with the Asset Review Standard and the procedures set forth on Exhibit JJ hereto (such
review, the “Asset Review”). The Asset Representations Reviewer shall perform an Asset Review with respect
to each representation and warranty made by the related Mortgage Loan Seller with respect to such Delinquent Mortgage Loan in
accordance with the procedures set forth on Exhibit JJ (each such procedure, a “Test”); provided,
however, the Asset Representations Reviewer may, but is under no obligation to, modify any Test and/or associated Review
Materials described in Exhibit JJ, if, and only to the extent, the Asset Representations Reviewer determines pursuant
to the Asset Review Standard that it is necessary to modify such Test and/or such associated Review Materials in order to facilitate
its Asset Review in accordance with the Asset Review Standard. Once an Asset Review of a Mortgage Loan is completed, no further
Asset Review shall be required in respect of, or performed on, such Mortgage Loan notwithstanding that such Mortgage Loan may
continue to be a Delinquent Mortgage Loan or again become a Delinquent Mortgage Loan at a time when a new Asset Review Trigger
occurs and a New Affirmative Asset Review Vote is obtained subsequent to the occurrence of such New Asset Review Trigger.

 

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(v)           The
Asset Representations Reviewer will not be permitted to review any information other than (x) the Review Materials, and (y) if
applicable, Unsolicited Information.

 

(vi)          The
Asset Representations Reviewer may, absent manifest error and subject to the Asset Review Standard, (i) assume, without independent
investigation or verification, that the Review Materials are accurate and complete in all material respects and (ii) conclusively
rely on such Review Materials.

 

(vii)         If
the Asset Representations Reviewer determines that the Review Materials are insufficient to complete a Test and such missing documentation
is not delivered to the Asset Representations Reviewer by the applicable Mortgage Loan Seller, the Master Servicer (with respect
to Performing Loans) or the Special Servicer (with respect to Specially Serviced Loans) within 10 days of the written request
by the Asset Representations Reviewer, then the Asset Representations Reviewer shall list such missing documents in a preliminary
report setting forth the preliminary results of the application of the Tests and the reasons why such missing documents are necessary
to complete a Test and (if the Asset Representations Reviewer has so concluded) that the absence of such documents shall be deemed
to be a failure of such Test. The Asset Representations Reviewer shall provide such preliminary report to the Master Servicer
or the Special Servicer, as applicable, and to the related Mortgage Loan Seller no later than 60 days after the date on which
access to the Diligence Files in the Secure Data Room is made available to the Asset Representations Reviewer by the Certificate
Administrator. If the preliminary report indicates that any of the representations and warranties fails or is deemed to fail any
Test, the related Mortgage Loan Seller shall have 90 days (the “Cure/Contest Period”) to remedy or otherwise
refute the failure. Any documents provided or explanations given to support a conclusion that the representation and warranty
has not failed a Test or that any missing documents in the Review Materials are not required to complete a Test shall be promptly
delivered by the related Mortgage Loan Seller to the Asset Representations Reviewer. The Asset Representations Reviewer will not
be required to prepare a preliminary report in the event the Asset Representations Reviewer determines that there is no Test failure
with respect to the related Delinquent Mortgage Loan.

 

(viii)        The
Asset Representations Reviewer shall, within the later of (x) 60 days after the date on which access to the Diligence Files in
the Secure Data Room is made available to the Asset Representations Reviewer by the Certificate Administrator or (y) 10 days after
the expiration of the Cure/Contest Period, complete an Asset Review with respect to each Delinquent Mortgage Loan and deliver
(i) a report setting forth the Asset Representations Reviewer’s findings and conclusions as to whether or not it has determined
there is any evidence of a failure of any Test based on the Asset Review and a statement that the Asset Representations Reviewer’s
findings and conclusions set forth in such report were not influenced by any third party (an “Asset Review Report”)
to each party to this Agreement and the applicable Mortgage Loan Seller for each Delinquent Mortgage Loan and the Trust Directing
Holder and (ii) a summary of the Asset Representations Reviewer’s conclusions included in such Asset Review Report (an “Asset
Review Report Summary”) to the Trustee, the Certificate Administrator, the Master

 

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Servicer
and the Special Servicer. The period of time by which the Asset Review Report must be completed and delivered may be
extended by up to an additional 30 days, upon written notice to the parties to this Agreement and the applicable Mortgage
Loan Seller, if the Asset Representations Reviewer determines pursuant to the Asset Review Standard that such additional time
is required due to the characteristics of the Mortgage Loan and/or the Mortgaged Property or Mortgaged Properties. In no
event may the Asset Representations Reviewer determine whether any Test failure constitutes a Material Breach or Material
Defect, or whether the Trust should enforce any rights it may have against the applicable Mortgage Loan Seller, which, in
each case, shall be a responsibility of the Master Servicer (with respect to Performing Loans) or the Special Servicer (with
respect to Specially Serviced Loans) pursuant to Section 2.03(g) of this Agreement.

 

(ix)          In
addition, in the event that the Asset Representations Reviewer does not receive any documentation that it requested from the Master
Servicer or the Special Servicer, as applicable, or the related Mortgage Loan Seller in sufficient time to allow the Asset Representations
Reviewer to complete its Asset Review and deliver an Asset Review Report (as such date may have been extended pursuant to this
Agreement), the Asset Representations Reviewer shall prepare the Asset Review Report solely based on the documentation received
by the Asset Representations Reviewer with respect to the related Delinquent Mortgage Loan, and the Asset Representations Reviewer
shall have no responsibility to independently obtain any such documentation from any party to this Agreement.

 

(x)           Within
45 days after receipt of an Asset Review Report with respect to any Mortgage Loan, the Master Servicer (with respect to any Performing
Loan) or the Special Servicer (with respect to Specially Serviced Loans) shall determine whether at that time, based on the Servicing
Standard, whether there exists a Material Breach or Material Defect with respect to such Mortgage Loan. If the Master Servicer
(with respect to any Performing Loan) or the Special Servicer (with respect to any Specially Serviced Loan), determines that a
Material Breach or Material Defect exists, the Master Servicer or Special Servicer, as applicable, shall enforce the obligations
of the related Mortgage Loan Seller with respect to such Material Breach or Material Defect in accordance with Section 2.03(d).

 

(c)          The
Asset Representations Reviewer and its Affiliates shall keep all information appropriately labeled as “Privileged Information”
confidential and shall not disclose such Privileged Information to any Person (including Certificateholders), other than (1) to
the extent expressly required by this Agreement in an Asset Review Report or otherwise, to the other parties to this Agreement
with a notice indicating that such information is Privileged Information or (2) pursuant to a Privileged Information Exception.
Each party to this Agreement that receives Privileged Information from the Asset Representations Reviewer with a notice stating
that such information is Privileged Information shall not disclose such Privileged Information to any Person without the prior
written consent of the Special Servicer other than pursuant to a Privileged Information Exception. The Asset Representations Reviewer
shall keep all documents and information received by the Asset Representations Reviewer in connection with an Asset Review that
are provided by the applicable Mortgage Loan Seller, the Master Servicer and the Special Servicer confidential and shall not disclose
such documents or information

 

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except (i) for purposes of complying with its duties and obligations under this Agreement, (ii)
if such documents or information become generally available and known to the public other than as a result of a disclosure directly
or indirectly by the Asset Representations Reviewer, (iii) if it is reasonable and necessary for the Asset Representations Reviewer
to disclose such documents or information in working with legal counsel, auditors, taxing authorities or other governmental agencies,
(iv) if such documents or information was already known to the Asset Representations Reviewer and not otherwise subject to a confidentiality
obligation and/or (v) if the Asset Representations Reviewer is required by law, rule, regulation, order, judgment or decree to
disclose such document or information.

 

(d)         The
Asset Representations Reviewer may delegate its duties to agents or subcontractors so long as the related agreements or arrangements
with such agents or subcontractors are consistent with the provisions of this Section 11.01; provided that
no agent or subcontractor may (1) be affiliated with any Mortgage Loan Seller, Master Servicer, Special Servicer, the Depositor,
the Certificate Administrator, the Trustee, the Directing Holder or any of their respective Affiliates or (ii) have been paid
any fees, compensation or other remuneration by an Underwriter, Master Servicer, Special Servicer, the Depositor, the Certificate
Administrator, the Trustee, the Directing Holder or any of their respective Affiliates in connection with due diligence or other
services with respect to any Mortgage Loan prior to the Closing Date. Notwithstanding the foregoing sentence, the Asset Representations
Reviewer shall remain obligated and primarily liable for any Asset Review required hereunder in accordance with the provisions
of this Agreement without diminution of such obligation or liability by virtue of such delegation or arrangements or by virtue
of indemnification from any Person acting as its agents or subcontractor to the same extent and under the same terms and conditions
as if the Asset Representations Reviewer alone were performing its obligations under this Agreement. The Asset Representations
Reviewer shall be entitled to enter into an agreement with any agent or subcontractor providing for indemnification of the Asset
Representations Reviewer by such agent or subcontractor, and nothing contained in this Agreement shall be deemed to limit or modify
such indemnification.

 

Section 11.02   
Payment of Asset Representations Reviewer Asset Review Fees and Expenses; Limitation of Liability.

 

(a)         As
compensation for the performance of its duties hereunder, upon the completion of any Asset Review with respect to each Delinquent
Mortgage Loan that is subject to an Asset Review, the Asset Representations Reviewer shall be entitled to a fee that is a reasonable
and customary hourly fee charged by the Asset Representations Reviewer for similar consulting assignments at the time of such
review and any related costs and expenses; provided that the total payment to the Asset Representations Reviewer shall
not be greater than the Asset Representations Reviewer Fee Cap (the “Asset Representations Reviewer Asset Review Fee”).
With respect to an individual Asset Review Trigger and the Mortgage Loans that are Delinquent Mortgage Loans and are subject to
an Asset Review (the “Subject Loans”), the “Asset Representations Reviewer Fee Cap” shall
equal the sum of: (i) $16,300 multiplied by the number of Subject Loans, plus (ii) $1,650 per Mortgaged Property relating to the
Subject Loans in excess of one Mortgaged Property per Subject Loan, plus (iii) $2,150 per Mortgaged Property relating to a Subject
Loan subject to a ground lease, plus (iv) $1,150 per Mortgaged Property relating to a Subject Loan subject to a franchise agreement,
hotel management agreement or hotel license

 

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agreement, subject, in the case of each of clauses (i) through (iv),
to adjustments on the basis of the year-end Consumer Price Index for All Urban Consumers, or other similar index if the Consumer
Price Index for All Urban Consumers is no longer calculated, for the year of the Closing Date and for the year of the occurrence
of the Asset Review.

 

(b)         [Reserved.]

 

(c)         The
related Mortgage Loan Seller with respect to each Delinquent Mortgage Loan that is subject to an Asset Review shall pay the
portion of the Asset Representations Reviewer Asset Review Fee attributable to the Delinquent Mortgage Loan(s) contributed by
it, as allocated on the basis of the hourly charges and costs and expenses incurred with respect to its related Delinquent
Mortgage Loans; provided that if the total charge for the Asset Representations Reviewer on an hourly fee plus costs
and expenses basis would exceed the Asset Representations Reviewer Fee Cap, each Mortgage Loan Seller’s required
payment shall be reduced pro rata according to its proportion of the total charges until the aggregate amount owed by
all Mortgage Loan Sellers is equal to the Asset Representations Reviewer Fee Cap; provided, however, that if
the related Mortgage Loan Seller (i) is insolvent or (ii) at any time after the outstanding Certificate Balances of the
Control Eligible Certificates have been reduced to zero as a result of the allocation of Realized Losses to such
Certificates, fails to pay such amount within 90 days of written request by the Asset Representations Reviewer following its
completion of the applicable Asset Review, such fee shall be paid by the Trust following delivery by the Asset
Representations Reviewer of evidence reasonably satisfactory to the Master Servicer or the Special Servicer, as applicable,
of such insolvency or failure to pay such amount; provided, further, that notwithstanding any payment of such
fee by the issuing entity to the Asset Representations Reviewer, such fee shall remain an obligation of the related Mortgage
Loan Seller and the Master Servicer or the Special Servicer, as applicable, shall, to the extent consistent with the
Servicing Standard, pursue remedies against such Mortgage Loan Seller in order to seek recovery of such amounts from
such Mortgage Loan Seller or its insolvency estate. The Asset Representations Reviewer Asset Review Fee with respect to a
Delinquent Mortgage Loan shall be included in the Purchase Price for any Mortgage Loan that was the subject of a completed
Asset Review and that is repurchased by the related Mortgage Loan Seller.

 

(d)         The
Asset Representations Reviewer shall be liable in accordance herewith only to the extent of the obligations specifically imposed
by this Agreement.

 

(e)         The
Asset Representations Reviewer may assign its rights and obligations under this Agreement in connection with the sale or transfer
of all or substantially all of its Asset Representations Reviewer portfolio, provided that: (i) the purchaser or transferee
accepting such assignment and delegation (A) is an Eligible Asset Representations Reviewer, 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 under
such laws to perform the duties of the asset representations reviewer resulting from a merger, consolidation or succession that
is permitted under this Agreement, (B) executes and delivers 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 asset representations reviewer under this Agreement from and after the date of such agreement and
(C) is not be a prohibited party under this Agreement; (ii) the Asset Representations Reviewer shall not be released from its
obligations under this Agreement that arose prior to the 

 

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effective date of such assignment and delegation; (iii) the rate at which
the Asset Representations Reviewer Asset Review Fee (or any component thereof) is calculated shall not exceed the rate then in
effect and (iv) the resigning Asset Representations Reviewer shall be responsible for the reasonable costs and expenses of each
other party to this Agreement and the Rating Agencies in connection with such transfer. Upon acceptance of such assignment and
delegation, the purchaser or transferee shall provide notice to each party to this Agreement and then will be the successor asset
representations reviewer hereunder.

 

Section 11.03   
Resignation of the Asset Representations Reviewer. The Asset Representations Reviewer may resign and be discharged from
its obligations hereunder by giving written notice thereof to the other parties to this Agreement and the 17g-5 Information Provider.
Upon such notice of resignation, the Depositor shall promptly appoint a successor Asset Representations Reviewer that is an Eligible
Asset Representations Reviewer and give written notice thereof to the other parties to this Agreement. If no successor Asset Representations
Reviewer shall have been so appointed and have accepted appointment within 30 days after the giving of such notice of resignation,
the resigning Asset Representations Reviewer may petition any court of competent jurisdiction for the appointment of a successor
Asset Representations Reviewer that is an Eligible Asset Representations Reviewer. The Asset Representations Reviewer will bear
all reasonable costs and expenses of each other party hereto and each Rating Agency in connection with its resignation.

 

Section 11.04   
Restrictions of the Asset Representations Reviewer. Neither the Asset Representations Reviewer nor any of its Affiliates
shall make any investment in any Class of Certificates; provided, however, that such prohibition shall not apply
to (i) riskless principal transactions effected by a broker-dealer Affiliate of the Asset Representations Reviewer or (ii) investments
by an Affiliate of the Asset Representations Reviewer if the Asset Representations Reviewer and such Affiliate maintain policies
and procedures that (A) segregate personnel involved in the activities of the Asset Representations Reviewer under this Agreement
from personnel involved in such Affiliate’s investment activities and (B) prevent such Affiliate and its personnel
from gaining access to information regarding the Trust and the Asset Representations Reviewer and its personnel from gaining access
to such Affiliate’s information regarding its investment activities.

 

Section 11.05   
Termination of the Asset Representations Reviewer.

 

(a)          An
“Asset Representations Reviewer Termination Event” means any one of the following events whether it shall be
voluntary or involuntary or be effected by operation of law or pursuant to any judgment, decree or order of any court or any order,
rule or regulation of any administrative or governmental body:

 

(i)           any
failure by the Asset Representations Reviewer to observe or perform in any material respect any of its covenants or agreements
or the material breach of its representations or warranties under this Agreement, which failure shall continue unremedied for
a period of 30 days after the date on which written notice of such failure, requiring the same to be remedied, shall have
been given to the Asset Representations Reviewer by the Trustee or to the Asset Representations Reviewer and the Trustee by the
Holders of Certificates evidencing at least 25% of the Voting Rights; provided that if such failure is capable of being
cured and the Asset Representations Reviewer is

 

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diligently pursuing such cure, such 30 day period shall be extended by an additional
30 days;

 

(ii)          any
failure by the Asset Representations Reviewer to perform its obligations set forth in this Agreement in accordance with the Asset
Review Standard in any material respect, which failure shall continue unremedied for a period of 30 days after the date written
notice of such failure, requiring the same to be remedied, is given to the Asset Representations Reviewer by any party to this
Agreement;

 

(iii)         any
failure by the Asset Representations Reviewer to be an Eligible Asset Representations Reviewer, which failure shall continue unremedied
for a period of 30 days after the date written notice of such failure, requiring the same to be remedied, is given to the
Asset Representations Reviewer by any party to this Agreement;

 

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

 

(v)          the
Asset Representations Reviewer shall consent to the appointment of a conservator or receiver or liquidator or liquidation committee
in any insolvency, readjustment of debt, marshaling of assets and liabilities, voluntary liquidation, or similar proceedings of
or relating to the Asset Representations Reviewer or of or relating to all or substantially all of its property; or

 

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

 

Upon
receipt by the Certificate Administrator of written notice (which shall be simultaneously delivered to the Asset Representations
Reviewer) of the occurrence of any Asset Representations Reviewer Termination Event, the Certificate Administrator shall promptly
provide written notice to all Certificateholders in accordance with the notice distribution procedures described in Section 11.01(a),
unless the Certificate Administrator has received written notice that such Asset Representations Reviewer Termination Event has
been remedied. If an Asset Representations Reviewer Termination Event shall occur then, and in each and every such case, so long
as such Asset Representations Reviewer Termination Event shall not have been remedied, either the Trustee (i) may or (ii) upon
the written direction of holders of Certificates evidencing not less than 25% of the Voting Rights shall, terminate all of the
rights and obligations of the Asset Representations Reviewer under this Agreement, other than rights and obligations accrued prior
to such termination (including the right to receive all amounts accrued and owing to it under this Agreement) and other than indemnification
rights (arising out of events occurring prior to such termination), by notice in writing to the Asset Representations Reviewer.
The Asset Representations Reviewer shall bear all reasonable costs and expenses of

 

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itself and of each other party to this Agreement
in connection with its termination due to an Asset Representations Reviewer Termination Event. Notwithstanding anything herein
to the contrary, the Depositor and each Sponsor shall have the right, but not the obligation, to notify the Certificate Administrator
and the Trustee of any Asset Representations Reviewer Termination Event of which it becomes aware.

 

(b)          Upon
(i) the written direction of holders of Certificates evidencing not less than 25% of the Voting Rights requesting a vote to
terminate and replace the Asset Representations Reviewer with a proposed successor Asset Representations Reviewer that is an
Eligible Asset Representations Reviewer and (ii) payment by such Holders to the Certificate Administrator of the reasonable
fees and expenses to be incurred by the Certificate Administrator in connection with administering such vote, the Certificate
Administrator shall promptly provide written notice thereof to the Asset Representations Reviewer and to all
Certificateholders by (i) posting such notice on its internet website, and (ii) mailing such notice to all Certificateholders
at their addresses appearing in the Certificate Register and to the Asset Representations Reviewer. Upon the written
direction of holders of Certificates evidencing at least 75% of a Certificateholder Quorum, the Trustee shall terminate all
of the rights and obligations of the Asset Representations Reviewer under this Agreement (other than any rights or
obligations that accrued prior to the date of such termination and other than indemnification rights arising out of events
occurring prior to such termination) by notice in writing to the Asset Representations Reviewer and appoint the proposed
successor. As between the Asset Representations Reviewer, on the one hand, and the Certificateholders, on the other, the
Certificateholders shall be entitled in their sole discretion to vote for the termination or not vote for the termination of
the Asset Representations Reviewer. In the event that holders of the certificates evidencing at least 75% of
a Certificateholder Quorum elect to remove the asset representations reviewer without cause and appoint a successor, the
successor Asset Representations Reviewer shall be responsible for all expenses necessary to effect the transfer of
responsibilities from its predecessor.

 

(c)          On
or after the receipt by the Asset Representations Reviewer of written notice of termination, subject to this Section 11.05,
all of its authority and power under this Agreement shall be terminated and, without limitation, the terminated Asset Representations
Reviewer shall execute any and all documents and other instruments, and do or accomplish all other acts or things reasonably necessary
or appropriate to effect the purposes of such notice of termination. As soon as practicable, but in no event later than 30 days
after (1) the Asset Representations Reviewer resigns pursuant to Section 11.03 of this Agreement or (2) the Trustee
delivers such written notice of termination to the Asset Representations Reviewer, the Trustee shall appoint a successor Asset
Representations Reviewer that is an Eligible Asset Representations Reviewer. The Trustee shall provide written notice of the appointment
of an Asset Representations Reviewer to the Master Servicer, the Special Servicer, the Operating Advisor, the Certificate Administrator,
the Directing Holder and each Certificateholder within one Business Day of such appointment.

 

The
Asset Representations Reviewer shall at all times be an Eligible Asset Representations Reviewer and if the Asset Representations
Reviewer ceases to be an Eligible Asset Representations Reviewer, the Asset Representations Reviewer shall immediately resign
under Section 11.03 of this Agreement and the Trustee shall use commercially reasonable efforts to appoint a successor
Asset Representations Reviewer subject to and in accordance with this

 

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Section 11.05. Notwithstanding the foregoing,
if the Trustee is unable to find a successor Asset Representations Reviewer within 30 days of the termination of the Asset
Representations Reviewer, the Depositor shall be permitted to find a replacement. The Trustee shall not be liable for any failure
to identify and appoint a successor asset representations reviewer so long as the Trustee uses commercially reasonable efforts
to conduct a search for a successor asset representations reviewer and such failure is not a result of the Trustee’s negligence,
bad faith or willful misconduct in the performance of its obligations hereunder.

 

(d)          Upon
any termination of the Asset Representations Reviewer and appointment of a successor to the Asset Representations Reviewer, the
Trustee shall, as soon as possible, give written notice thereof to the Special Servicer, the Master Servicer, the Certificate
Administrator (who shall, as soon as possible, give written notice thereof to the Certificateholders), the Operating Advisor,
the Sponsors, the Depositor and, other than during the continuance of a Consultation Termination Event, the Directing Holder and
each Rating Agency. In the event that the Asset Representations Reviewer is terminated, all of its rights and obligations under
this Agreement shall terminate, other than any rights or obligations that accrued prior to the date of such termination (including
the right to receive all amounts accrued and owing to it under this Agreement) and other than indemnification rights (arising
out of events occurring prior to such termination).

 

Article XII

MISCELLANEOUS PROVISIONS

 

Section 12.01   
Counterparts. This Agreement may be executed simultaneously in any number of counterparts, each of which counterparts shall
be deemed to be an original, and such counterparts shall constitute but one and the same instrument. Delivery of an executed counterpart
of a signature page of this Agreement in Portable Document Format (PDF), any other electronic format or by facsimile transmission
shall be as effective as delivery of a manually executed original counterpart of this Agreement.

 

Section 12.02   
Limitation on Rights of Certificateholders. 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.

 

Other
than with respect to any rights to deliver a Certificateholder Repurchase Request and exercise the rights described under Section 2.03(k)(i),
no Certificateholder shall

 

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have
any right by virtue of any provision of this Agreement to institute any suit, action or proceeding in equity or at law upon
or under or with respect to this Agreement, any Intercreditor Agreement, any Mortgage Loan, or with respect to the
Certificates, unless, with respect to any suit, action or proceeding upon or under or with respect to this Agreement, such
Holder previously shall have given to the Trustee and the Certificate Administrator a written notice of default, and of the
continuance thereof, as herein before provided, or of the need to institute such suit, action or proceeding on behalf of the
Trust and unless also (except in the case of a default by the Trustee) the Holders of Certificates of any Class evidencing
not less than 25% of the related Percentage Interests in such Class shall have made written request upon the Trustee to
institute such action, suit or proceeding in its own name as Trustee hereunder and shall have offered to the Trustee such
indemnity reasonably satisfactory to it as it may require against the costs, expenses and liabilities to be incurred therein
or thereby, and the Trustee, for 60 days after its receipt of such notice, request and offer of such indemnity, shall have
neglected or refused to institute any such action, suit or proceeding. The Trustee shall be under no obligation to exercise
any of the trusts or powers vested in it hereunder or to institute, conduct or defend any litigation hereunder or in relation
hereto at the request, order or direction of any of the Holders of Certificates unless such Holders have offered to the
Trustee indemnity reasonably satisfactory to it against the costs, expenses and liabilities which may be incurred therein or
hereby. It is understood and intended, and expressly covenanted by each Certificateholder with every other Certificateholder
and the Trustee, that no one or more Holders of Certificates shall have any right in any manner whatsoever by virtue of any
provision of this Agreement or the Certificates to affect, disturb or prejudice the rights of the Holders of any other of
such Certificates, or to obtain or seek to obtain priority over or preference to any other such Holder, which priority or
preference is not otherwise provided for herein, or to enforce any right under this Agreement or the Certificates, except in
the manner herein or therein provided and for the equal, ratable and common benefit of all 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

 

    -462-

     

    

 

TO
THIS AGREEMENT, ANY ASSIGNMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY, IN ANY ACTION, PROCEEDING OR OTHER LITIGATION OF ANY
TYPE BROUGHT BY ANY PARTY AGAINST THE OTHER PARTIES, WHETHER WITH RESPECT TO CONTRACT CLAIMS, TORT CLAIMS, OR OTHERWISE. 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-B16

 

with
copies to:

 

cts.cmbs.bond.admin@wellsfargo.com;
and

trustadministrationgroup@wellfargo.com.

 

    -463-

     

    

 

 

If
to the Certificate Administrator in connection with a release or transfer of a Retained Certificate:

 

Wells
Fargo Bank, National Association

9062 Old Annapolis Road

Columbia, Maryland 21045-1951

Attention: Risk Retention Custody – BMARK 2020-B16

 

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-B16.

 

If
to the Custodian, to:

Wells Fargo Bank, N.A. Document Custody Group

1055 10th Avenue SE

Minneapolis, Minnesota 55414

Attention: BMARK 2020-B16 – Document Custody Group

Email: CMBSCustody@wellsfargo.com.

 

If
to the Depositor, to:

Deutsche Mortgage & Asset Receiving Corporation

60 Wall Street

New York, New York 10005

Attention: Lainie Kaye

with a copy via email to:

cmbs.requests@db.com

with a copy to:

Cadwalader, Wickersham & Taft LLP

200 Liberty Street

New York, New York 10281

Attention: Anna H. Glick

 

    -464-

     

    

 

If
to the Operating Advisor, to:

Park Bridge Lender Services LLC

600 Third Avenue, 40th Floor

New York, New York 10016

Attention: BMARK 2020-B16 – Surveillance Manager

with a copy sent contemporaneously via email to: cmbs.notices@parkbridgefinancial.com

 

If
to the Asset Representations Reviewer, to:

 

Park
Bridge Lender Services LLC

600 Third Avenue, 40th Floor

New York, New York 10016

Attention: BMARK 2020-B16 – Surveillance Manager

with a copy sent contemporaneously via email to: cmbs.notices@parkbridgefinancial.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 

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:

KeyBank National Association

11501 Outlook Street, Suite 300

Overland Park, Kansas 66211

Attention: Alan Williams 

Email: keybank_notices@keybank.com

 

    -465-

     

    

 

with
a copy to:

Polsinelli

900 West 48th Place, Suite 900

Kansas City, Missouri 64112

Attention: Kraig Kohring

Email: kkohring@polsinelli.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

 

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 Citi Real Estate Funding Inc., as Mortgage Loan Seller, to:

Citi Real Estate Funding Inc.

390 Greenwich Street, 6th Floor

New York, New York 10013

Attention: Richard Simpson

Fax number: (646) 328-2943

 

with
a copy to:

 

Citi
Real Estate Funding Inc. 

390
Greenwich Street, 5th Floor

New
York, New York 10013 

 

    -466-

     

    

 

Attention:
Raul Orozco 

Fax
number: (347) 394-0898 

 

with
a copy to: 

 

Citi
Real Estate Funding Inc. 

390
Greenwich Street, 17th Floor 

New
York, New York 10013 

Attention:
Ryan M. O’Connor 

Fax
number: (646) 862-8988 

 

with
copies by electronic mail to: 

 

Richard
Simpson at richard.simpson@citi.com 

Ryan
M. O’Connor at ryan.m.oconnor@citi.com 

 

If
to Deutsche Bank Securities Inc., as Initial Purchaser or Underwriter, 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 or Underwriter, 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

Attention: SPG Legal

Email: US_CMBS_Notice@jpmorgan.com

 

    -467-

     

    

 

If
to Citigroup Global Markets Inc., as Initial Purchaser or Underwriter, to:

Citigroup Global Markets Inc.

390 Greenwich Street, 5th Floor

New York, New York 10013

Attention: Raul Orozco

Facsimile: (347) 394-0898

 

with
a copy to:

Citigroup Global Markets Inc.

390 Greenwich Street, 6th Floor

New York, New York 10013

Attention: Richard Simpson

Facsimile: (646) 328-2943

 

with
a copy to:

Citigroup Global Markets Inc.

390 Greenwich Street, 17th Floor

New York, New York 10013

Attention: Ryan M. O’Connor

Fax number: (646) 862-8988

 

with
copies by electronic mail to:

richard.simpson@citi.com, and ryan.m.oconnor@citi.com

 

If
to Academy Securities, Inc., as Underwriter, to:

Academy Securities, Inc.

140 East 45th Street

New York, New York 10017

Attention: Michael Boyd, Chief Compliance Officer

Facsimile: (646) 736-3995

 

If
to Drexel Hamilton, LLC, as Underwriter, to:

Drexel Hamilton, LLC

77 Water Street

New York, New York 10005

Attention: John D. Kerin

Facsimile: (646) 412-1500

 

    -468-

     

    

 

If
to the initial Trust Directing Holder with respect to any Serviced Mortgage Loan (other than any Serviced AB Mortgage Loan and
the Servicing Shift Mortgage Loans), to:

ECMBS LLC

53 Forest Avenue, 3rd Floor

Old Greenwich, Connecticut 06870

Attention: Leo Huang

E-mail: lhuang@ellington.com

 

with
a copy via email to:

DCHconsents@ellington.com

 

If
to the initial Directing Holder with respect to the Kings Plaza Whole Loan, 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 Deutsche Bank AG, acting through its New York Branch, as the initial VRR1 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

 

with
copies via email to:

 

cmbs.requests@db.com

 

If
to JPMorgan Chase Bank, National Association, as the initial VRR2 Risk Retention Consultation Party, to:

 

    -469-

     

    

 

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 Citi Real Estate Funding Inc., as the initial VRR3 Risk Retention Consultation Party, to:

Citi Real Estate Funding Inc.

390 Greenwich Street, 6th Floor

New York, New York 10013

Attention: Richard Simpson

Fax Number: (646) 328-2943

 

with
a copy to:

Citi Real Estate Funding Inc.

390 Greenwich Street, 5th Floor

New York, New York 10013

Attention: Raul Orozco

Fax Number: (347) 394-0898

 

with
a copy to:

Citi Real Estate Funding Inc.

390 Greenwich Street, 17th Floor

New York, New York 10013

Attention: Ryan M. O’Connor

Fax Number: (646) 862-8988

 

with
copies by electronic mail to:

Richard Simpson at Richard.simpson@citi.com, Ryan M. O’Connor at ryan.m.oconnor@citi.com

 

    -470-

     

    

 

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-B16 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-B16 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
Operating Advisor, to cmbs.notices@parkbridgefinancial.com, (v) in the case of the Asset Representations Reviewer, to cmbs.notices@parkbridgefinancial.com,
(vi) 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), (vii) in the case of the Special Servicer, to keybank_notices@keybank.com), (viii)
in the case of German American Capital Corporation, to cmbs.requests@db.com, (ix) in the case of JPMorgan Chase Bank, National
Association, to US_CMBS_Notice@jpmorgan.com, (x) in the case of Citi Real Estate Funding Inc., to richard.simpson@citi.com and
ryan.m.oconnor@citi.com; and, in the case of each Rule 15Ga-1 Notice, cmbs.notice@citi.com, (xi) in the case of Deutsche Bank
Securities Inc., to cmbs.requests@db.com, (xii) in the case of J.P. Morgan Securities LLC, to ABS_Synd@jpmorgan.com and US_CMBS_Notice@jpmorgan.com,
(xiii)  in the case of Academy Securities, Inc., to mboyd@academysecurities.com, (xiv) in the case of Drexel
Hamilton, LLC, to akim@drexelhamilton.com, (xvi) in the case of Deutsche Bank AG, acting through its New York Branch,
as a Risk Retention Consultation Party, to CMBS.requests@db.com, (xvii) in the case of JPMorgan Chase Bank, National Association,
as a Risk Retention Consultation Party, to US_CMBS_Notice@jpmorgan.com, (xviii) in the case of Citi Real Estate Funding Inc.,
as a Risk Retention Consultation Party, to richard.simpson@citi.com and ryan.m.oconnor@citi.com, and (xix) 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

 

    -471-

     

    

 

information provided by the related Other Depositor,
Other Servicer, Other Special Servicer, Other Trustee or Other 17g-5 Information Provider, as applicable, and shall be entitled
to assume that the identity and contact information for such Other Depositor, Other Servicer, Other Special Servicer, Other Trustee
or Other 17g-5 Information Provider, as applicable has not changed, absent receipt of written notice from such Other Depositor,
Other Servicer, Other Special Servicer, Other Trustee or Other 17g-5 Information Provider, or a replacement thereof under the
applicable Other Pooling and Servicing Agreement, of a change with respect to the identity and contact information for such Other
Depositor, Other Servicer, Other Special Servicer, Other Trustee or Other 17g-5 Information Provider, or a replacement thereof
under the applicable Other Pooling and Servicing Agreement, as applicable.

 

Section 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 Underwriters, 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,
the Operating Advisor, the Asset Representations Reviewer or the Trustee; and

 

(iv)         the
repurchase of Mortgage Loans pursuant to Section 2.03(e) of this Agreement.

 

(b)          The
Certificate Administrator shall promptly furnish to the Depositor, the Underwriters, 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 or the Gain-on-Sale Reserve Account;
and

 

    -472-

     

    

 

(iii)         each
report to Certificateholders described in Section 4.02 and Section 3.13 of this Agreement.

 

(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:

 

Fitch
Ratings, Inc. 

300
West 57th Street 

 

    -473-

     

    

 

New
York, NY 10019 

Attention:
Commercial Mortgage Surveillance Group

 

Kroll
Bond Rating Agency, Inc. 

805
Third Avenue, 29th Floor

New York, New York 10022 

Attention:
CMBS

 

Facsimile
No.: (646) 731-2395 

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

 

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, the Operating Advisor, the Asset Representations Reviewer and the Trustee
without the consent of any of the Certificateholders 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 Prospectus
or the Private Placement Memorandum with respect to the Certificates, 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, 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 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 that would be a claim against the
Trust Fund or any Trust REMIC; 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

 

    -474-

     

    

 

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 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 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
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 affect the status of any Trust REMIC as a REMIC 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

 

    -475-

     

    

 

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, 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;

 

(x)           to
modify, eliminate or add to any provisions of this Agreement to such extent as would be necessary to comply with the requirements
for use of Form SF-3 in registered offerings to the extent provided in CFR 239.45(b)(1)(ii), (iii) or (iv); and

 

(xi)          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 Operating Advisor, the Asset Representations Reviewer, 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 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 or the Upper-Tier REMIC to fail to qualify as a REMIC.

 

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, the Operating Advisor, the Asset Representations Reviewer and the Trustee with the prior
written consent of 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 any manner the rights of the
Certificateholders or the Serviced Companion Loan Noteholders; provided that no such amendment may:

 

    -476-

     

    

 

(1)       reduce
in any manner the amount of, or delay the timing of, payments received on the Mortgage Loans or Serviced Whole Loans which are
required to be distributed on any Certificate, without the consent of the Holders of Certificates representing all of the Percentage
Interests of the Class or Classes, 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, in any such case without the consent of the Holders of all
Certificates of such Class then outstanding or such Companion Loan Noteholder, 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 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, the Operating Advisor, the Asset Representations
Reviewer 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 or the Upper-Tier REMIC as a REMIC, 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.

 

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 Operating Advisor, the Asset Representations
Reviewer, the

 

    -477-

     

    

 

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 or the Upper-Tier
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 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
Operating Advisor, the Asset Representations Reviewer, 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, the Certificate Administrator, the Operating
Advisor or the Asset Representations Reviewer may, but shall not be obligated to, enter into any such amendment which affects
the Trustee’s, the Certificate Administrator’s, the Operating Advisor’s or the Asset Representations Reviewer’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 Agreement) of any Mortgage Loan Seller, Initial
Purchaser or Underwriter without the written consent of such Mortgage Loan Seller, Initial Purchaser or Underwriter, as applicable,
or (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.

 

    -478-

     

    

 

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 Holder, Other
Depositor, Other Servicer, Other Special Servicer and Other Trustee), the Special Servicer, the Operating Advisor, the Asset Representations
Reviewer, the Trustee, each Mortgage Loan Seller, the Underwriters 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 Holder, 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 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

 

    -479-

     

    

 

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, any Underwriter 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 Deutsche Bank Securities Inc. 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, Section 11.01
and Section 12.08 of this Agreement and its rights as a Privileged Person, (iii) each Initial Purchaser and
each Underwriter 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
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

 

 

    -480-

     

    

 

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]

 

    -481-

     

    

 

IN
WITNESS WHEREOF, the Depositor, the Master Servicer, the Special Servicer, the Trustee, the Certificate Administrator, the Operating
Advisor and the Asset Representations Reviewer 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.

 

	 	DEUTSCHE
    MORTGAGE & ASSET RECEIVING CORPORATION, 

as Depositor
	 	 	 
	 	By:	/s/ Natalie Grainger
	 	 	Name: Natalie Grainger
	 	 	Title: Director

 

	 	By:	/s/
    Matt Smith
	 	 	Name: Matt Smith
	 	 	Title: Director

 

	 	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

  

	 	KEYBANK
                    NATIONAL ASSOCIATION,

 as Special Servicer

	 	 	 
	 	By:	/s/ Alan Williams
	 	 	Name: Alan Williams
	 	 	Title: Senior Vice President

 

 

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	 	WELLS
                    FARGO BANK, NATIONAL ASSOCIATION,
                    

as Trustee

	 	 	 
	 	By:	/s/
    Stacey Gross
	 	 	Name: Stacey Gross
	 	 	Title: Vice President

 

	 	WELLS
                    FARGO BANK, NATIONAL ASSOCIATION,
                    

as Certificate Administrator, Paying Agent and Custodian

	 	 	 
	 	By:	/s/
    Stacey Gross
	 	 	Name: Stacey Gross
	 	 	Title: Vice President

 

	 	PARK
    BRIDGE LENDER SERVICES LLC,
	 	as
    Operating Advisor
	 	 	 	 
	 	By:	Park
    Bridge Advisors LLC
	 	 	Its
    Sole Member
	 	 	 	 
	 	 	By:	Park
    Bridge Financial LLC
	 	 	 	Its
    Sole Member
	 	 	 	 
	 	By:	/s/ Robert J. Spinna, Jr.
	 	 	Name:
    Robert J. Spinna, Jr.
	 	 	Title:
    Managing Member

 

 

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	 	PARK
    BRIDGE LENDER SERVICES LLC,
	 	as Asset Representations Reviewer
	 	 	 	 
	 	By:	Park
    Bridge Advisors LLC
	 	 	Its
    Sole Member
	 	 	 	 
	 	 	By:	Park
    Bridge Financial LLC
	 	 	 	Its
    Sole Member
	 	 	 	 
	 	By:	/s/ Robert J. Spinna, Jr.
	 	 	Name: Robert J. Spinna, Jr.
	 	 	Title: Managing Member

 

 

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	STATE OF New York	)	 
	 	:	ss.:
	COUNTY OF New York	)	 

 

On
the 10th day of February in the year 2020, before me, the undersigned, personally appeared Matt Smith & Natalie grainger,
personally known to me or proved to me on the basis of satisfactory evidence to be the individual(s) whose name(s) is (are) subscribed
to the within instrument and acknowledged to me that he/she/they executed the same in his/her/their capacity(ies), and that by
his/her/their signature(s) on the instrument, the individual(s), or the person upon behalf of which the individual(s) acted, executed
the instrument, and that such individual made such appearance before the undersigned in New York, NY.

 

	 	/s/ Eleni Seremetis
	 	Signature
    and Office of individual taking acknowledgment

 

	This
                                         instrument prepared by:

	

ELENI
SEREMETIS
 NOTARY PUBLIC

 STATE OF NEW YORK

Qualified in Bronx County

01SE6318951

MY COMMISSION EXPIRES 2/9/2023

 

	Name:	Cadwalader,
                                         Wickersham & Taft LLP

	Address:	200
                                         Liberty Street

                                                                                New
                                         York, New York 10281

 

 

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STATE OF KANSAS

	
) 

	
 

	
)    ss.

	
COUNTY OF JOHNSON

	
)

 

On the 4th day of February 2020, before me, a notary public in and for said State, personally
appeared David A. Eckels, known to me to be a Senior Vice President of Midland Loan Services, a Division of PNC Bank, National
Association, one of the entities that executed the within instrument, and also known to me to be the person who executed it on
behalf of such entity, and acknowledged to me that such entity executed the within instrument.

 

IN WITNESS WHEREOF, I have hereunto set my hand and affixed my official seal the day and year in this certificate
first above written. 

 

	NOTARY
PUBLIC- State of Kansas

	 	/s/
Laura Escalante

	LAURA
ESCALANTE

	 	Notary
Public

	My Appt.
Expires 08/14/2021	 	 

 

 

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STATE OF KANSAS

	
) 

	
 

	
:    ss.:

	
COUNTY OF JOHNSON

	
)

 

On
the  3 day of February in the year 2020, before me, the undersigned, personally appeared Alan Williams, personally known to me
or proved to me on the basis of satisfactory evidence to be the individual(s) whose name(s) is (are) subscribed to the within
instrument and acknowledged to me that he/she/they executed the same in his/her/their capacity(ies), and that by his/her/their signature(s) on the instrument,
the individual(s), or the person upon behalf of which the individual(s) acted, executed the instrument, and that such
individual made such appearance before the undersigned in Alan Williams SVP.

 

	 

	/s/
                                         Jane Burton

	 

	Signature
                                         and Office of individual taking acknowledgment

 

	This
                                         instrument prepared by:

	

JANE BURTON

Notary
Public

STATE
OF KANSAS

MY
APPT. EXP. MAR 8, 2020

 

	Name:

	Cadwalader,
                                         Wickersham & Taft LLP

	Address:

	200
                                         Liberty Street

	 

	New
                                         York, New York 10281

 

 

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	STATE
    OF MARYLAND	)
	 	:        ss.:
	COUNTY OF HOWARD	)

 

On
the 4th day of February in the year 2020, before me, the undersigned, personally appeared Stacey
Gross, personally known to me or proved to me on the basis of satisfactory evidence to be the individual(s) whose name(s)
is (are) subscribed to the within instrument and acknowledged to me that he/she/they executed the same in his/her/their capacity(ies),
and that by his/her/their signature(s) on the instrument, the individual(s), or the person upon behalf of which the individual(s)
acted, executed the instrument, and that such individual made such appearance before the undersigned.

 

	 	 	/s/ Amy Martin
	 	 	Signature
and Officer of individual taking acknowledgment

 

This
instrument prepared by: 

 

	Name:	Cadwalader, Wickersham &
    Taft LLP	 	AMY MARTIN
	Address:	200 Liberty Street	 	Notary Public -
    Maryland
	 	New York, New York 10281	 	Anne Arundel County
	 	 	 	My Commission Expires
    on
	 	 	 	February 22, 2021

 

 

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	STATE
    OF MARYLAND	)
	 	:        ss.:
	COUNTY OF HOWARD	)

 

On
the 4th day of February in the year 2020, before me, the undersigned, personally appeared Stacey
Gross, personally known to me or proved to me on the basis of satisfactory evidence to be the individual(s) whose name(s)
is (are) subscribed to the within instrument and acknowledged to me that he/she/they executed the same in his/her/their capacity(ies),
and that by his/her/their signature(s) on the instrument, the individual(s), or the person upon behalf of which the individual(s)
acted, executed the instrument, and that such individual made such appearance before the undersigned.

 

	 	 	/s/ Amy Martin
	 	 	Signature
and Officer of individual taking acknowledgment

 

This
instrument prepared by: 

 

	Name:	Cadwalader, Wickersham &
    Taft LLP	 	AMY MARTIN
	Address:	200 Liberty Street	 	Notary Public -
    Maryland
	 	New York, New York 10281	 	Anne Arundel County
	 	 	 	My Commission Expires
    on
	 	 	 	February 22, 2021

 

 

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

 

On
this 4th day of February 2020, before me, the undersigned, a Notary Public in and for the State of New York, duly commissioned
and sworn, personally appeared Robert J. Spinna, Jr., to me known who, by me duly sworn, did depose and acknowledge before me
that he is a Managing Member of Park Bridge Financial LLC, which is the sole member of Park Bridge Advisors LLC, which in turn
is the sole member of Park Bridge Lender Services LLC, the entity described in and that executed the foregoing instrument; and
that he signed his name thereto under authority of said entity and on behalf of such entity.

 

WITNESS
my hand and seal hereto affixed the day and year first above written.

 

	 	/s/
    Niaja Williams Mowatt
	 	NOTARY
    PUBLIC in and for the 

    State of New York

 

[SEAL]

 

	My Commission expires:	3/31/20	 
	 	(Date)	 

 

	NIAJA
    WILLIAMS MOWATT	 
	Notary Public - State
    of New York	 
	NO. 01W16184241	 
	Qualified in Suffolk
    County	 
	My Commission Expires
    3/31/20	 

 

 

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

 

On
this 4th day of February 2020, before me, the undersigned, a Notary Public in and for the State of New York, duly commissioned
and sworn, personally appeared Robert J. Spinna, Jr., to me known who, by me duly sworn, did depose and acknowledge before me
that he is a Managing Member of Park Bridge Financial LLC, which is the sole member of Park Bridge Advisors LLC, which in turn
is the sole member of Park Bridge Lender Services LLC, the entity described in and that executed the foregoing instrument; and
that he signed his name thereto under authority of said entity and on behalf of such entity.

 

WITNESS
my hand and seal hereto affixed the day and year first above written.

	 	/s/
    Niaja Williams Mowatt
	 	NOTARY
    PUBLIC in and for the 

    State of New York

 

[SEAL]

 

	My Commission expires:	3/31/20	 
	 	(Date)	 

 

	NIAJA
    WILLIAMS MOWATT	 
	Notary Public - State
    of New York	 
	NO. 01W16184241	 
	Qualified in Suffolk
    County	 
	My Commission Expires
    3/31/20	 

 

 

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EXHIBIT A-1

 

FORM OF CLASS A-1 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 OPERATING ADVISOR, THE ASSET REPRESENTATIONS REVIEWER, 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.

 

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.

 

 

1 Legend
required as long as DTC is the Depository under the Pooling and Servicing Agreement.

 

    A-1-1

     

    
 

 

BENCHMARK 2020-B16 MORTGAGE TRUST COMMERCIAL MORTGAGE
PASS-THROUGH CERTIFICATES, CLASS A-1

 

	
Class A-1 Pass-Through Rate:  1.927%

	
 

	
CUSIP:  08161NAA5

ISIN:      US08161NAA54

	
 

	
 

	
 

	
Original Aggregate Certificate Balance of the Class A-1 Certificates: $4,592,000

	
 

	
Initial Certificate Balance of this Certificate: $[__]

	
 

	
 

	
 

	
First Distribution Date:  March 17, 2020

	
 

	
Cut-off Date: The close of business on the later of the related Due Date of such Mortgage Loan in February 2020 (or, in the case of any Mortgage Loan that has its first Due Date after February 2020, the date that would have been its Due Date in February 2020 under the terms of that Mortgage 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:  December 2024

	
 

	
No.: A-1-[_]

 

This certifies that [              ] is the registered owner of a beneficial ownership interest in a Trust Fund, including the distributions to be made with respect to the Class A-1 Certificates.  The Trust Fund, described more fully below, consists primarily of a pool of Mortgage Loans secured by first liens on commercial 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 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 February 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”), KeyBank National Association, as special servicer (the “Special Servicer”), Wells Fargo Bank, National Association, as trustee (in such capacity, the “Trustee”), Wells Fargo Bank, National Association, as certificate administrator (in such capacity, the “Certificate Administrator”), as custodian and as paying agent, and Park Bridge Lender Services LLC, as operating advisor (in such capacity, the “Operating Advisor”) and as asset representations reviewer (in such capacity, the “Asset Representations Reviewer”) evidences the issuance of the Class A-1, Class A-2, Class A-3, Class A-SB, Class A-4, Class A-5, Class X-A, Class A-M, Class B, Class C, Class X-B, Class X-D, Class X-F, Class X-G, Class X-H, Class D, Class E, Class F, Class G, Class H and

 

    A-1-2

     

    
 

Class R Certificates and the VRR Interest (the “Certificates”; the Holders of Certificates issued under the Pooling and Servicing Agreement are collectively referred to herein as “Certificateholders”).  This Certificate is issued pursuant to, and in accordance with, the terms of 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-1 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 March 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-1 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 

    A-1-3

     

    
 

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.

 

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 therein):  (i) such Mortgage Loans as from 

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time to time are subject to the Pooling and Servicing Agreement, together with the Mortgage Files relating thereto; (ii) all scheduled or unscheduled payments on or collections in respect of the Mortgage Loans due after the Cut-off Date; (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; (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,  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; (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; (xiii) the Lower-Tier Regular Interests; and (xiv) 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, 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 Operating Advisor, the Asset Representations Reviewer, 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

 

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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, the Operating Advisor, the Asset Representations Reviewer  and the Trustee without the consent of any of the Certificateholders 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 Prospectus or Private Placement Memorandum with respect to the Certificates, 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, 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 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 that would be a claim against the Trust Fund or any Trust REMIC; 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 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; 

    A-1-6

     

    
 

(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 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 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 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, 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; (x) to modify, eliminate or add to any provisions of the Pooling and Servicing Agreement to such extent as would be necessary to comply with the requirements for use of Form SF-3 in registered offerings to the extent provided in CFR 239.45(b)(1)(ii), (iii) or (iv); and (xi) to modify, eliminate or add to any of its provisions (a) to 

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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, the Operating Advisor, the Asset Representations Reviewer and the Trustee with the prior written consent of 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 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 or Serviced Whole Loans which are required to be distributed on any Certificate, without the consent of the Holders of Certificates representing all of the Percentage Interests of the Class or Classes, 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, in any such case without the consent of the Holders of all Certificates of such Class then-outstanding or such Companion Loan Noteholder, 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 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

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 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, the Operating Advisor, the Asset Representations Reviewer 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 or the Upper-Tier REMIC as a REMIC, 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 Certificateholder owning a majority of the Percentage Interest in the Controlling Class and, if no such Certificateholder exercises such option, the Special Servicer, and if the Special Servicer does not exercise such option, the Master Servicer may effect an early termination of the Trust Fund, upon not less than 30 days’ prior Notice of Termination given to the Trustee, the Special Servicer and the Master Servicer any time specifying the Anticipated Termination Date, which shall be on or after the Early Termination Notice Date (defined as 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 as of the Cut-off Date) by purchasing on such date all, but not less than all, of the Mortgage Loans then included in the Trust Fund, and the Trust’s interest in all property acquired in respect of any Mortgage Loan, at a purchase price, payable in cash, equal to the sum of, without duplication:

 

	
 

	
(A)

	
100% of the Stated Principal Balance of each Mortgage Loan included in the Trust as of the last day of the month preceding such Anticipated Termination Date (less any P&I Advances previously made on account of principal);

 

	
 

	
(B)

	
the fair market value of all other property included in the Trust Fund as of the last day of the month preceding such Anticipated Termination Date, as determined by an Independent appraiser acceptable to the Master Servicer as of a date not more than 30 days prior to the last day of the month preceding such Distribution Date;

 

	
 

	
(C)

	
all unpaid interest accrued on the unpaid balance of each Mortgage Loan (including any Mortgage Loan as to which title to the related Mortgaged Property has been acquired) at the Mortgage Rate to the 

 

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 last day of the month preceding such Anticipated Termination Date (less any P&I Advances previously made on account of interest); and

 

	
 

	
(D)

	
the aggregate amount of unreimbursed Advances, with interest thereon at the Reimbursement Rate, and unpaid Servicing Compensation, Special Servicing Compensation, Operating Advisor Fees, Certificate Administrator/Trustee Fees, the CREFC® Intellectual Property Royalty License Fees and Trust Fund expenses.

 

In addition, the Pooling and Servicing Agreement provides that following the date on which the Class X-A Notional Amount, the Class X-B Notional Amount, the Class X-D Notional Amount and the aggregate Certificate Balance of the Class A-1, Class A-2, Class A-3, Class A-SB, Class A-4, Class A-5, Class A-M, Class B, Class C, Class D and Class E Certificates is reduced to zero, the Sole Certificateholder shall have the right to exchange all of the then-outstanding Certificates (other than the Class R Certificates) for all of the Mortgage Loans and each REO Property remaining in the Trust Fund as contemplated by clause (ii) of Section 9.01(a) of the Pooling and Servicing Agreement by giving written notice to all the parties to the Pooling and Servicing Agreement no later than 60 days prior to the anticipated date of exchange.

 

All costs and expenses incurred by any and all parties to the Pooling and Servicing Agreement or by the Trust Fund in connection with the purchase of the Mortgage Loans and other assets of the Trust Fund pursuant to Section 9.01(c) of the Pooling and Servicing Agreement shall be borne by the party exercising its purchase rights thereunder.  The Trustee and the Certificate Administrator shall be entitled to rely conclusively on any determination made by an Independent appraiser pursuant to Section 9.01(c) of the Pooling and Servicing Agreement.

 

The respective obligations and responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the Trustee created by the Pooling and Servicing Agreement with respect to the Certificates (other than the obligations of the Certificate Administrator to make certain payments and to send certain notices to Certificateholders as set forth in the Pooling and Servicing Agreement) shall terminate upon payment (or provision for payment) to the Certificateholders 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 earlier to occur of (i) the purchase of the Mortgage Loans and all other property held by the Trust Fund in accordance with Section 9.01(c) of the Pooling and Servicing Agreement; (ii) the exchange by the Sole Certificateholder of its Certificates for the Mortgage Loans in accordance with Section 9.01(g) of the Pooling and Servicing Agreement; and (iii) the later of (a) the receipt or collection of the last payment due on any Mortgage Loan included in the Trust Fund, or (b) the liquidation and disposition pursuant to the Pooling and Servicing Agreement of the last asset held by the Trust Fund; provided that in no event shall the trust

 

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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 A-1 Certificate to be duly executed.

 

Dated:  February 12, 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-1 Certificates referred to in the Pooling and Servicing Agreement.

 

Dated:  February 12, 2020 

	
 

	
 

	
 

	
 

	
WELLS FARGO BANK, NATIONAL ASSOCIATION, not in its individual capacity but solely as Authenticating Agent

	
 

	
 

	
 

	
 

	
By:

	
 

	
 

	
 

	
Name:

	
 

	
 

	
Title:

    A-1-12

     

    
 

EXHIBIT A-2

 

FORM OF CLASS A-2 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 OPERATING ADVISOR, THE ASSET REPRESENTATIONS REVIEWER, 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.

 

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.

 

 

1 Legend
required as long as DTC is the Depository under the Pooling and Servicing Agreement.

    A-2-1

     

    
 

BENCHMARK 2020-B16 MORTGAGE TRUST COMMERCIAL MORTGAGE
PASS-THROUGH CERTIFICATES, CLASS A-2

 

	
Class A-2 Pass-Through Rate:  2.878%

	
 

	
CUSIP: 08161NAB3

ISIN:     US08161NAB38

	
 

	
 

	
 

	
Original Aggregate Certificate Balance of the Class A-2 Certificates: $10,098,000

	
 

	
Initial Certificate Balance of this Certificate: $[__]

	
 

	
 

	
 

	
First Distribution Date:  March 17, 2020

	
 

	
Cut-off Date: The close of business on the later of the related Due Date of such Mortgage Loan in February 2020 (or, in the case of any Mortgage Loan that has its first Due Date after February 2020, the date that would have been its Due Date in February 2020 under the terms of that Mortgage 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:  December 2024

	
 

	
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 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 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 February 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”), KeyBank National Association, as special servicer (the “Special Servicer”), Wells Fargo Bank, National Association, as trustee (in such capacity, the “Trustee”), Wells Fargo Bank, National Association, as certificate administrator (in such capacity, the “Certificate Administrator”), as custodian and as paying agent, and Park Bridge Lender Services LLC, as operating advisor (in such capacity, the “Operating Advisor”) and as asset representations reviewer (in such capacity, the “Asset Representations Reviewer”) Class A-1, Class A-2, Class A-3, Class A-SB, Class A-4, Class A-5, Class X-A, Class A-M, Class B, Class C, Class X-B, Class X-D, Class X-F, Class X-G, Class X-H, Class D, Class E, Class F, Class G, Class H and Class R Certificates and the VRR Interest (the “Certificates”; the Holders of Certificates issued under the Pooling and Servicing 

    A-2-2

     

    
 

Agreement are collectively referred to herein as “Certificateholders”).  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 March 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-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 

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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.

 

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 therein):  (i) such Mortgage Loans as from time to time are subject to the Pooling and Servicing Agreement, together with the Mortgage Files relating thereto;  (ii) all scheduled or unscheduled payments on or collections in respect of the Mortgage Loans due after the Cut-off Date; (iii) the Trust Fund’s interest in any REO 

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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; (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,  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; (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; (xiii) the Lower-Tier Regular Interests; and (xiv) 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, 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 Operating Advisor,
the Asset Representations Reviewer, 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. 

 

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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, the Operating Advisor, the Asset Representations Reviewer  and the Trustee without the consent of any of the Certificateholders 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 Prospectus or Private Placement Memorandum with respect to the Certificates, 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, 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 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 that would be a claim against the Trust Fund or any Trust REMIC; 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 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 or any holder of a Pari Passu Companion Loan not consenting thereto as evidenced in writing by an Opinion of 

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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 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 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, 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; (x) to modify, eliminate or add to any provisions of the Pooling and Servicing Agreement to such extent as would be necessary to comply with the requirements for use of Form SF-3 in registered offerings to the extent provided in CFR 239.45(b)(1)(ii), (iii) or (iv); and (xi) 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

 

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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, the Operating Advisor, the Asset Representations Reviewer and the Trustee with the prior
written consent of 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 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 or Serviced Whole Loans which are required to be distributed on any Certificate, without the consent of the Holders of Certificates representing all of the Percentage Interests of the Class or Classes, 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, in any such case without the consent of the Holders of all Certificates of such Class then-outstanding or such Companion Loan Noteholder, 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 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).

 

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Further, the Depositor,
the Master Servicer, the Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer
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 or the Upper-Tier REMIC as a REMIC,
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 Certificateholder owning a majority of the Percentage Interest in the Controlling Class and, if no such Certificateholder exercises such option, the Special Servicer, and if the Special Servicer does not exercise such option, the Master Servicer may effect an early termination of the Trust Fund, upon not less than 30 days’ prior Notice of Termination given to the Trustee, the Special Servicer and the Master Servicer any time specifying the Anticipated Termination Date, which shall be on or after the Early Termination Notice Date (defined as 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 as of the Cut-off Date) by purchasing on such date all, but not less than all, of the Mortgage Loans then included in the Trust Fund, and the Trust’s interest in all property acquired in respect of any Mortgage Loan, at a purchase price, payable in cash, equal to the sum of, without duplication:

 

	
 

	
(A)

	
100% of the Stated Principal Balance of each Mortgage Loan included in the Trust as of the last day of the month preceding such Anticipated Termination Date (less any P&I Advances previously made on account of principal);

 

	
 

	
(B)

	
the fair market value of all other property included in the Trust Fund as of the last day of the month preceding such Anticipated Termination Date, as determined by an Independent appraiser acceptable to the Master Servicer as of a date not more than 30 days prior to the last day of the month preceding such Distribution Date;

 

	
 

	
(C)

	
all unpaid interest accrued on the unpaid balance of each Mortgage Loan (including any Mortgage Loan as to which title to the related Mortgaged Property has been acquired) at the Mortgage Rate to the last day of the month preceding such Anticipated Termination Date (less any P&I Advances previously made on account of interest); and

 

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(D)

	
the aggregate amount of unreimbursed Advances, with interest thereon at the Reimbursement Rate, and unpaid Servicing Compensation, Special Servicing Compensation, Operating Advisor Fees, Certificate Administrator/Trustee Fees, the CREFC® Intellectual Property Royalty License Fees and Trust Fund expenses.

 

In addition, the Pooling
and Servicing Agreement provides that following the date on which the Class X-A Notional Amount, the Class X-B Notional Amount,
the Class X-D Notional Amount and the aggregate Certificate Balance of the Class A-1, Class A-2, Class A-3, Class A-SB,
Class A-4, Class A-5, Class A-M, Class B, Class C, Class D and Class E Certificates is reduced to zero, the Sole Certificateholder
shall have the right to exchange all of the then-outstanding Certificates (other than the Class R Certificates) for all of
the Mortgage Loans and each REO Property remaining in the Trust Fund as contemplated by clause (ii) of Section 9.01(a)
of the Pooling and Servicing Agreement by giving written notice to all the parties to the Pooling and Servicing Agreement no later
than 60 days prior to the anticipated date of exchange.

 

All costs and expenses incurred by any and all parties to the Pooling and Servicing Agreement or by the Trust Fund in connection with the purchase of the Mortgage Loans and other assets of the Trust Fund pursuant to Section 9.01(c) of the Pooling and Servicing Agreement shall be borne by the party exercising its purchase rights thereunder.  The Trustee and the Certificate Administrator shall be entitled to rely conclusively on any determination made by an Independent appraiser pursuant to Section 9.01(c) of the Pooling and Servicing Agreement.

 

The respective obligations and responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the Trustee created by the Pooling and Servicing Agreement with respect to the Certificates (other than the obligations of the Certificate Administrator to make certain payments and to send certain notices to Certificateholders as set forth in the Pooling and Servicing Agreement) shall terminate upon payment (or provision for payment) to the Certificateholders 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 earlier to occur of (i) the purchase of the Mortgage Loans and all other property held by the Trust Fund in accordance with Section 9.01(c) of the Pooling and Servicing Agreement; (ii) the exchange by the Sole Certificateholder of its Certificates for the Mortgage Loans in accordance with Section 9.01(g) of the Pooling and Servicing Agreement; and (iii) the later of (a) the receipt or collection of the last payment due on any Mortgage Loan included in the Trust Fund, or (b) the liquidation and disposition pursuant to the Pooling and Servicing Agreement of the last asset held by 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.

 

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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 A-2 Certificate to be duly executed.

 

Dated:  February 12, 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:  February 12, 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-3

 

FORM OF CLASS A-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.]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 OPERATING ADVISOR, THE ASSET REPRESENTATIONS REVIEWER, 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.

 

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.

 

 

1 Legend
required as long as DTC is the Depository under the Pooling and Servicing Agreement.

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BENCHMARK 2020-B16 MORTGAGE TRUST COMMERCIAL MORTGAGE
PASS-THROUGH CERTIFICATES, CLASS A-3

 

	
Class A-3 Pass-Through Rate:  2.475%

	
 

	
CUSIP: 08161NAC1

ISIN:     US08161NAC11

	
 

	
 

	
 

	
Original Aggregate Certificate Balance of the Class A-3 Certificates: $40,849,000

	
 

	
Initial Certificate Balance of this Certificate: $[__]

	
 

	
 

	
 

	
First Distribution Date: March 17, 2020

	
 

	
Cut-off Date: The close of business on the later of the related Due Date of such Mortgage Loan in February 2020 (or, in the case of any Mortgage Loan that has its first Due Date after February 2020, the date that would have been its Due Date in February 2020 under the terms of that Mortgage 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: December 2026

	
 

	
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 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 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 February 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”), KeyBank National Association, as special servicer (the “Special Servicer”), Wells Fargo Bank, National Association, as trustee (in such capacity, the “Trustee”), Wells Fargo Bank, National Association, as certificate administrator (in such capacity, the “Certificate Administrator”), as custodian and as paying agent, and Park Bridge Lender Services LLC, as operating advisor (in such capacity, the “Operating Advisor”) and as asset representations reviewer (in such capacity, the “Asset Representations Reviewer”) evidences the issuance of the Class A-1, Class A-2, Class A-3, Class A-SB, Class A-4, Class A-5, Class X-A, Class A-M, Class B, Class C, Class X-B, Class X-D, Class X-F, Class X-G, Class X-H, Class D, Class E, Class F, Class G, Class H and Class R Certificates and the VRR Interest (the “Certificates”; the Holders of Certificates issued 

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under the Pooling and Servicing Agreement are collectively referred to herein as “Certificateholders”).  This Certificate is issued pursuant to, and in accordance with, the terms of 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 March 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-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 

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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.

 

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 therein):  (i) such Mortgage Loans as from time to time are subject to the Pooling and Servicing Agreement, together with the Mortgage Files relating thereto;  (ii) all scheduled or unscheduled payments on or collections in respect of the Mortgage Loans due after the Cut-off Date; (iii) the Trust Fund’s interest in any REO 

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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; (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,  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; (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; (xiii) the Lower-Tier Regular Interests; and (xiv) 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, 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 Operating Advisor, the Asset Representations Reviewer, 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.

 

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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, the Operating Advisor, the Asset Representations Reviewer  and the Trustee without the consent of any of the Certificateholders 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 Prospectus or Private Placement Memorandum with respect to the Certificates, 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, 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 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 that would be a claim against the Trust Fund or any Trust REMIC; 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 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 or any holder of a Pari Passu Companion Loan not consenting thereto as evidenced in writing by an Opinion of 

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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 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 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, 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; (x) to modify, eliminate or add to any provisions of the Pooling and Servicing Agreement to such extent as would be necessary to comply with the requirements for use of Form SF-3 in registered offerings to the extent provided in CFR 239.45(b)(1)(ii), (iii) or (iv); and (xi) 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

 

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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, the Operating Advisor, the Asset Representations Reviewer and the Trustee with the prior
written consent of 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 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 or Serviced Whole Loans which are required to be distributed on any Certificate, without the consent of the Holders of Certificates representing all of the Percentage Interests of the Class or Classes, 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, in any such case without the consent of the Holders of all Certificates of such Class then-outstanding or such Companion Loan Noteholder, 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 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).

 

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Further, the Depositor,
the Master Servicer, the Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer
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 or the Upper-Tier REMIC as a REMIC,
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 Certificateholder owning a majority of the Percentage Interest in the Controlling Class and, if no such Certificateholder exercises such option, the Special Servicer, and if the Special Servicer does not exercise such option, the Master Servicer may effect an early termination of the Trust Fund, upon not less than 30 days’ prior Notice of Termination given to the Trustee, the Special Servicer and the Master Servicer any time specifying the Anticipated Termination Date, which shall be on or after the Early Termination Notice Date (defined as 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 as of the Cut-off Date) by purchasing on such date all, but not less than all, of the Mortgage Loans then included in the Trust Fund, and the Trust’s interest in all property acquired in respect of any Mortgage Loan, at a purchase price, payable in cash, equal to the sum of, without duplication:

 

	
 

	
(A)

	
100% of the Stated Principal Balance of each Mortgage Loan included in the Trust as of the last day of the month preceding such Anticipated Termination Date (less any P&I Advances previously made on account of principal);

 

	
 

	
(B)

	
the fair market value of all other property included in the Trust Fund as of the last day of the month preceding such Anticipated Termination Date, as determined by an Independent appraiser acceptable to the Master Servicer as of a date not more than 30 days prior to the last day of the month preceding such Distribution Date;

 

	
 

	
(C)

	
all unpaid interest accrued on the unpaid balance of each Mortgage Loan (including any Mortgage Loan as to which title to the related Mortgaged Property has been acquired) at the Mortgage Rate to the last day of the month preceding such Anticipated Termination Date (less any P&I Advances previously made on account of interest); and

 

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(D)

	
the aggregate amount of unreimbursed Advances, with interest thereon at the Reimbursement Rate, and unpaid Servicing Compensation, Special Servicing Compensation, Operating Advisor Fees, Certificate Administrator/Trustee Fees, the CREFC® Intellectual Property Royalty License Fees and Trust Fund expenses.

 

In addition, the Pooling
and Servicing Agreement provides that following the date on which the Class X-A Notional Amount, the Class X-B Notional Amount,
the Class X-D Notional Amount and the aggregate Certificate Balance of the Class A-1, Class A-2, Class A-3, Class A-SB,
Class A-4, Class A-5, Class A-M, Class B, Class C, Class D and Class E Certificates is reduced to zero, the Sole Certificateholder
shall have the right to exchange all of the then-outstanding Certificates (other than the Class R Certificates) for all of
the Mortgage Loans and each REO Property remaining in the Trust Fund as contemplated by clause (ii) of Section 9.01(a)
of the Pooling and Servicing Agreement by giving written notice to all the parties to the Pooling and Servicing Agreement no later
than 60 days prior to the anticipated date of exchange.

 

All costs and expenses incurred by any and all parties to the Pooling and Servicing Agreement or by the Trust Fund in connection with the purchase of the Mortgage Loans and other assets of the Trust Fund pursuant to Section 9.01(c) of the Pooling and Servicing Agreement shall be borne by the party exercising its purchase rights thereunder.  The Trustee and the Certificate Administrator shall be entitled to rely conclusively on any determination made by an Independent appraiser pursuant to Section 9.01(c) of the Pooling and Servicing Agreement.

 

The respective obligations and responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the Trustee created by the Pooling and Servicing Agreement with respect to the Certificates (other than the obligations of the Certificate Administrator to make certain payments and to send certain notices to Certificateholders as set forth in the Pooling and Servicing Agreement) shall terminate upon payment (or provision for payment) to the Certificateholders 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 earlier to occur of (i) the purchase of the Mortgage Loans and all other property held by the Trust Fund in accordance with Section 9.01(c) of the Pooling and Servicing Agreement; (ii) the exchange by the Sole Certificateholder of its Certificates for the Mortgage Loans in accordance with Section 9.01(g) of the Pooling and Servicing Agreement; and (iii) the later of (a) the receipt or collection of the last payment due on any Mortgage Loan included in the Trust Fund, or (b) the liquidation and disposition pursuant to the Pooling and Servicing Agreement of the last asset held by 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.

 

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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 A-3 Certificate to be duly executed.

 

Dated:  February 12, 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:  February 12, 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-4

 

FORM OF CLASS A-SB 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 OPERATING ADVISOR, THE ASSET REPRESENTATIONS REVIEWER, 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.

 

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.

 

 

1 Legend
required as long as DTC is the Depository under the Pooling and Servicing Agreement.

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BENCHMARK 2020-B16 MORTGAGE TRUST COMMERCIAL MORTGAGE
PASS-THROUGH CERTIFICATES, CLASS A-SB

 

	
Class A-SB Pass-Through Rate: 2.700%

	
 

	
CUSIP: 08161NAD9

ISIN:     US08161NAD93

	
 

	
 

	
 

	
Original Aggregate Certificate Balance of the Class A-SB Certificates: $9,800,000

	
 

	
Initial Certificate Balance of this Certificate: $[__]

	
 

	
 

	
 

	
First Distribution Date: March 17, 2020

	
 

	
Cut-off Date: The close of business on the later of the related Due Date of such Mortgage Loan in February 2020 (or, in the case of any Mortgage Loan that has its first Due Date after February 2020, the date that would have been its Due Date in February 2020 under the terms of that Mortgage 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: December 2029

	
 

	
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 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 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 February 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”), KeyBank National Association, as special servicer (the “Special Servicer”), Wells Fargo Bank, National Association, as trustee (in such capacity, the “Trustee”), Wells Fargo Bank, National Association, as certificate administrator (in such capacity, the “Certificate Administrator”), as custodian and as paying agent, and Park Bridge Lender Services LLC, as operating advisor (in such capacity, the “Operating Advisor”) and as asset representations reviewer (in such capacity, the “Asset Representations Reviewer”) evidences the issuance of the Class A-1, Class A-2, Class A-3, Class A-SB, Class A-4, Class A-5, Class X-A, Class A-M, Class B, Class C, Class X-B, Class X-D, Class X-F, Class X-G, Class X-H, Class D, Class E, Class F, Class G, Class H and Class R Certificates and the VRR Interest (the “Certificates”; the Holders of Certificates issued 

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under the Pooling and Servicing Agreement are collectively referred to herein as “Certificateholders”).  This Certificate is issued pursuant to, and in accordance with, the terms of 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 March 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-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 

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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.

 

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 therein):  (i) such Mortgage Loans as from time to time are subject to the Pooling and Servicing Agreement, together with the Mortgage Files relating thereto;  (ii) all scheduled or unscheduled payments on or collections in respect of the Mortgage Loans due after the Cut-off Date; (iii) the Trust Fund’s interest in any REO 

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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; (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 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; (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; (xiii) the Lower-Tier Regular Interests; and (xiv) 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, 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 Operating Advisor, the Asset Representations Reviewer, 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.

 

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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, the Operating Advisor, the Asset Representations Reviewer  and the Trustee without the consent of any of the Certificateholders 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 Prospectus or Private Placement Memorandum with respect to the Certificates, 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, 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 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 that would be a claim against the Trust Fund or any Trust REMIC; 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 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 or any holder of a Pari Passu Companion Loan not consenting thereto as evidenced in writing by an Opinion of 

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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 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 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, 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; (x) to modify, eliminate or add to any provisions of the Pooling and Servicing Agreement to such extent as would be necessary to comply with the requirements for use of Form SF-3 in registered offerings to the extent provided in CFR 239.45(b)(1)(ii), (iii) or (iv); and (xi) 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

 

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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, the Operating Advisor, the Asset Representations Reviewer and the Trustee with the prior
written consent of 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 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 or Serviced Whole Loans which are required to be distributed on any Certificate, without the consent of the Holders of Certificates representing all of the Percentage Interests of the Class or Classes, 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, in any such case without the consent of the Holders of all Certificates of such Class then-outstanding or such Companion Loan Noteholder, 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 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).

 

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Further, the Depositor,
the Master Servicer, the Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer
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 or the Upper-Tier REMIC as a REMIC,
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 Certificateholder owning a majority of the Percentage Interest in the Controlling Class and, if no such Certificateholder exercises such option, the Special Servicer, and if the Special Servicer does not exercise such option, the Master Servicer may effect an early termination of the Trust Fund, upon not less than 30 days’ prior Notice of Termination given to the Trustee, the Special Servicer and the Master Servicer any time specifying the Anticipated Termination Date, which shall be on or after the Early Termination Notice Date (defined as 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 as of the Cut-off Date) by purchasing on such date all, but not less than all, of the Mortgage Loans then included in the Trust Fund, and the Trust’s interest in all property acquired in respect of any Mortgage Loan, at a purchase price, payable in cash, equal to the sum of, without duplication:

 

	
 

	
(A)

	
100% of the Stated Principal Balance of each Mortgage Loan included in the Trust as of the last day of the month preceding such Anticipated Termination Date (less any P&I Advances previously made on account of principal);

 

	
 

	
(B)

	
the fair market value of all other property included in the Trust Fund as of the last day of the month preceding such Anticipated Termination Date, as determined by an Independent appraiser acceptable to the Master Servicer as of a date not more than 30 days prior to the last day of the month preceding such Distribution Date;

 

	
 

	
(C)

	
all unpaid interest accrued on the unpaid balance of each Mortgage Loan (including any Mortgage Loan as to which title to the related Mortgaged Property has been acquired) at the Mortgage Rate to the last day of the month preceding such Anticipated Termination Date (less any P&I Advances previously made on account of interest); and

 

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(D)

	
the aggregate amount of unreimbursed Advances, with interest thereon at the Reimbursement Rate, and unpaid Servicing Compensation, Special Servicing Compensation, Operating Advisor Fees, Certificate Administrator/Trustee Fees, the CREFC® Intellectual Property Royalty License Fees and Trust Fund expenses.

 

In addition, the Pooling
and Servicing Agreement provides that following the date on which the Class X-A Notional Amount, the Class X-B Notional Amount,
the Class X-D Notional Amount and the aggregate Certificate Balance of the Class A-1, Class A-2, Class A-3, Class A-SB,
Class A-4, Class A-5, Class A-M, Class B, Class C, Class D and Class E Certificates is reduced to zero, the Sole Certificateholder
shall have the right to exchange all of the then-outstanding Certificates (other than the Class R Certificates) for all of
the Mortgage Loans and each REO Property remaining in the Trust Fund as contemplated by clause (ii) of Section 9.01(a)
of the Pooling and Servicing Agreement by giving written notice to all the parties to the Pooling and Servicing Agreement no later
than 60 days prior to the anticipated date of exchange.

 

All costs and expenses incurred by any and all parties to the Pooling and Servicing Agreement or by the Trust Fund in connection with the purchase of the Mortgage Loans and other assets of the Trust Fund pursuant to Section 9.01(c) of the Pooling and Servicing Agreement shall be borne by the party exercising its purchase rights thereunder.  The Trustee and the Certificate Administrator shall be entitled to rely conclusively on any determination made by an Independent appraiser pursuant to Section 9.01(c) of the Pooling and Servicing Agreement.

 

The respective obligations and responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the Trustee created by the Pooling and Servicing Agreement with respect to the Certificates (other than the obligations of the Certificate Administrator to make certain payments and to send certain notices to Certificateholders as set forth in the Pooling and Servicing Agreement) shall terminate upon payment (or provision for payment) to the Certificateholders 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 earlier to occur of (i) the purchase of the Mortgage Loans and all other property held by the Trust Fund in accordance with Section 9.01(c) of the Pooling and Servicing Agreement; (ii) the exchange by the Sole Certificateholder of its Certificates for the Mortgage Loans in accordance with Section 9.01(g) of the Pooling and Servicing Agreement; and (iii) the later of (a) the receipt or collection of the last payment due on any Mortgage Loan included in the Trust Fund, or (b) the liquidation and disposition pursuant to the Pooling and Servicing Agreement of the last asset held by 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.

 

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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 A-SB Certificate to be duly executed.

 

Dated:  February 12, 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:  February 12, 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-5

 

FORM OF CLASS A-4 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 OPERATING ADVISOR, THE ASSET REPRESENTATIONS REVIEWER, 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.

 

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.

 

 

1 Legend
required as long as DTC is the Depository under the Pooling and Servicing Agreement.

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BENCHMARK 2020-B16 MORTGAGE TRUST COMMERCIAL MORTGAGE
PASS-THROUGH CERTIFICATES, CLASS A-4

 

	
Class A-4 Pass-Through Rate:  2.483%

	
 

	
CUSIP: 08161NAE7

ISIN:     US08161NAE76

	
 

	
 

	
 

	
Original Aggregate Certificate Balance of the Class A-4 Certificates: $221,000,000

	
 

	
Initial Certificate Balance of this Certificate: $[__]

	
 

	
 

	
 

	
First Distribution Date: March 17, 2020

	
 

	
Cut-off Date: The close of business on the later of the related Due Date of such Mortgage Loan in February 2020 (or, in the case of any Mortgage Loan that has its first Due Date after February 2020, the date that would have been its Due Date in February 2020 under the terms of that Mortgage 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:  December 2029

	
 

	
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 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 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 February 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”), KeyBank National Association, as special servicer (the “Special Servicer”), Wells Fargo Bank, National Association, as trustee (in such capacity, the “Trustee”), Wells Fargo Bank, National Association, as certificate administrator (in such capacity, the “Certificate Administrator”), as custodian and as paying agent, and Park Bridge Lender Services LLC, as operating advisor (in such capacity, the “Operating Advisor”) and as asset representations reviewer (in such capacity, the “Asset Representations Reviewer”) evidences the issuance of the Class A-1, Class A-2, Class A-3, Class A-SB, Class A-4, Class A-5, Class X-A, Class A-M, Class B, Class C, Class X-B, Class X-D, Class X-F, Class X-G, Class X-H, Class D, Class E, Class F, Class G, Class H and Class R Certificates and the VRR Interest (the “Certificates”; the Holders of Certificates issued 

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under the Pooling and Servicing Agreement are collectively referred to herein as “Certificateholders”).  This Certificate is issued pursuant to, and in accordance with, the terms of 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 March 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-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 

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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.

 

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 therein):  (i) such Mortgage Loans as from time to time are subject to the Pooling and Servicing Agreement, together with the Mortgage Files relating thereto;  (ii) all scheduled or unscheduled payments on or collections in respect of the Mortgage Loans due after the Cut-off Date; (iii) the Trust Fund’s interest in any REO 

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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; (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,  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; (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; (xiii) the Lower-Tier Regular Interests; and (xiv) 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, 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 Operating Advisor, the Asset Representations Reviewer, 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.

 

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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, the Operating Advisor, the Asset Representations Reviewer  and the Trustee without the consent of any of the Certificateholders 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 Prospectus or Private Placement Memorandum with respect to the Certificates, 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, 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 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 that would be a claim against the Trust Fund or any Trust REMIC; 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 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 or any holder of a Pari Passu Companion Loan not consenting thereto as evidenced in writing by an Opinion of 

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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 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 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, 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; (x) to modify, eliminate or add to any provisions of the Pooling and Servicing Agreement to such extent as would be necessary to comply with the requirements for use of Form SF-3 in registered offerings to the extent provided in CFR 239.45(b)(1)(ii), (iii) or (iv); and (xi) 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

 

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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, the Operating Advisor, the Asset Representations Reviewer and the Trustee with the prior
written consent of 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 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 or Serviced Whole Loans which are required to be distributed on any Certificate, without the consent of the Holders of Certificates representing all of the Percentage Interests of the Class or Classes, 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, in any such case without the consent of the Holders of all Certificates of such Class then-outstanding or such Companion Loan Noteholder, 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 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).

 

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Further, the Depositor,
the Master Servicer, the Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer
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 or the Upper-Tier REMIC as a REMIC,
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 Certificateholder owning a majority of the Percentage Interest in the Controlling Class and, if no such Certificateholder exercises such option, the Special Servicer, and if the Special Servicer does not exercise such option, the Master Servicer may effect an early termination of the Trust Fund, upon not less than 30 days’ prior Notice of Termination given to the Trustee, the Special Servicer and the Master Servicer any time specifying the Anticipated Termination Date, which shall be on or after the Early Termination Notice Date (defined as 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 as of the Cut-off Date) by purchasing on such date all, but not less than all, of the Mortgage Loans then included in the Trust Fund, and the Trust’s interest in all property acquired in respect of any Mortgage Loan, at a purchase price, payable in cash, equal to the sum of, without duplication:

 

	
 

	
(A)

	
100% of the Stated Principal Balance of each Mortgage Loan included in the Trust as of the last day of the month preceding such Anticipated Termination Date (less any P&I Advances previously made on account of principal);

 

	
 

	
(B)

	
the fair market value of all other property included in the Trust Fund as of the last day of the month preceding such Anticipated Termination Date, as determined by an Independent appraiser acceptable to the Master Servicer as of a date not more than 30 days prior to the last day of the month preceding such Distribution Date;

 

	
 

	
(C)

	
all unpaid interest accrued on the unpaid balance of each Mortgage Loan (including any Mortgage Loan as to which title to the related Mortgaged Property has been acquired) at the Mortgage Rate to the last day of the month preceding such Anticipated Termination Date (less any P&I Advances previously made on account of interest); and

 

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(D)

	
the aggregate amount of unreimbursed Advances, with interest thereon at the Reimbursement Rate, and unpaid Servicing Compensation, Special Servicing Compensation, Operating Advisor Fees, Certificate Administrator/Trustee Fees, the CREFC® Intellectual Property Royalty License Fees and Trust Fund expenses.

 

In addition, the Pooling
and Servicing Agreement provides that following the date on which the Class X-A Notional Amount, the Class X-B Notional Amount,
the Class X-D Notional Amount and the aggregate Certificate Balance of the Class A-1, Class A-2, Class A-3, Class A-SB,
Class A-4, Class A-5, Class A-M, Class B, Class C, Class D and Class E Certificates is reduced to zero, the Sole Certificateholder
shall have the right to exchange all of the then-outstanding Certificates (other than the Class R Certificates) for all of
the Mortgage Loans and each REO Property remaining in the Trust Fund as contemplated by clause (ii) of Section 9.01(a)
of the Pooling and Servicing Agreement by giving written notice to all the parties to the Pooling and Servicing Agreement no later
than 60 days prior to the anticipated date of exchange.

 

All costs and expenses incurred by any and all parties to the Pooling and Servicing Agreement or by the Trust Fund in connection with the purchase of the Mortgage Loans and other assets of the Trust Fund pursuant to Section 9.01(c) of the Pooling and Servicing Agreement shall be borne by the party exercising its purchase rights thereunder.  The Trustee and the Certificate Administrator shall be entitled to rely conclusively on any determination made by an Independent appraiser pursuant to Section 9.01(c) of the Pooling and Servicing Agreement.

 

The respective obligations and responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the Trustee created by the Pooling and Servicing Agreement with respect to the Certificates (other than the obligations of the Certificate Administrator to make certain payments and to send certain notices to Certificateholders as set forth in the Pooling and Servicing Agreement) shall terminate upon payment (or provision for payment) to the Certificateholders 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 earlier to occur of (i) the purchase of the Mortgage Loans and all other property held by the Trust Fund in accordance with Section 9.01(c) of the Pooling and Servicing Agreement; (ii) the exchange by the Sole Certificateholder of its Certificates for the Mortgage Loans in accordance with Section 9.01(g) of the Pooling and Servicing Agreement; and (iii) the later of (a) the receipt or collection of the last payment due on any Mortgage Loan included in the Trust Fund, or (b) the liquidation and disposition pursuant to the Pooling and Servicing Agreement of the last asset held by 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.

 

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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 A-4 Certificate to be duly executed.

 

Dated:  February 12, 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:  February 12, 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-6

 

FORM OF CLASS A-5 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 OPERATING ADVISOR, THE ASSET REPRESENTATIONS REVIEWER, 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.

 

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.

 

 

 

1 Legend
required as long as DTC is the Depository under the Pooling and Servicing Agreement.

 

A-6-1

 

BENCHMARK 2020-B16 MORTGAGE TRUST COMMERCIAL MORTGAGE
PASS-THROUGH CERTIFICATES, CLASS A-5

 

	
Class A-5 Pass-Through Rate:  2.732%

	
 

	
CUSIP: 08161NAF4

 

ISIN:     US08161NAF42

	 	 	 
	Original Aggregate
Certificate Balance of the Class A-5 Certificates: $311,560,000

	 

	Initial Certificate
Balance of this Certificate: $[__]

	 	 	 
	
First Distribution Date: March 17, 2020

	
 

	
Cut-off Date: The close of business on the later of the related Due Date of such Mortgage Loan in February 2020 (or, in the case of any Mortgage Loan that has its first Due Date after February 2020, the date that would have been its Due Date in February 2020 under the terms of that Mortgage 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:  January 2030

	
 

	
No.: A-5-[_]

 

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-5 Certificates.  The Trust Fund, described more fully below, consists primarily of a pool of Mortgage 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 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 February 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”), KeyBank National Association, as special servicer (the “Special Servicer”), Wells Fargo Bank, National Association, as trustee (in such capacity, the “Trustee”), Wells Fargo Bank, National Association, as certificate administrator (in such capacity, the “Certificate Administrator”), as custodian and as paying agent, and Park Bridge Lender Services LLC, as operating advisor (in such capacity, the “Operating Advisor”) and as asset representations reviewer (in such capacity, the “Asset Representations Reviewer”) evidences the issuance of the Class A-1, Class A-2, Class A-3, Class A-SB, Class A-4, Class A-5, Class X-A, Class A-M, Class B, Class C, Class X-B, Class X-D, Class X-F, Class X-G, Class X-H, Class D, Class E, Class F, Class G, Class H and Class R Certificates and the VRR Interest (the “Certificates”; the Holders of Certificates issued under the Pooling and Servicing Agreement are collectively referred to herein as 

 

A-6-2

 

“Certificateholders”).  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-5 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 March 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-5 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 

 

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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.

 

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 therein):  (i) such Mortgage Loans as from time to time are subject to the Pooling and Servicing Agreement, together with the Mortgage Files relating thereto;  (ii) all scheduled or unscheduled payments on or collections in respect of the Mortgage Loans due after the Cut-off Date; (iii) the Trust Fund’s interest in any REO Property; (iv) all revenues received in respect of any REO Property; (v) any Assignments of 

 

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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; (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,  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; (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; (xiii) the Lower-Tier Regular Interests; and (xiv) 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, 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 Operating Advisor, the Asset Representations Reviewer, 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 

 

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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, the Operating Advisor, the Asset Representations Reviewer  and the Trustee without the consent of any of the Certificateholders 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 Prospectus or Private Placement Memorandum with respect to the Certificates, 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, 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 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 that would be a claim against the Trust Fund or any Trust REMIC; 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 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 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 

 

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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 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 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, 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; (x) to modify, eliminate or add to any provisions of the Pooling and Servicing Agreement to such extent as would be necessary to comply with the requirements for use of Form SF-3 in registered offerings to the extent provided in CFR 239.45(b)(1)(ii), (iii) or (iv); and (xi) 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.

  

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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, the Operating Advisor, the Asset Representations Reviewer and the Trustee
with the prior written consent of 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 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 or Serviced Whole Loans which are required to be distributed on any Certificate, without the consent of the Holders of Certificates representing all of the Percentage Interests of the Class or Classes, 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, in any such case without the consent of the Holders of all Certificates of such Class then-outstanding or such Companion Loan Noteholder, 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 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, the Operating Advisor, the Asset Representations Reviewer and the Trustee, at any time and from time to time, without the consent of the Certificateholders or, if applicable, 

 

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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 or the Upper-Tier REMIC as a REMIC, 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 Certificateholder owning a majority of the Percentage Interest in the Controlling Class and, if no such Certificateholder exercises such option, the Special Servicer, and if the Special Servicer does not exercise such option, the Master Servicer may effect an early termination of the Trust Fund, upon not less than 30 days’ prior Notice of Termination given to the Trustee, the Special Servicer and the Master Servicer any time specifying the Anticipated Termination Date, which shall be on or after the Early Termination Notice Date (defined as 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 as of the Cut-off Date) by purchasing on such date all, but not less than all, of the Mortgage Loans then included in the Trust Fund, and the Trust’s interest in all property acquired in respect of any Mortgage Loan, at a purchase price, payable in cash, equal to the sum of, without duplication:

 

	
 

	
(A)

	
100% of the Stated Principal Balance of each Mortgage Loan included in the Trust as of the last day of the month preceding such Anticipated Termination Date (less any P&I Advances previously made on account of principal);

 

	
 

	
(B)

	
the fair market value of all other property included in the Trust Fund as of the last day of the month preceding such Anticipated Termination Date, as determined by an Independent appraiser acceptable to the Master Servicer as of a date not more than 30 days prior to the last day of the month preceding such Distribution Date;

 

	
 

	
(C)

	
all unpaid interest accrued on the unpaid balance of each Mortgage Loan (including any Mortgage Loan as to which title to the related Mortgaged Property has been acquired) at the Mortgage Rate to the last day of the month preceding such Anticipated Termination Date (less any P&I Advances previously made on account of interest); and

 

	
 

	
(D)

	
the aggregate amount of unreimbursed Advances, with interest thereon at the Reimbursement Rate, and unpaid Servicing Compensation, Special Servicing Compensation, Operating Advisor Fees, Certificate Administrator/Trustee Fees, the CREFC® 

 

A-6-9

 

 

	 	 	Intellectual Property Royalty License Fees and Trust Fund expenses.

 

In addition,
the Pooling and Servicing Agreement provides that following the date on which the Class X-A Notional Amount, the Class X-B
Notional Amount, the Class X-D Notional Amount and the aggregate Certificate Balance of the Class A-1, Class A-2, Class
A-3, Class A-SB, Class A-4, Class A-5, Class A-M, Class B, Class C, Class D and Class E Certificates is reduced to zero, the Sole
Certificateholder shall have the right to exchange all of the then-outstanding Certificates (other than the Class R Certificates)
for all of the Mortgage Loans and each REO Property remaining in the Trust Fund as contemplated by clause (ii) of Section
9.01(a) of the Pooling and Servicing Agreement by giving written notice to all the parties to the Pooling and Servicing Agreement
no later than 60 days prior to the anticipated date of exchange.

 

All costs and expenses incurred by any and all parties to the Pooling and Servicing Agreement or by the Trust Fund in connection with the purchase of the Mortgage Loans and other assets of the Trust Fund pursuant to Section 9.01(c) of the Pooling and Servicing Agreement shall be borne by the party exercising its purchase rights thereunder.  The Trustee and the Certificate Administrator shall be entitled to rely conclusively on any determination made by an Independent appraiser pursuant to Section 9.01(c) of the Pooling and Servicing Agreement.

 

The respective obligations and responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the Trustee created by the Pooling and Servicing Agreement with respect to the Certificates (other than the obligations of the Certificate Administrator to make certain payments and to send certain notices to Certificateholders as set forth in the Pooling and Servicing Agreement) shall terminate upon payment (or provision for payment) to the Certificateholders 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 earlier to occur of (i) the purchase of the Mortgage Loans and all other property held by the Trust Fund in accordance with Section 9.01(c) of the Pooling and Servicing Agreement; (ii) the exchange by the Sole Certificateholder of its Certificates for the Mortgage Loans in accordance with Section 9.01(g) of the Pooling and Servicing Agreement; and (iii) the later of (a) the receipt or collection of the last payment due on any Mortgage Loan included in the Trust Fund, or (b) the liquidation and disposition pursuant to the Pooling and Servicing Agreement of the last asset held by 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 A-5 Certificate to be duly executed.

 

Dated:  February 12, 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-5 Certificates referred to in the Pooling and Servicing Agreement.

 

Dated:  February 12, 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-7

 

FORM OF CLASS A-M 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 OPERATING ADVISOR, THE ASSET REPRESENTATIONS REVIEWER, 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 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.

 

 

 

 

1
Legend required as long as DTC is the Depository under the Pooling and Servicing Agreement.

 

A-7-1

 

BENCHMARK 2020-B16 MORTGAGE TRUST COMMERCIAL MORTGAGE
PASS-THROUGH CERTIFICATES, CLASS A-M

 

	
Class A-M Pass-Through Rate:  Equal to the lesser of (i) the WAC Rate and (ii) 2.944%

	
 

	
CUSIP: 08161NAH0

 

ISIN:     US08161NAH08

	
 

	
 

	
 

	
Original Aggregate Certificate Balance of the Class A-M Certificates: $93,955,000

	
 

	
Initial Certificate Balance of this Certificate: $[__]

	
 

	
 

	
 

	
First Distribution Date: March 17, 2020

	
 

	
Cut-off Date: The close of business on the later of the related Due Date of such Mortgage Loan in February 2020 (or, in the case of any Mortgage Loan that has its first Due Date after February 2020, the date that would have been its Due Date in February 2020 under the terms of that Mortgage 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:  January 2030

	
 

	
No.: A-M-[_]

 

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-M Certificates.  The Trust Fund, described more fully below, consists primarily of a pool of Mortgage 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 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 February 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”), KeyBank National Association, as special servicer (the “Special Servicer”), Wells Fargo Bank, National Association, as trustee (in such capacity, the “Trustee”), Wells Fargo Bank, National Association, as certificate administrator (in such capacity, the “Certificate Administrator”), as custodian and as paying agent, and Park Bridge Lender Services LLC, as operating advisor (in such capacity, the “Operating Advisor”) and as asset representations reviewer (in such capacity, the “Asset Representations Reviewer”) evidences the issuance of the Class A-1, Class A-2, Class A-3, Class A-SB, Class A-4, Class A-5, Class X-A, Class A-M, Class B, Class C, Class X-B, Class X-D, Class X-F, Class X-G, Class X-H, Class D, Class E, Class F, Class G, Class H and Class R Certificates and the VRR Interest (the “Certificates”; the Holders of Certificates issued under the Pooling and Servicing Agreement are collectively referred to herein as “Certificateholders”).  This Certificate is issued pursuant to, and in accordance with, the terms of 

 

A-7-2

 

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-M 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 March 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-M 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 

 

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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.

 

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 therein):  (i) such Mortgage Loans as from time to time are subject to the Pooling and Servicing Agreement, together with the Mortgage Files relating thereto;  (ii) all scheduled or unscheduled payments on or collections in respect of the Mortgage Loans due after the Cut-off Date; (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 

 

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indemnities or guaranties given as additional security for any Mortgage 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,  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; (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; (xiii) the Lower-Tier Regular Interests; and (xiv) 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, 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 Operating Advisor, the Asset Representations Reviewer, 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 

 

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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, the Operating Advisor, the Asset Representations Reviewer  and the Trustee without the consent of any of the Certificateholders 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 Prospectus or Private Placement Memorandum with respect to the Certificates, 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, 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 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 that would be a claim against the Trust Fund or any Trust REMIC; 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 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 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 

 

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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 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 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, 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; (x) to modify, eliminate or add to any provisions of the Pooling and Servicing Agreement to such extent as would be necessary to comply with the requirements for use of Form SF-3 in registered offerings to the extent provided in CFR 239.45(b)(1)(ii), (iii) or (iv); and (xi) 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.

 

 

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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, the Operating Advisor, the Asset Representations Reviewer and the Trustee
with the prior written consent of 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 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 or Serviced Whole Loans which are required to be distributed on any Certificate, without the consent of the Holders of Certificates representing all of the Percentage Interests of the Class or Classes, 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, in any such case without the consent of the Holders of all Certificates of such Class then-outstanding or such Companion Loan Noteholder, 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 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, the Operating Advisor, the Asset Representations Reviewer and the Trustee, at any time and from time to time, without the consent of the Certificateholders or, if applicable, 

 

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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 or the Upper-Tier REMIC as a REMIC, 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 Certificateholder owning a majority of the Percentage Interest in the Controlling Class and, if no such Certificateholder exercises such option, the Special Servicer, and if the Special Servicer does not exercise such option, the Master Servicer may effect an early termination of the Trust Fund, upon not less than 30 days’ prior Notice of Termination given to the Trustee, the Special Servicer and the Master Servicer any time specifying the Anticipated Termination Date, which shall be on or after the Early Termination Notice Date (defined as 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 as of the Cut-off Date) by purchasing on such date all, but not less than all, of the Mortgage Loans then included in the Trust Fund, and the Trust’s interest in all property acquired in respect of any Mortgage Loan, at a purchase price, payable in cash, equal to the sum of, without duplication:

 

	
 

	
(A)

	
100% of the Stated Principal Balance of each Mortgage Loan included in the Trust as of the last day of the month preceding such Anticipated Termination Date (less any P&I Advances previously made on account of principal);

 

	
 

	
(B)

	
the fair market value of all other property included in the Trust Fund as of the last day of the month preceding such Anticipated Termination Date, as determined by an Independent appraiser acceptable to the Master Servicer as of a date not more than 30 days prior to the last day of the month preceding such Distribution Date;

 

	
 

	
(C)

	
all unpaid interest accrued on the unpaid balance of each Mortgage Loan (including any Mortgage Loan as to which title to the related Mortgaged Property has been acquired) at the Mortgage Rate to the last day of the month preceding such Anticipated Termination Date (less any P&I Advances previously made on account of interest); and

 

	
 

	
(D)

	
the aggregate amount of unreimbursed Advances, with interest thereon at the Reimbursement Rate, and unpaid Servicing Compensation, Special Servicing Compensation, Operating Advisor Fees, Certificate Administrator/Trustee Fees, the CREFC®

 

 

 

A-7-9

 

 

	 	 	Intellectual Property Royalty License Fees and Trust Fund expenses.

 

In addition,
the Pooling and Servicing Agreement provides that following the date on which the Class X-A Notional Amount, the Class X-B
Notional Amount, the Class X-D Notional Amount and the aggregate Certificate Balance of the Class A-1, Class A-2, Class
A-3, Class A-SB, Class A-4, Class A-5, Class A-M, Class B, Class C, Class D and Class E Certificates is reduced to zero, the Sole
Certificateholder shall have the right to exchange all of the then-outstanding Certificates (other than the Class R Certificates)
for all of the Mortgage Loans and each REO Property remaining in the Trust Fund as contemplated by clause (ii) of Section
9.01(a) of the Pooling and Servicing Agreement by giving written notice to all the parties to the Pooling and Servicing Agreement
no later than 60 days prior to the anticipated date of exchange.

 

All costs and expenses incurred by any and all parties to the Pooling and Servicing Agreement or by the Trust Fund in connection with the purchase of the Mortgage Loans and other assets of the Trust Fund pursuant to Section 9.01(c) of the Pooling and Servicing Agreement shall be borne by the party exercising its purchase rights thereunder.  The Trustee and the Certificate Administrator shall be entitled to rely conclusively on any determination made by an Independent appraiser pursuant to Section 9.01(c) of the Pooling and Servicing Agreement.

 

The respective obligations and responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the Trustee created by the Pooling and Servicing Agreement with respect to the Certificates (other than the obligations of the Certificate Administrator to make certain payments and to send certain notices to Certificateholders as set forth in the Pooling and Servicing Agreement) shall terminate upon payment (or provision for payment) to the Certificateholders 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 earlier to occur of (i) the purchase of the Mortgage Loans and all other property held by the Trust Fund in accordance with Section 9.01(c) of the Pooling and Servicing Agreement; (ii) the exchange by the Sole Certificateholder of its Certificates for the Mortgage Loans in accordance with Section 9.01(g) of the Pooling and Servicing Agreement; and (iii) the later of (a) the receipt or collection of the last payment due on any Mortgage Loan included in the Trust Fund, or (b) the liquidation and disposition pursuant to the Pooling and Servicing Agreement of the last asset held by 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 A-M Certificate to be duly executed.

 

Dated:  February 12, 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-M Certificates referred to in the Pooling and Servicing Agreement.

 

Dated:  February 12, 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-8

 

FORM OF CLASS B 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 OPERATING ADVISOR, THE ASSET REPRESENTATIONS REVIEWER, 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 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.

 

 

 

 

1 Legend
required as long as DTC is the Depository under the Pooling and Servicing Agreement.

 

A-8-1

 

BENCHMARK 2020-B16 MORTGAGE TRUST COMMERCIAL MORTGAGE
PASS-THROUGH CERTIFICATES, CLASS B

 

	
Class B Pass-Through Rate:  Equal to the lesser of (i) the WAC Rate and (ii) 3.176%

	
 

	
CUSIP: 08161NAJ6

 

ISIN:     US08161NAJ63

	 	 	 
	
Original Aggregate Certificate Balance of the Class B Certificates: $36,301,000

	
 

	
Initial Certificate Balance of this Certificate: $[__]

	 	 	 
	
First Distribution Date:  March 17, 2020

	
 

	
Cut-off Date: The close of business on the later of the related Due Date of such Mortgage Loan in February 2020 (or, in the case of any Mortgage Loan that has its first Due Date after February 2020, the date that would have been its Due Date in February 2020 under the terms of that Mortgage 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:  January 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 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 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 February 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”), KeyBank National Association, as special servicer (the “Special Servicer”), Wells Fargo Bank, National Association, as trustee (in such capacity, the “Trustee”), Wells Fargo Bank, National Association, as certificate administrator (in such capacity, the “Certificate Administrator”), as custodian and as paying agent, and Park Bridge Lender Services LLC, as operating advisor (in such capacity, the “Operating Advisor”) and as asset representations reviewer (in such capacity, the “Asset Representations Reviewer”) evidences the issuance of the Class A-1, Class A-2, Class A-3, Class A-SB, Class A-4, Class A-5, Class X-A, Class A-M, Class B, Class C, Class X-B, Class X-D, Class X-F, Class X-G, Class X-H, Class D, Class E, Class F, Class G, Class H and Class R Certificates and the VRR Interest (the “Certificates”; the Holders of Certificates issued under the Pooling and Servicing Agreement are collectively referred to herein as “Certificateholders”).  This Certificate is issued pursuant to, and in accordance with, the terms of 

 

A-8-2

 

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 March 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.

 

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 

 

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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.

 

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 therein):  (i) such Mortgage Loans as from time to time are subject to the Pooling and Servicing Agreement, together with the Mortgage Files relating thereto;  (ii) all scheduled or unscheduled payments on or collections in respect of the Mortgage Loans due after the Cut-off Date; (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 

 

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indemnities or guaranties given as additional security for any Mortgage 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,  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; (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; (xiii) the Lower-Tier Regular Interests; and (xiv) 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, 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 Operating Advisor, the Asset Representations Reviewer, 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 

 

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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, the Operating Advisor, the Asset Representations Reviewer  and the Trustee without the consent of any of the Certificateholders 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 Prospectus or Private Placement Memorandum with respect to the Certificates, 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, 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 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 that would be a claim against the Trust Fund or any Trust REMIC; 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 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 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 

 

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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 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 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, 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; (x) to modify, eliminate or add to any provisions of the Pooling and Servicing Agreement to such extent as would be necessary to comply with the requirements for use of Form SF-3 in registered offerings to the extent provided in CFR 239.45(b)(1)(ii), (iii) or (iv); and (xi) 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.

 

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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, the Operating Advisor, the Asset Representations Reviewer and the Trustee
with the prior written consent of 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 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 or Serviced Whole Loans which are required to be distributed on any Certificate, without the consent of the Holders of Certificates representing all of the Percentage Interests of the Class or Classes, 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, in any such case without the consent of the Holders of all Certificates of such Class then-outstanding or such Companion Loan Noteholder, 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 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, the Operating Advisor, the Asset Representations Reviewer and the Trustee, at any time and from time to time, without the consent of the Certificateholders or, if applicable, 

 

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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 or the Upper-Tier REMIC as a REMIC, 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 Certificateholder owning a majority of the Percentage Interest in the Controlling Class and, if no such Certificateholder exercises such option, the Special Servicer, and if the Special Servicer does not exercise such option, the Master Servicer may effect an early termination of the Trust Fund, upon not less than 30 days’ prior Notice of Termination given to the Trustee, the Special Servicer and the Master Servicer any time specifying the Anticipated Termination Date, which shall be on or after the Early Termination Notice Date (defined as 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 as of the Cut-off Date) by purchasing on such date all, but not less than all, of the Mortgage Loans then included in the Trust Fund, and the Trust’s interest in all property acquired in respect of any Mortgage Loan, at a purchase price, payable in cash, equal to the sum of, without duplication:

 

	
 

	
(A)

	
100% of the Stated Principal Balance of each Mortgage Loan included in the Trust as of the last day of the month preceding such Anticipated Termination Date (less any P&I Advances previously made on account of principal);

 

	
 

	
(B)

	
the fair market value of all other property included in the Trust Fund as of the last day of the month preceding such Anticipated Termination Date, as determined by an Independent appraiser acceptable to the Master Servicer as of a date not more than 30 days prior to the last day of the month preceding such Distribution Date;

 

	
 

	
(C)

	
all unpaid interest accrued on the unpaid balance of each Mortgage Loan (including any Mortgage Loan as to which title to the related Mortgaged Property has been acquired) at the Mortgage Rate to the last day of the month preceding such Anticipated Termination Date (less any P&I Advances previously made on account of interest); and

 

	
 

	
(D)

	
the aggregate amount of unreimbursed Advances, with interest thereon at the Reimbursement Rate, and unpaid Servicing Compensation, Special Servicing Compensation, Operating Advisor Fees, Certificate Administrator/Trustee Fees, the CREFC® 

 

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	 	 	Intellectual Property Royalty License Fees and Trust Fund expenses.

 

In addition,
the Pooling and Servicing Agreement provides that following the date on which the Class X-A Notional Amount, the Class X-B
Notional Amount, the Class X-D Notional Amount and the aggregate Certificate Balance of the Class A-1, Class A-2, Class
A-3, Class A-SB, Class A-4, Class A-5, Class A-M, Class B, Class C, Class D and Class E Certificates is reduced to zero, the Sole
Certificateholder shall have the right to exchange all of the then-outstanding Certificates (other than the Class R Certificates)
for all of the Mortgage Loans and each REO Property remaining in the Trust Fund as contemplated by clause (ii) of Section
9.01(a) of the Pooling and Servicing Agreement by giving written notice to all the parties to the Pooling and Servicing Agreement
no later than 60 days prior to the anticipated date of exchange.

 

All costs and expenses incurred by any and all parties to the Pooling and Servicing Agreement or by the Trust Fund in connection with the purchase of the Mortgage Loans and other assets of the Trust Fund pursuant to Section 9.01(c) of the Pooling and Servicing Agreement shall be borne by the party exercising its purchase rights thereunder.  The Trustee and the Certificate Administrator shall be entitled to rely conclusively on any determination made by an Independent appraiser pursuant to Section 9.01(c) of the Pooling and Servicing Agreement.

 

The respective obligations and responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the Trustee created by the Pooling and Servicing Agreement with respect to the Certificates (other than the obligations of the Certificate Administrator to make certain payments and to send certain notices to Certificateholders as set forth in the Pooling and Servicing Agreement) shall terminate upon payment (or provision for payment) to the Certificateholders 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 earlier to occur of (i) the purchase of the Mortgage Loans and all other property held by the Trust Fund in accordance with Section 9.01(c) of the Pooling and Servicing Agreement; (ii) the exchange by the Sole Certificateholder of its Certificates for the Mortgage Loans in accordance with Section 9.01(g) of the Pooling and Servicing Agreement; and (iii) the later of (a) the receipt or collection of the last payment due on any Mortgage Loan included in the Trust Fund, or (b) the liquidation and disposition pursuant to the Pooling and Servicing Agreement of the last asset held by 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 B Certificate to be duly executed.

 

Dated:  February 12, 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:  February 12, 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-9

 

FORM OF CLASS C 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 OPERATING ADVISOR, THE ASSET REPRESENTATIONS REVIEWER, 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 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.

 

 

 

 

1
Legend required as long as DTC is the Depository under the Pooling and Servicing Agreement.

 

A-9-1

 

BENCHMARK 2020-B16 MORTGAGE TRUST COMMERCIAL MORTGAGE
PASS-THROUGH CERTIFICATES, CLASS C

 

	
Class C Pass-Through Rate:  Equal to (i) the WAC Rate, minus (ii) 0.055%, but in any case, not less than 0.000%

	
 

	
CUSIP: 08161NAK3

 

ISIN:     US08161NAK37

	 	 	 
	
Original Aggregate Certificate Balance of the Class C Certificates: $34,166,000

	
 

	
Initial Certificate Balance of this Certificate: $[__]

	 	 	 
	
First Distribution Date: March 17, 2020

	
 

	
Cut-off Date: The close of business on the later of the related Due Date of such Mortgage Loan in February 2020 (or, in the case of any Mortgage Loan that has its first Due Date after February 2020, the date that would have been its Due Date in February 2020 under the terms of that Mortgage 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:  January 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 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 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 February 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”), KeyBank National Association, as special servicer (the “Special Servicer”), Wells Fargo Bank, National Association, as trustee (in such capacity, the “Trustee”), Wells Fargo Bank, National Association, as certificate administrator (in such capacity, the “Certificate Administrator”), as custodian and as paying agent, and Park Bridge Lender Services LLC, as operating advisor (in such capacity, the “Operating Advisor”) and as asset representations reviewer (in such capacity, the “Asset Representations Reviewer”) evidences the issuance of the Class A-1, Class A-2, Class A-3, Class A-SB, Class A-4, Class A-5, Class X-A, Class A-M, Class B, Class C, Class X-B, Class X-D, Class X-F, Class X-G, Class X-H, Class D, Class E, Class F, Class G, Class H and Class R Certificates and the VRR Interest (the “Certificates”; the Holders of Certificates issued under the Pooling and Servicing Agreement are collectively referred to herein as 

 

A-9-2

 

“Certificateholders”).  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 March 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.

 

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 

 

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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.

 

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 therein):  (i) such Mortgage Loans as from time to time are subject to the Pooling and Servicing Agreement, together with the Mortgage Files relating thereto;  (ii) all scheduled or unscheduled payments on or collections in respect of the Mortgage Loans due after the Cut-off Date; (iii) the Trust Fund’s interest in any REO Property; (iv) all revenues received in respect of any REO Property; (v) any Assignments of 

 

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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; (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,  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; (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; (xiii) the Lower-Tier Regular Interests; and (xiv) 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, 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 Operating Advisor, the Asset Representations Reviewer, 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 

 

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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, the Operating Advisor, the Asset Representations Reviewer  and the Trustee without the consent of any of the Certificateholders 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 Prospectus or Private Placement Memorandum with respect to the Certificates, 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, 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 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 that would be a claim against the Trust Fund or any Trust REMIC; 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 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 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 

 

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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 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 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, 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; (x) to modify, eliminate or add to any provisions of the Pooling and Servicing Agreement to such extent as would be necessary to comply with the requirements for use of Form SF-3 in registered offerings to the extent provided in CFR 239.45(b)(1)(ii), (iii) or (iv); and (xi) 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.

 

 

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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, the Operating Advisor, the Asset Representations Reviewer and the Trustee
with the prior written consent of 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 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 or Serviced Whole Loans which are required to be distributed on any Certificate, without the consent of the Holders of Certificates representing all of the Percentage Interests of the Class or Classes, 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, in any such case without the consent of the Holders of all Certificates of such Class then-outstanding or such Companion Loan Noteholder, 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 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, the Operating Advisor, the Asset Representations Reviewer and the Trustee, at any time and from time to time, without the consent of the Certificateholders or, if applicable, 

 

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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 or the Upper-Tier REMIC as a REMIC, 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 Certificateholder owning a majority of the Percentage Interest in the Controlling Class and, if no such Certificateholder exercises such option, the Special Servicer, and if the Special Servicer does not exercise such option, the Master Servicer may effect an early termination of the Trust Fund, upon not less than 30 days’ prior Notice of Termination given to the Trustee, the Special Servicer and the Master Servicer any time specifying the Anticipated Termination Date, which shall be on or after the Early Termination Notice Date (defined as 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 as of the Cut-off Date) by purchasing on such date all, but not less than all, of the Mortgage Loans then included in the Trust Fund, and the Trust’s interest in all property acquired in respect of any Mortgage Loan, at a purchase price, payable in cash, equal to the sum of, without duplication:

 

	
 

	
(A)

	
100% of the Stated Principal Balance of each Mortgage Loan included in the Trust as of the last day of the month preceding such Anticipated Termination Date (less any P&I Advances previously made on account of principal);

 

	
 

	
(B)

	
the fair market value of all other property included in the Trust Fund as of the last day of the month preceding such Anticipated Termination Date, as determined by an Independent appraiser acceptable to the Master Servicer as of a date not more than 30 days prior to the last day of the month preceding such Distribution Date;

 

	
 

	
(C)

	
all unpaid interest accrued on the unpaid balance of each Mortgage Loan (including any Mortgage Loan as to which title to the related Mortgaged Property has been acquired) at the Mortgage Rate to the last day of the month preceding such Anticipated Termination Date (less any P&I Advances previously made on account of interest); and

 

	
 

	
(D)

	
the aggregate amount of unreimbursed Advances, with interest thereon at the Reimbursement Rate, and unpaid Servicing Compensation, Special Servicing Compensation, Operating Advisor Fees, Certificate Administrator/Trustee Fees, the CREFC® 

 

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	 	 	Intellectual Property Royalty License Fees and Trust Fund expenses.

 

In addition,
the Pooling and Servicing Agreement provides that following the date on which the Class X-A Notional Amount, the Class X-B
Notional Amount, the Class X-D Notional Amount and the aggregate Certificate Balance of the Class A-1, Class A-2, Class
A-3, Class A-SB, Class A-4, Class A-5, Class A-M, Class B, Class C, Class D and Class E Certificates is reduced to zero, the Sole
Certificateholder shall have the right to exchange all of the then-outstanding Certificates (other than the Class R Certificates)
for all of the Mortgage Loans and each REO Property remaining in the Trust Fund as contemplated by clause (ii) of Section
9.01(a) of the Pooling and Servicing Agreement by giving written notice to all the parties to the Pooling and Servicing Agreement
no later than 60 days prior to the anticipated date of exchange.

 

All costs and expenses incurred by any and all parties to the Pooling and Servicing Agreement or by the Trust Fund in connection with the purchase of the Mortgage Loans and other assets of the Trust Fund pursuant to Section 9.01(c) of the Pooling and Servicing Agreement shall be borne by the party exercising its purchase rights thereunder.  The Trustee and the Certificate Administrator shall be entitled to rely conclusively on any determination made by an Independent appraiser pursuant to Section 9.01(c) of the Pooling and Servicing Agreement.

 

The respective obligations and responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the Trustee created by the Pooling and Servicing Agreement with respect to the Certificates (other than the obligations of the Certificate Administrator to make certain payments and to send certain notices to Certificateholders as set forth in the Pooling and Servicing Agreement) shall terminate upon payment (or provision for payment) to the Certificateholders 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 earlier to occur of (i) the purchase of the Mortgage Loans and all other property held by the Trust Fund in accordance with Section 9.01(c) of the Pooling and Servicing Agreement; (ii) the exchange by the Sole Certificateholder of its Certificates for the Mortgage Loans in accordance with Section 9.01(g) of the Pooling and Servicing Agreement; and (iii) the later of (a) the receipt or collection of the last payment due on any Mortgage Loan included in the Trust Fund, or (b) the liquidation and disposition pursuant to the Pooling and Servicing Agreement of the last asset held by 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 C Certificate to be duly executed.

 

Dated:  February 12, 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:  February 12, 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-10

 

FORM OF CLASS D [RULE 144A]1 [TEMPORARY REG S]2 [REG S]3 [IAI]4 CERTIFICATE

 

[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

 

[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.]6

 

THIS CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED OR QUALIFIED UNDER THE U.S. 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 IN COMPLIANCE WITH THE SECURITIES ACT AND OTHER APPLICABLE LAWS, AND ONLY (A)(1) PURSUANT TO A REGISTRATION STATEMENT WHICH HAS BEEN DECLARED EFFECTIVE UNDER THE SECURITIES ACT, (2) FOR SO LONG AS THIS CERTIFICATE IS ELIGIBLE FOR RESALE PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”), TO AN INSTITUTIONAL INVESTOR THAT THE HOLDER REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” WITHIN THE MEANING OF RULE 144A (“QUALIFIED INSTITUTIONAL BUYER”), PURCHASING FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF ANOTHER QUALIFIED INSTITUTIONAL BUYER, WHOM THE HOLDER HAS INFORMED, IN EACH CASE, THAT THE REOFFER, RESALE, PLEDGE OR OTHER TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, (3) (EXCEPT WITH RESPECT TO THE CLASS R 

 

 

 

 

1 For Rule 144A Global Certificates only.

2 For Temp Reg S Global Certificates only.

3 For Reg S Global Certificates only.

4 For IAI Global Certificates only.

5 For Temp Reg S Global Certificates only.

6 Legend required as long as DTC is the Depository under the Pooling and Servicing Agreement.

 

    A-10-1

     

    

CERTIFICATES) TO OTHER INSTITUTIONAL INVESTORS THAT ARE “ACCREDITED INVESTORS,” WITHIN THE MEANING OF RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT OR ANY ENTITY IN WHICH ALL OF THE EQUITY OWNERS ARE INSTITUTIONAL INVESTORS THAT ARE “ACCREDITED INVESTORS,” WITHIN THE MEANING OF RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT, OR (4) (EXCEPT WITH RESPECT TO THE CLASS R CERTIFICATES) TO INSTITUTIONS THAT ARE A NON-”U.S. PERSON” IN AN “OFFSHORE TRANSACTION” AS SUCH TERMS ARE DEFINED IN, AND IN ACCORDANCE WITH RULE 903 OR RULE 904 OF REGULATION S UNDER THE SECURITIES ACT, AND (B) IN ACCORDANCE WITH ANY OTHER 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 QUALIFIED INSTITUTIONAL BUYER 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 QUALIFIED INSTITUTIONAL BUYER 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 OPERATING ADVISOR, THE ASSET REPRESENTATIONS REVIEWER, 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.

 

    A-10-2

     

    
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-10-3

     

    
BENCHMARK 2020-B16 MORTGAGE TRUST COMMERCIAL MORTGAGE
PASS-THROUGH CERTIFICATES, CLASS D

 

	
Class D Pass-Through Rate:  2.500%

	
 

	
CUSIP: [08161NAW7]7
[U0811RAF3]8
[08161NAX5]9

 

ISIN:     [US08161NAW74]10
[USU0811RAF39]11
[US08161NAX57]12

 

	 	 	Common Code: [212006378]13

          [212006483]14

	
Original Aggregate Certificate Balance of the Class D Certificates: $23,489,000

	
 

	
Initial Certificate Balance of this Certificate: $[__]

	 	 	 
	
First Distribution Date: March 17, 2020

	
 

	
Cut-off Date: The close of business on the later of the related Due Date of such Mortgage Loan in February 2020 (or, in the case of any Mortgage Loan that has its first Due Date after February 2020, the date that would have been its Due Date in February 2020 under the terms of that Mortgage 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:  January 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
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 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. 

 

 

 

7
For Rule 144A Certificates

8 For Regulation S Certificates

9 For IAI Certificates

10 For Rule 144A Certificates

11 For Regulation S Certificates

12 For IAI Certificates

13 For Rule 144A Certificates

14 For Regulation S Certificates

 

    A-10-4

     

    
The Pooling
and Servicing Agreement, dated as of February 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”),
KeyBank National Association, as special servicer (the
“Special Servicer”), Wells Fargo Bank, National Association, as trustee (in such capacity, the “Trustee”),
Wells Fargo Bank, National Association, as certificate administrator (in such capacity, the “Certificate Administrator”),
as custodian and as paying agent, and Park Bridge Lender Services LLC, as operating advisor (in such capacity, the “Operating
Advisor”) and as asset representations reviewer (in such capacity, the “Asset Representations Reviewer”)
evidences the issuance of the Class A-1, Class A-2, Class A-3, Class A-SB, Class A-4, Class A-5, Class X-A, Class A-M, Class B,
Class C, Class X-B, Class X-D, Class X-F, Class X-G, Class X-H, Class D, Class E, Class F, Class G, Class H and Class R
Certificates and the VRR Interest (the “Certificates”; the Holders of Certificates issued under the Pooling
and Servicing Agreement are collectively referred to herein as “Certificateholders”).  This Certificate
is issued pursuant to, and in accordance with, the terms of 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 March 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-10-5

     

    
    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-10-6

     

    
 

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 therein):  (i) such Mortgage Loans as from time to time are subject to the Pooling and Servicing Agreement, together with the Mortgage Files relating thereto;  (ii) all scheduled or unscheduled payments on or collections in respect of the Mortgage Loans due after the Cut-off Date; (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; (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,  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; (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; (xiii) the Lower-Tier Regular Interests; and (xiv) 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, 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.

 

    A-10-7

     

    
     

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 Operating Advisor, the Asset Representations Reviewer, 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, the Operating Advisor, the Asset Representations Reviewer  and the Trustee without the consent of any of the Certificateholders 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 Prospectus or Private Placement Memorandum with respect to the Certificates, 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, 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 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 that would be a claim against the Trust Fund or any Trust REMIC; 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-10-8

     

    
(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 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 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 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 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, as evidenced by (x) an Opinion of Counsel or 

 

    A-10-9

     

    
(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; (x) to modify, eliminate or add to any provisions of the Pooling and Servicing Agreement to
such extent as would be necessary to comply with the requirements for use of Form SF-3 in registered offerings to the extent provided
in CFR 239.45(b)(1)(ii), (iii) or (iv); and (xi) 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, the Operating Advisor, the Asset Representations Reviewer and the Trustee with the prior written consent of 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 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 or Serviced Whole Loans which are required to be distributed on any Certificate, without the consent of the Holders of Certificates representing all of the Percentage Interests of the Class or Classes, 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, in any such case without the consent of the Holders of all Certificates of such Class then-outstanding or such Companion Loan Noteholder, 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 

  

    A-10-10

     

    
     

	 	 	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 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, the Operating Advisor, the Asset Representations Reviewer 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 or the Upper-Tier REMIC as a REMIC, 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 Certificateholder owning a majority of the Percentage Interest in the Controlling Class and, if no such Certificateholder exercises such option, the Special Servicer, and if the Special Servicer does not exercise such option, the Master Servicer may effect an early termination of the Trust Fund, upon not less than 30 days’ prior Notice of Termination given to the Trustee, the Special Servicer and the Master Servicer any time specifying the Anticipated Termination Date, which shall be on or after the Early Termination Notice Date (defined as 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 as of the Cut-off Date) by purchasing on such date all, but not less than all, of the Mortgage Loans then included in the Trust Fund, and the Trust’s interest in all property acquired in respect of any Mortgage Loan, at a purchase price, payable in cash, equal to the sum of, without duplication:

 

	
 

	
(A)

	
100% of the Stated Principal Balance of each Mortgage Loan included in the Trust as of the last day of the month preceding such Anticipated Termination Date (less any P&I Advances previously made on account of principal);

 

	
 

	
(B)

	
the fair market value of all other property included in the Trust Fund as of the last day of the month preceding such Anticipated Termination Date, as determined by an Independent appraiser 

 

    A-10-11

     

    
     

	 	 	acceptable to the Master Servicer as of a date not more than 30 days prior to the last day of the month preceding such Distribution Date;

 

	
 

	
(C)

	
all unpaid interest accrued on the unpaid balance of each Mortgage Loan (including any Mortgage Loan as to which title to the related Mortgaged Property has been acquired) at the Mortgage Rate to the last day of the month preceding such Anticipated Termination Date (less any P&I Advances previously made on account of interest); and

 

	
 

	
(D)

	
the aggregate amount of unreimbursed Advances, with interest thereon at the Reimbursement Rate, and unpaid Servicing Compensation, Special Servicing Compensation, Operating Advisor Fees, Certificate Administrator/Trustee Fees, the CREFC® Intellectual Property Royalty License Fees and Trust Fund expenses.

 

In addition, the Pooling and Servicing Agreement provides that following the date on which the Class X-A Notional Amount, the Class X-B Notional Amount, the Class X-D Notional Amount and the aggregate Certificate Balance of the Class A-1, Class A-2, Class A-3, Class A-SB, Class A-4, Class A-5, Class A-M, Class B, Class C, Class D and Class E Certificates is reduced to zero, the Sole Certificateholder shall have the right to exchange all of the then-outstanding Certificates (other than the Class R Certificates) for all of the Mortgage Loans and each REO Property remaining in the Trust Fund as contemplated by clause (ii) of Section 9.01(a) of the Pooling and Servicing Agreement by giving written notice to all the parties to the Pooling and Servicing Agreement no later than 60 days prior to the anticipated date of exchange.

 

All costs and expenses incurred by any and all parties to the Pooling and Servicing Agreement or by the Trust Fund in connection with the purchase of the Mortgage Loans and other assets of the Trust Fund pursuant to Section 9.01(c) of the Pooling and Servicing Agreement shall be borne by the party exercising its purchase rights thereunder.  The Trustee and the Certificate Administrator shall be entitled to rely conclusively on any determination made by an Independent appraiser pursuant to Section 9.01(c) of the Pooling and Servicing Agreement.

 

The respective obligations and responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the Trustee created by the Pooling and Servicing Agreement with respect to the Certificates (other than the obligations of the Certificate Administrator to make certain payments and to send certain notices to Certificateholders as set forth in the Pooling and Servicing Agreement) shall terminate upon payment (or provision for payment) to the Certificateholders 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 earlier to occur of (i) the purchase of the Mortgage Loans and all other property

 

    A-10-12

     

    
     

held by the Trust Fund in accordance with Section 9.01(c) of the Pooling and Servicing Agreement; (ii) the exchange by the Sole Certificateholder of its Certificates for the Mortgage Loans in accordance with Section 9.01(g) of the Pooling and Servicing Agreement; and (iii) the later of (a) the receipt or collection of the last payment due on any Mortgage Loan included in the Trust Fund, or (b) the liquidation and disposition pursuant to the Pooling and Servicing Agreement of the last asset held by 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-10-13

     

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

 

Dated:  February 12, 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:  February 12, 2020

 

	
 

	
 

	
 

	
 

	
WELLS FARGO BANK, NATIONAL ASSOCIATION, not in its individual capacity but solely as Authenticating Agent

	
 

	
 

	
 

	
 

	
By:

	
 

	
 

	
 

	
Name:

	
 

	
 

	
Title:

 

    A-10-14

     

    
 

EXHIBIT A-11

 

FORM OF CLASS E [RULE 144A] 1 [TEMPORARY REG S]2 [REG S]3 [IAI]4 CERTIFICATE

 

[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

 

[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.]6

 

THIS CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED OR QUALIFIED UNDER THE U.S. 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 IN COMPLIANCE WITH THE SECURITIES ACT AND OTHER APPLICABLE LAWS, AND ONLY (A)(1) PURSUANT TO A REGISTRATION STATEMENT WHICH HAS BEEN DECLARED EFFECTIVE UNDER THE SECURITIES ACT, (2) FOR SO LONG AS THIS CERTIFICATE IS ELIGIBLE FOR RESALE PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”), TO AN INSTITUTIONAL INVESTOR THAT THE HOLDER REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” WITHIN THE MEANING OF RULE 144A (“QUALIFIED INSTITUTIONAL BUYER”), PURCHASING FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF ANOTHER QUALIFIED INSTITUTIONAL BUYER, WHOM THE HOLDER HAS INFORMED, IN EACH CASE, THAT THE REOFFER, RESALE, PLEDGE OR OTHER TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, (3) (EXCEPT WITH RESPECT TO THE CLASS R 

 

 

1 For
Rule 144A Global Certificates only. 

2 For
Temp Reg S Global Certificates only. 

3 For
Reg S Global Certificates only. 

4 For
IAI Global Certificates only. 

5 For
Temp Reg S Global Certificates only. 

6 Legend
required as long as DTC is the Depository under the Pooling and Servicing Agreement.

 

    A-11-1 

     

    
 

CERTIFICATES) TO OTHER INSTITUTIONAL INVESTORS THAT ARE “ACCREDITED INVESTORS,” WITHIN THE MEANING OF RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT OR ANY ENTITY IN WHICH ALL OF THE EQUITY OWNERS ARE INSTITUTIONAL INVESTORS THAT ARE “ACCREDITED INVESTORS,” WITHIN THE MEANING OF RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT, OR (4) (EXCEPT WITH RESPECT TO THE CLASS R CERTIFICATES) TO INSTITUTIONS THAT ARE A NON-”U.S. PERSON” IN AN “OFFSHORE TRANSACTION” AS SUCH TERMS ARE DEFINED IN, AND IN ACCORDANCE WITH RULE 903 OR RULE 904 OF REGULATION S UNDER THE SECURITIES ACT, AND (B) IN ACCORDANCE WITH ANY OTHER 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 QUALIFIED INSTITUTIONAL BUYER 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 QUALIFIED INSTITUTIONAL BUYER 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 OPERATING ADVISOR, THE ASSET REPRESENTATIONS REVIEWER, 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.

 

    A-11-2 

     

    
 

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-11-3 

     

    
 

BENCHMARK 2020-B16 MORTGAGE TRUST COMMERCIAL MORTGAGE
PASS-THROUGH CERTIFICATES, CLASS E

 

	
Class E Pass-Through Rate: 2.500%

	
 

	
CUSIP:

	
[08161NAY3]7

	
 

	
 

	
 

	
[U0811RAG1]8

	
 

	
 

	
 

	
[08161NAZ0]9

	
 

	
 

	
 

	
 

	
 

	
 

	
ISIN:

	
[US08161NAY31]10

	
 

	
 

	
 

	
[USU0811RAG12]11

	
 

	
 

	
 

	
[US08161NAZ06]12

	 	 	 	 
	 	 	Common Code:	[212006386]13
	 	 	 	[212006491]14

 

	
Original Aggregate Certificate Balance of the Class E Certificates: $17,083,000

	
 

	
Initial Certificate Balance of this Certificate: $[__]

	
 

	
 

	
 

	
First Distribution Date: March 17, 2020

	
 

	
Cut-off Date: The close of business on the later of the related Due Date of such Mortgage Loan in February 2020 (or, in the case of any Mortgage Loan that has its first Due Date after February 2020, the date that would have been its Due Date in February 2020 under the terms of that Mortgage 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.: 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 E Certificates. The Trust Fund, described more fully below, consists primarily of a pool of Mortgage 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 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.

 

 

7
For Rule 144A Certificates 

8
For Regulation S Certificates 

9
For IAI Certificates 

10
For Rule 144A Certificates 

11
For Regulation S Certificates 

12
For IAI Certificates

13 For Rule 144A Certificates

14 For Regulation S Certificates

 

    A-11-4 

     

    
 

The
Pooling and Servicing Agreement, dated as of February 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”), KeyBank National Association, as special servicer (the “Special
Servicer”), Wells Fargo Bank, National Association, as trustee (in such capacity, the
“Trustee”), Wells Fargo Bank, National Association, as certificate administrator (in such capacity, the
“Certificate Administrator”), as custodian and as paying agent, and Park Bridge Lender Services LLC, as
operating advisor (in such capacity, the “Operating Advisor”) and as asset representations reviewer (in
such capacity, the “Asset Representations Reviewer”) evidences the issuance of the Class A-1, Class A-2,
Class A-3, Class A-SB, Class A-4, Class A-5, Class X-A, Class A-M, Class B, Class C, Class X-B, Class X-D, Class X-F, Class
X-G, Class X-H, Class D, Class E, Class F, Class G, Class H and Class R Certificates and the VRR Interest (the
“Certificates”; the Holders of Certificates issued under the Pooling and Servicing Agreement are
collectively referred to herein as “Certificateholders”). This Certificate is issued pursuant to, and in
accordance with, the terms of 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 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 March 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 E Certificates will be calculated based on a 360-day year consisting of twelve 30-day months on the outstanding Certificate Balance hereof.

 

    A-11-5 

     

    
 

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-11-6 

     

    
 

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 therein): (i) such Mortgage Loans as from time to time are subject to the Pooling and Servicing Agreement, together with the Mortgage Files relating thereto; (ii) all scheduled or unscheduled payments on or collections in respect of the Mortgage Loans due after the Cut-off Date; (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; (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, 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; (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; (xiii) the Lower-Tier Regular Interests; and (xiv) 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, 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.

 

    A-11-7 

     

    
 

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 Operating Advisor, the Asset Representations Reviewer, 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, the Operating Advisor, the Asset Representations Reviewer and the Trustee without the consent of any of the Certificateholders 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 Prospectus or Private Placement Memorandum with respect to the Certificates, 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, 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 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 that would be a claim against the Trust Fund or any Trust REMIC; 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-11-8 

     

    
 

(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 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 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 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 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, as evidenced by (x) an Opinion of Counsel or 

 

    A-11-9 

     

    
 

(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; (x) to modify, eliminate or add to any provisions of the Pooling and Servicing Agreement to such extent as would be necessary to comply with the requirements for use of Form SF-3 in registered offerings to the extent provided in CFR 239.45(b)(1)(ii), (iii) or (iv); and (xi) 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, the Operating Advisor, the Asset Representations Reviewer and the Trustee with the prior written consent of 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 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 or Serviced Whole Loans which are required to be distributed on any Certificate, without the consent of the Holders of Certificates representing all of the Percentage Interests of the Class or Classes, 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, in any such case without the consent of the Holders of all Certificates of such Class then-outstanding or such Companion Loan Noteholder, 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 

 

 

    A-11-10 

     

    
 

	 	 	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 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, the Operating Advisor, the Asset Representations Reviewer 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 or the Upper-Tier REMIC as a REMIC, 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 Certificateholder owning a majority of the Percentage Interest in the Controlling Class and, if no such Certificateholder exercises such option, the Special Servicer, and if the Special Servicer does not exercise such option, the Master Servicer may effect an early termination of the Trust Fund, upon not less than 30 days’ prior Notice of Termination given to the Trustee, the Special Servicer and the Master Servicer any time specifying the Anticipated Termination Date, which shall be on or after the Early Termination Notice Date (defined as 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 as of the Cut-off Date) by purchasing on such date all, but not less than all, of the Mortgage Loans then included in the Trust Fund, and the Trust’s interest in all property acquired in respect of any Mortgage Loan, at a purchase price, payable in cash, equal to the sum of, without duplication:

 

	
 

	
(A)

	
100% of the Stated Principal Balance of each Mortgage Loan included in the Trust as of the last day of the month preceding such Anticipated Termination Date (less any P&I Advances previously made on account of principal);

 

	
 

	
(B)

	
the fair market value of all other property included in the Trust Fund as of the last day of the month preceding such Anticipated Termination Date, as determined by an Independent appraiser 

 

 

    A-11-11 

     

    
 

	 	 	acceptable to the Master Servicer as of a date not more than 30 days prior to the last day of the month preceding such Distribution Date;

 

	
 

	
(C)

	
all
unpaid interest accrued on the unpaid balance of each Mortgage Loan (including any Mortgage Loan as to which title to the
related Mortgaged Property has been acquired) at the Mortgage Rate to the last day of the month preceding such Anticipated
Termination Date (less any P&I Advances previously made on account of interest); and

 

	
 

	
(D)

	
the aggregate amount of unreimbursed Advances, with interest thereon at the Reimbursement Rate, and unpaid Servicing Compensation, Special Servicing Compensation, Operating Advisor Fees, Certificate Administrator/Trustee Fees, the CREFC® Intellectual Property Royalty License Fees and Trust Fund expenses.

 

In addition, the Pooling and Servicing Agreement provides that following the date on which the Class X-A Notional Amount, the Class X-B Notional Amount, the Class X-D Notional Amount and the aggregate Certificate Balance of the Class A-1, Class A-2, Class A-3, Class A-SB, Class A-4, Class A-5, Class A-M, Class B, Class C, Class D and Class E Certificates is reduced to zero, the Sole Certificateholder shall have the right to exchange all of the then-outstanding Certificates (other than the Class R Certificates) for all of the Mortgage Loans and each REO Property remaining in the Trust Fund as contemplated by clause (ii) of Section 9.01(a) of the Pooling and Servicing Agreement by giving written notice to all the parties to the Pooling and Servicing Agreement no later than 60 days prior to the anticipated date of exchange.

 

All costs and expenses incurred by any and all parties to the Pooling and Servicing Agreement or by the Trust Fund in connection with the purchase of the Mortgage Loans and other assets of the Trust Fund pursuant to Section 9.01(c) of the Pooling and Servicing Agreement shall be borne by the party exercising its purchase rights thereunder. The Trustee and the Certificate Administrator shall be entitled to rely conclusively on any determination made by an Independent appraiser pursuant to Section 9.01(c) of the Pooling and Servicing Agreement.

 

The respective obligations and responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the Trustee created by the Pooling and Servicing Agreement with respect to the Certificates (other than the obligations of the Certificate Administrator to make certain payments and to send certain notices to Certificateholders as set forth in the Pooling and Servicing Agreement) shall terminate upon payment (or provision for payment) to the Certificateholders 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 earlier to occur of (i) the purchase of the Mortgage Loans and all other property

 

    A-11-12 

     

    
 

held by the Trust Fund in accordance with Section 9.01(c) of the Pooling and Servicing Agreement; (ii) the exchange by the Sole Certificateholder of its Certificates for the Mortgage Loans in accordance with Section 9.01(g) of the Pooling and Servicing Agreement; and (iii) the later of (a) the receipt or collection of the last payment due on any Mortgage Loan included in the Trust Fund, or (b) the liquidation and disposition pursuant to the Pooling and Servicing Agreement of the last asset held by 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-11-13 

     

    
 

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

 

Dated: February 12, 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 E Certificates referred to in the Pooling and Servicing Agreement.

 

Dated: February 12, 2020

	
 

	
 

	
 

	
 

	
WELLS FARGO BANK, NATIONAL ASSOCIATION, not in its individual capacity but solely as Authenticating Agent

	
 

	
 

	
 

	
 

	
By:

	
 

	
 

	
 

	
Name:

	
 

	
 

	
Title:

 

    A-11-14 

     

    
 

EXHIBIT A-12

 

FORM OF CLASS F [RULE 144A] 1 [TEMPORARY REG S]2 [REG S]3 [IAI]4 CERTIFICATE

 

[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

 

[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.]6

 

THIS CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED OR QUALIFIED UNDER THE U.S. 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 IN COMPLIANCE WITH THE SECURITIES ACT AND OTHER APPLICABLE LAWS, AND ONLY (A)(1) PURSUANT TO A REGISTRATION STATEMENT WHICH HAS BEEN DECLARED EFFECTIVE UNDER THE SECURITIES ACT, (2) FOR SO LONG AS THIS CERTIFICATE IS ELIGIBLE FOR RESALE PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”), TO AN INSTITUTIONAL INVESTOR THAT THE HOLDER REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” WITHIN THE MEANING OF RULE 144A (“QUALIFIED INSTITUTIONAL BUYER”), PURCHASING FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF ANOTHER QUALIFIED INSTITUTIONAL BUYER, WHOM THE HOLDER HAS INFORMED, IN EACH CASE, THAT THE REOFFER, RESALE, PLEDGE OR OTHER TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, (3) (EXCEPT WITH RESPECT TO THE CLASS R

 

 

1
For Rule 144A Global Certificates only.

2
For Temp Reg S Global Certificates only.

3
For Reg S Global Certificates only.

4
For IAI Global Certificates only.

5
For Temp Reg S Global Certificates only.

6
Legend required as long as DTC is the Depository under the Pooling and Servicing Agreement.

 

    A-12-1 

     

    
 

CERTIFICATES) TO OTHER INSTITUTIONAL INVESTORS THAT ARE “ACCREDITED INVESTORS,” WITHIN THE MEANING OF RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT OR ANY ENTITY IN WHICH ALL OF THE EQUITY OWNERS ARE INSTITUTIONAL INVESTORS THAT ARE “ACCREDITED INVESTORS,” WITHIN THE MEANING OF RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT, OR (4) (EXCEPT WITH RESPECT TO THE CLASS R CERTIFICATES) TO INSTITUTIONS THAT ARE A NON-”U.S. PERSON” IN AN “OFFSHORE TRANSACTION” AS SUCH TERMS ARE DEFINED IN, AND IN ACCORDANCE WITH RULE 903 OR RULE 904 OF REGULATION S UNDER THE SECURITIES ACT, AND (B) IN ACCORDANCE WITH ANY OTHER 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 QUALIFIED INSTITUTIONAL BUYER 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 QUALIFIED INSTITUTIONAL BUYER 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 OPERATING ADVISOR, THE ASSET REPRESENTATIONS REVIEWER, 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.

 

    A-12-2 

     

    
 

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.

 

THIS CERTIFICATE SHOULD NOT BE PURCHASED BY A TRANSFEREE THAT IS OR BECOMES (A) AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT ARRANGEMENT, INCLUDING AN INDIVIDUAL RETIREMENT ACCOUNT OR A KEOGH PLAN, WHICH IS SUBJECT TO 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 SUBJECT TO ANY FEDERAL, STATE OR LOCAL LAW (“SIMILAR LAW”) WHICH IS TO A MATERIAL EXTENT SIMILAR TO THE FIDUCIARY RESPONSIBILITY PROVISIONS OF ERISA OR TO SECTION 4975 OF THE CODE (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 BY REASON OF A PLAN’S INVESTMENT IN THE ENTITY (PURSUANT TO U.S. DEPARTMENT OF LABOR REGULATION SECTION 2510.3-101, AS MODIFIED BY SECTION 3(42) OF ERISA)), OTHER THAN AN INSURANCE COMPANY USING THE ASSETS OF ITS GENERAL ACCOUNT UNDER CIRCUMSTANCES WHEREBY SUCH PURCHASE AND THE SUBSEQUENT HOLDING OF SUCH CERTIFICATE BY SUCH INSURANCE COMPANY WILL BE EXEMPT FROM THE PROHIBITED TRANSACTION PROVISIONS OF SECTIONS 406 AND 407 OF ERISA, AND 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 CERTIFICATE WILL NOT CONSTITUTE OR RESULT IN A NON-EXEMPT VIOLATION OF ANY 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.

 

    A-12-3 

     

    
 

BENCHMARK 2020-B16 MORTGAGE TRUST COMMERCIAL MORTGAGE
PASS-THROUGH CERTIFICATES, CLASS F

 

	
Class F Pass-Through Rate: Equal to (i) the WAC Rate, minus (ii) 1.500%, but in any case, not less than 0.000%

	
 

	
CUSIP:

	
[08161NBA4]7

	
 

	
 

	
[U0811RAH9]8

	
 

	
 

	
[08161NBB2]9

	
 

	
 

	
 

	
 

	
ISIN:

	
[US08161NBA46]10

	
 

	
 

	
[USU0811RAH94]11

	
 

	
 

	
[US08161NBB29]12

	 	 	 	 
	 	 	Common Code:	[212006394]13
	 	 	 	[212006505]14

 

	
Original Aggregate Certificate Balance of the Class F Certificates: $16,015,000

	
 

	
Initial Certificate Balance of this Certificate: $[__]

	
 

	
 

	
 

	
First Distribution Date: March 17, 2020

	
 

	
Cut-off Date: The close of business on the later of the related Due Date of such Mortgage Loan in February 2020 (or, in the case of any Mortgage Loan that has its first Due Date after February 2020, the date that would have been its Due Date in February 2020 under the terms of that Mortgage 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.: F-[__]

 

This certifies that [              ] is the registered owner of a beneficial ownership interest in a Trust Fund, including the distributions to be made with respect to the Class F Certificates. The Trust Fund, described more fully below, consists primarily of a pool of Mortgage Loans secured by first liens on commercial 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 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.

 

 

7
For Rule 144A Certificates

8
For Regulation S Certificates

9
For IAI Certificates

10
For Rule 144A Certificates

11
For Regulation S Certificates

12
For IAI Certificates

13 For Rule 144A Certificates

14 For Regulation S Certificates

 

    A-12-4 

     

    
 

 

The Pooling
and Servicing Agreement, dated as of February 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”),
KeyBank National Association, as special servicer (the “Special Servicer”), Wells Fargo Bank, National Association,
as trustee (in such capacity, the “Trustee”), Wells Fargo Bank, National Association, as certificate administrator
(in such capacity, the “Certificate Administrator”), as custodian and as paying agent, and Park Bridge Lender
Services LLC, as operating advisor (in such capacity, the “Operating Advisor”) and as asset representations
reviewer (in such capacity, the “Asset Representations Reviewer”) evidences the issuance of the Class A-1,
Class A-2, Class A-3, Class A-SB, Class A-4, Class A-5, Class X-A, Class A-M, Class B, Class C, Class X-B, Class X-D, Class X-F,
Class X-G, Class X-H, Class D, Class E, Class F, Class G, Class H and Class R Certificates and the VRR Interest (the “Certificates”;
the Holders of Certificates issued under the Pooling and Servicing Agreement are collectively referred to herein as “Certificateholders”).
This Certificate is issued pursuant to, and in accordance with, the terms of 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 F 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 March 2020.

 

During
each Interest Accrual Period (as defined below), interest on the Class F Certificates will be calculated based on a 360-day year
consisting of twelve 30-day months on the outstanding Certificate Balance hereof.

 

    A-12-5 

     

    
 

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-12-6 

     

    
 

    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 therein): (i) such Mortgage Loans as from time to time are subject to the Pooling and Servicing Agreement, together with the Mortgage Files relating thereto; (ii) all scheduled or unscheduled payments on or collections in respect of the Mortgage Loans due after the Cut-off Date; (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; (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, 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; (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; (xiii) the Lower-Tier Regular Interests; and (xiv) 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, 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.

 

    A-12-7 

     

    
 

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 Operating Advisor, the Asset Representations Reviewer, 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, the Operating Advisor, the Asset Representations Reviewer and the Trustee without the consent of any of the Certificateholders 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 Prospectus or Private Placement Memorandum with respect to the Certificates, 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, 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 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 that would be a claim against the Trust Fund or any Trust REMIC; 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-12-8 

     

    
 

(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 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 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 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 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, as evidenced by (x) an Opinion of Counsel or 

 

    A-12-9 

     

    
 

(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; (x) to modify, eliminate or add to any provisions of the Pooling and Servicing Agreement to such extent as would be necessary to comply with the requirements for use of Form SF-3 in registered offerings to the extent provided in CFR 239.45(b)(1)(ii), (iii) or (iv); and (xi) 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, the Operating Advisor, the Asset Representations Reviewer and the Trustee with the prior written consent of 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 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 or Serviced Whole Loans which are required to be distributed on any Certificate, without the consent of the Holders of Certificates representing all of the Percentage Interests of the Class or Classes, 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, in any such case without the consent of the Holders of all Certificates of such Class then-outstanding or such Companion Loan Noteholder, 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 

 

    A-12-10 

     

    
 

	 	 	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 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, the Operating Advisor, the Asset Representations Reviewer 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 or the Upper-Tier REMIC as a REMIC, 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 Certificateholder owning a majority of the Percentage Interest in the Controlling Class and, if no such Certificateholder exercises such option, the Special Servicer, and if the Special Servicer does not exercise such option, the Master Servicer may effect an early termination of the Trust Fund, upon not less than 30 days’ prior Notice of Termination given to the Trustee, the Special Servicer and the Master Servicer any time specifying the Anticipated Termination Date, which shall be on or after the Early Termination Notice Date (defined as 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 as of the Cut-off Date) by purchasing on such date all, but not less than all, of the Mortgage Loans then included in the Trust Fund, and the Trust’s interest in all property acquired in respect of any Mortgage Loan, at a purchase price, payable in cash, equal to the sum of, without duplication:

 

	
 

	
(A)

	
100% of the Stated Principal Balance of each Mortgage Loan included in the Trust as of the last day of the month preceding such Anticipated Termination Date (less any P&I Advances previously made on account of principal);

 

	
 

	
(B)

	
the fair market value of all other property included in the Trust Fund as of the last day of the month preceding such Anticipated Termination Date, as determined by an Independent appraiser 

 

    A-12-11 

     

    
  

	 	 	acceptable to the Master Servicer as of a date not more than 30 days prior to the last day of the month preceding such Distribution Date;

 

	
 

	
(C)

	
all
unpaid interest accrued on the unpaid balance of each Mortgage Loan (including any Mortgage Loan as to which title to the
related Mortgaged Property has been acquired) at the Mortgage Rate to the last day of the month preceding such Anticipated
Termination Date (less any P&I Advances previously made on account of interest); and

 

	
 

	
(D)

	
the aggregate amount of unreimbursed Advances, with interest thereon at the Reimbursement Rate, and unpaid Servicing Compensation, Special Servicing Compensation, Operating Advisor Fees, Certificate Administrator/Trustee Fees, the CREFC® Intellectual Property Royalty License Fees and Trust Fund expenses.

 

In addition, the Pooling and Servicing Agreement provides that following the date on which the Class X-A Notional Amount, the Class X-B Notional Amount, the Class X-D Notional Amount and the aggregate Certificate Balance of the Class A-1, Class A-2, Class A-3, Class A-SB, Class A-4, Class A-5, Class A-M, Class B, Class C, Class D and Class E Certificates is reduced to zero, the Sole Certificateholder shall have the right to exchange all of the then-outstanding Certificates (other than the Class R Certificates) for all of the Mortgage Loans and each REO Property remaining in the Trust Fund as contemplated by clause (ii) of Section 9.01(a) of the Pooling and Servicing Agreement by giving written notice to all the parties to the Pooling and Servicing Agreement no later than 60 days prior to the anticipated date of exchange.

 

All costs and expenses incurred by any and all parties to the Pooling and Servicing Agreement or by the Trust Fund in connection with the purchase of the Mortgage Loans and other assets of the Trust Fund pursuant to Section 9.01(c) of the Pooling and Servicing Agreement shall be borne by the party exercising its purchase rights thereunder. The Trustee and the Certificate Administrator shall be entitled to rely conclusively on any determination made by an Independent appraiser pursuant to Section 9.01(c) of the Pooling and Servicing Agreement.

 

The respective obligations and responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the Trustee created by the Pooling and Servicing Agreement with respect to the Certificates (other than the obligations of the Certificate Administrator to make certain payments and to send certain notices to Certificateholders as set forth in the Pooling and Servicing Agreement) shall terminate upon payment (or provision for payment) to the Certificateholders 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 earlier to occur of (i) the purchase of the Mortgage Loans and all other property

 

    A-12-12 

     

    
     

held by the Trust Fund in accordance with Section 9.01(c) of the Pooling and Servicing Agreement; (ii) the exchange by the Sole Certificateholder of its Certificates for the Mortgage Loans in accordance with Section 9.01(g) of the Pooling and Servicing Agreement; and (iii) the later of (a) the receipt or collection of the last payment due on any Mortgage Loan included in the Trust Fund, or (b) the liquidation and disposition pursuant to the Pooling and Servicing Agreement of the last asset held by 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-12-13 

     

    
 

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

 

Dated: February 12, 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 F Certificates referred to in the Pooling and Servicing Agreement.

 

Dated: February 12, 2020

	
 

	
 

	
 

	
 

	
WELLS FARGO BANK, NATIONAL ASSOCIATION, not in its individual capacity but solely as Authenticating Agent

	
 

	
 

	
 

	
 

	
By:

	
 

	
 

	
 

	
Name:

	
 

	
 

	
Title:

 

 

    A-12-14 

     

    
EXHIBIT A-13

 

FORM OF CLASS G [RULE 144A]1 [TEMPORARY REG S]2 [REG S]3 [IAI]4 CERTIFICATE

 

[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

 

[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.]6

 

THIS CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED OR QUALIFIED UNDER THE U.S. 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 IN COMPLIANCE WITH THE SECURITIES ACT AND OTHER APPLICABLE LAWS, AND ONLY (A)(1) PURSUANT TO A REGISTRATION STATEMENT WHICH HAS BEEN DECLARED EFFECTIVE UNDER THE SECURITIES ACT, (2) FOR SO LONG AS THIS CERTIFICATE IS ELIGIBLE FOR RESALE PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”), TO AN INSTITUTIONAL INVESTOR THAT THE HOLDER REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” WITHIN THE MEANING OF RULE 144A (“QUALIFIED INSTITUTIONAL BUYER”), PURCHASING FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF ANOTHER QUALIFIED INSTITUTIONAL BUYER, WHOM THE HOLDER HAS INFORMED, IN EACH CASE, THAT THE REOFFER, RESALE, PLEDGE OR OTHER TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, (3) (EXCEPT WITH RESPECT TO THE CLASS R

 

 

1
For Rule 144A Global Certificates only.

2
For Temp Reg S Global Certificates only.

3
For Reg S Global Certificates only.

4
For IAI Global Certificates only.

5
For Temp Reg S Global Certificates only.

6
Legend required as long as DTC is the Depository under the Pooling and Servicing Agreement.

 

    A-13-1 

     

    
 

CERTIFICATES) TO OTHER INSTITUTIONAL INVESTORS THAT ARE “ACCREDITED INVESTORS,” WITHIN THE MEANING OF RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT OR ANY ENTITY IN WHICH ALL OF THE EQUITY OWNERS ARE INSTITUTIONAL INVESTORS THAT ARE “ACCREDITED INVESTORS,” WITHIN THE MEANING OF RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT, OR (4) (EXCEPT WITH RESPECT TO THE CLASS R CERTIFICATES) TO INSTITUTIONS THAT ARE A NON-”U.S. PERSON” IN AN “OFFSHORE TRANSACTION” AS SUCH TERMS ARE DEFINED IN, AND IN ACCORDANCE WITH RULE 903 OR RULE 904 OF REGULATION S UNDER THE SECURITIES ACT, AND (B) IN ACCORDANCE WITH ANY OTHER 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 QUALIFIED INSTITUTIONAL BUYER 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 QUALIFIED INSTITUTIONAL BUYER 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 OPERATING ADVISOR, THE ASSET REPRESENTATIONS REVIEWER, 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.

 

    A-13-2 

     

    
 

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.

 

THIS CERTIFICATE SHOULD NOT BE PURCHASED BY A TRANSFEREE THAT IS OR BECOMES (A) AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT ARRANGEMENT, INCLUDING AN INDIVIDUAL RETIREMENT ACCOUNT OR A KEOGH PLAN, WHICH IS SUBJECT TO 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 SUBJECT TO ANY FEDERAL, STATE OR LOCAL LAW (“SIMILAR LAW”) WHICH IS TO A MATERIAL EXTENT SIMILAR TO THE FIDUCIARY RESPONSIBILITY PROVISIONS OF ERISA OR TO SECTION 4975 OF THE CODE (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 BY REASON OF A PLAN’S INVESTMENT IN THE ENTITY (PURSUANT TO U.S. DEPARTMENT OF LABOR REGULATION SECTION 2510.3-101, AS MODIFIED BY SECTION 3(42) OF ERISA)), OTHER THAN AN INSURANCE COMPANY USING THE ASSETS OF ITS GENERAL ACCOUNT UNDER CIRCUMSTANCES WHEREBY SUCH PURCHASE AND THE SUBSEQUENT HOLDING OF SUCH CERTIFICATE BY SUCH INSURANCE COMPANY WILL BE EXEMPT FROM THE PROHIBITED TRANSACTION PROVISIONS OF SECTIONS 406 AND 407 OF ERISA, AND 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 CERTIFICATE WILL NOT CONSTITUTE OR RESULT IN A NON-EXEMPT VIOLATION OF ANY 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.

 

    A-13-3 

     

    
 

BENCHMARK 2020-B16 MORTGAGE TRUST COMMERCIAL MORTGAGE
PASS-THROUGH CERTIFICATES, CLASS G

 

	
Class G Pass-Through Rate: Equal to (i) the WAC Rate, minus (ii) 1.500%, but in any case, not less than 0.000%

	
 

	
CUSIP:

	
[08161NBC0]7

	
 

	
 

	
[U0811RAJ5]8

	
 

	
 

	
[08161NBD8]9

	
 

	
 

	
 

	
 

	
ISIN:

	
[US08161NBC02]10

	
 

	
 

	
[USU0811RAJ50]11

	
 

	
 

	
[US08161NBD84]12

	 	 	 	 
	 	 	Common Code:	[212006408]13
	 	 	 	[212006513]14

 

	
Original Aggregate Certificate Balance of the Class G Certificates: $8,541,000

	
 

	
Initial Certificate Balance of this Certificate: $[_____]

	
 

	
 

	
 

	
First Distribution Date: March 17, 2020

	
 

	
Cut-off Date: The close of business on the later of the related Due Date of such Mortgage Loan in February 2020 (or, in the case of any Mortgage Loan that has its first Due Date after February 2020, the date that would have been its Due Date in February 2020 under the terms of that Mortgage 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.: G-[__]

 

This certifies that [              ] is the registered owner of a beneficial ownership interest in a Trust Fund, including the distributions to be made with respect to the Class G Certificates. The Trust Fund, described more fully below, consists primarily of a pool of Mortgage Loans secured by first liens on commercial 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 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.

 

 

7
For Rule 144A Certificates

8
For Regulation S Certificates

9
For IAI Certificates

10
For Rule 144A Certificates

11
For Regulation S Certificates

12
For IAI Certificates

13 For Rule 144A Certificates

14 For Regulation S Certificates

 

    A-13-4 

     

    
 

The Pooling
and Servicing Agreement, dated as of February 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”),
KeyBank National Association, as special servicer (the “Special Servicer”), Wells Fargo Bank, National Association,
as trustee (in such capacity, the “Trustee”), Wells Fargo Bank, National Association, as certificate administrator
(in such capacity, the “Certificate Administrator”), as custodian and as paying agent, and Park Bridge Lender
Services LLC, as operating advisor (in such capacity, the “Operating Advisor”) and as asset representations
reviewer (in such capacity, the “Asset Representations Reviewer”) evidences the issuance of the Class A-1,
Class A-2, Class A-3, Class A-SB, Class A-4, Class A-5, Class X-A, Class A-M, Class B, Class C, Class X-B, Class X-D, Class X-F,
Class X-G, Class X-H, Class D, Class E, Class F, Class G, Class H and Class R Certificates and the VRR Interest (the “Certificates”;
the Holders of Certificates issued under the Pooling and Servicing Agreement are collectively referred to herein as “Certificateholders”).
This Certificate is issued pursuant to, and in accordance with, the terms of 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 G 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 March 2020.

 

During each Interest Accrual Period (as defined below), interest on the Class G 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 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 therein): (i) such Mortgage Loans as from time to time are subject to the Pooling and Servicing Agreement, together with the Mortgage Files relating thereto; (ii) all scheduled or unscheduled payments on or collections in respect of the Mortgage Loans due after the Cut-off Date; (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; (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, 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; (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; (xiii) the Lower-Tier Regular Interests; and (xiv) 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, 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.

 

    A-13-7 

     

    
 

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 Operating Advisor, the Asset Representations Reviewer, 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, the Operating Advisor, the Asset Representations Reviewer and the Trustee without the consent of any of the Certificateholders 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 Prospectus or Private Placement Memorandum with respect to the Certificates, 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, 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 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 that would be a claim against the Trust Fund or any Trust REMIC; 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-13-8 

     

    
 

(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 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 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 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 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, as evidenced by (x) an Opinion of Counsel or 

 

    A-13-9 

     

    
 

(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; (x) to modify, eliminate or add to any provisions of the Pooling and Servicing Agreement to such extent as would be necessary to comply with the requirements for use of Form SF-3 in registered offerings to the extent provided in CFR 239.45(b)(1)(ii), (iii) or (iv); and (xi) 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, the Operating Advisor, the Asset Representations Reviewer and the Trustee with the prior written consent of 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 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 or Serviced Whole Loans which are required to be distributed on any Certificate, without the consent of the Holders of Certificates representing all of the Percentage Interests of the Class or Classes, 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, in any such case without the consent of the Holders of all Certificates of such Class then-outstanding or such Companion Loan Noteholder, 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 

 

    A-13-10 

     

    
 

 

	 	 	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 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, the Operating Advisor, the Asset Representations Reviewer 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 or the Upper-Tier REMIC as a REMIC, 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 Certificateholder owning a majority of the Percentage Interest in the Controlling Class and, if no such Certificateholder exercises such option, the Special Servicer, and if the Special Servicer does not exercise such option, the Master Servicer may effect an early termination of the Trust Fund, upon not less than 30 days’ prior Notice of Termination given to the Trustee, the Special Servicer and the Master Servicer any time specifying the Anticipated Termination Date, which shall be on or after the Early Termination Notice Date (defined as 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 as of the Cut-off Date) by purchasing on such date all, but not less than all, of the Mortgage Loans then included in the Trust Fund, and the Trust’s interest in all property acquired in respect of any Mortgage Loan, at a purchase price, payable in cash, equal to the sum of, without duplication:

 

	
 

	
(A)

	
100% of the Stated Principal Balance of each Mortgage Loan included in the Trust as of the last day of the month preceding such Anticipated Termination Date (less any P&I Advances previously made on account of principal);

 

	
 

	
(B)

	
the fair market value of all other property included in the Trust Fund as of the last day of the month preceding such Anticipated Termination Date, as determined by an Independent appraiser 

 

    A-13-11 

     

    
     

	 	 	acceptable to the Master Servicer as of a date not more than 30 days prior to the last day of the month preceding such Distribution Date;

 

	
 

	
(C)

	
all unpaid interest accrued on the unpaid balance of each Mortgage Loan (including any Mortgage Loan as to which title to the related Mortgaged Property has been acquired) at the Mortgage Rate to the last day of the month preceding such Anticipated Termination Date (less any P&I Advances previously made on account of interest); and

 

	
 

	
(D)

	
the aggregate amount of unreimbursed Advances, with interest thereon at the Reimbursement Rate, and unpaid Servicing Compensation, Special Servicing Compensation, Operating Advisor Fees, Certificate Administrator/Trustee Fees, the CREFC® Intellectual Property Royalty License Fees and Trust Fund expenses.

 

In addition, the Pooling and Servicing Agreement provides that following the date on which the Class X-A Notional Amount, the Class X-B Notional Amount, the Class X-D Notional Amount and the aggregate Certificate Balance of the Class A-1, Class A-2, Class A-3, Class A-SB, Class A-4, Class A-5, Class A-M, Class B, Class C, Class D and Class E Certificates is reduced to zero, the Sole Certificateholder shall have the right to exchange all of the then-outstanding Certificates (other than the Class R Certificates) for all of the Mortgage Loans and each REO Property remaining in the Trust Fund as contemplated by clause (ii) of Section 9.01(a) of the Pooling and Servicing Agreement by giving written notice to all the parties to the Pooling and Servicing Agreement no later than 60 days prior to the anticipated date of exchange.

 

All costs and expenses incurred by any and all parties to the Pooling and Servicing Agreement or by the Trust Fund in connection with the purchase of the Mortgage Loans and other assets of the Trust Fund pursuant to Section 9.01(c) of the Pooling and Servicing Agreement shall be borne by the party exercising its purchase rights thereunder. The Trustee and the Certificate Administrator shall be entitled to rely conclusively on any determination made by an Independent appraiser pursuant to Section 9.01(c) of the Pooling and Servicing Agreement.

 

The respective obligations and responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the Trustee created by the Pooling and Servicing Agreement with respect to the Certificates (other than the obligations of the Certificate Administrator to make certain payments and to send certain notices to Certificateholders as set forth in the Pooling and Servicing Agreement) shall terminate upon payment (or provision for payment) to the Certificateholders 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 earlier to occur of (i) the purchase of the Mortgage Loans and all other property

 

    A-13-12 

     

    
 

held by the Trust Fund in accordance with Section 9.01(c) of the Pooling and Servicing Agreement; (ii) the exchange by the Sole Certificateholder of its Certificates for the Mortgage Loans in accordance with Section 9.01(g) of the Pooling and Servicing Agreement; and (iii) the later of (a) the receipt or collection of the last payment due on any Mortgage Loan included in the Trust Fund, or (b) the liquidation and disposition pursuant to the Pooling and Servicing Agreement of the last asset held by 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-13-13 

     

    
 

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

 

Dated: February 12, 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 G Certificates referred to in the Pooling and Servicing Agreement.

 

Dated: February 12, 2020

	
 

	
 

	
 

	
 

	
WELLS FARGO BANK, NATIONAL ASSOCIATION, not in its individual capacity but solely as Authenticating Agent

	
 

	
 

	
 

	
 

	
By:

	
 

	
 

	
 

	
Name:

	
 

	
 

	
Title:

 

    A-13-14 

     

    
 

EXHIBIT A-14

 

FORM OF CLASS H [RULE 144A]1 [TEMPORARY REG S]2 [REG S]3 [IAI]4 CERTIFICATE

 

[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

 

[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.]6

 

THIS CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED OR QUALIFIED UNDER THE U.S. 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 IN COMPLIANCE WITH THE SECURITIES ACT AND OTHER APPLICABLE LAWS, AND ONLY (A)(1) PURSUANT TO A REGISTRATION STATEMENT WHICH HAS BEEN DECLARED EFFECTIVE UNDER THE SECURITIES ACT, (2) FOR SO LONG AS THIS CERTIFICATE IS ELIGIBLE FOR RESALE PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”), TO AN INSTITUTIONAL INVESTOR THAT THE HOLDER REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” WITHIN THE MEANING OF RULE 144A (“QUALIFIED INSTITUTIONAL BUYER”), PURCHASING FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF ANOTHER QUALIFIED INSTITUTIONAL BUYER, WHOM THE HOLDER HAS INFORMED, IN EACH CASE, THAT THE REOFFER, RESALE, PLEDGE OR OTHER TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, (3) (EXCEPT WITH RESPECT TO THE CLASS R

 

 

1
For Rule 144A Global Certificates only.

2
For Temp Reg S Global Certificates only.

3
For Reg S Global Certificates only.

4
For IAI Global Certificates only.

5
For Temp Reg S Global Certificates only.

6
Legend required as long as DTC is the Depository under the Pooling and Servicing Agreement.

 

    A-14-1 

     

    
 

CERTIFICATES) TO OTHER INSTITUTIONAL INVESTORS THAT ARE “ACCREDITED INVESTORS,” WITHIN THE MEANING OF RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT OR ANY ENTITY IN WHICH ALL OF THE EQUITY OWNERS ARE INSTITUTIONAL INVESTORS THAT ARE “ACCREDITED INVESTORS,” WITHIN THE MEANING OF RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT, OR (4) (EXCEPT WITH RESPECT TO THE CLASS R CERTIFICATES) TO INSTITUTIONS THAT ARE A NON-”U.S. PERSON” IN AN “OFFSHORE TRANSACTION” AS SUCH TERMS ARE DEFINED IN, AND IN ACCORDANCE WITH RULE 903 OR RULE 904 OF REGULATION S UNDER THE SECURITIES ACT, AND (B) IN ACCORDANCE WITH ANY OTHER 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 QUALIFIED INSTITUTIONAL BUYER 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 QUALIFIED INSTITUTIONAL BUYER 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 OPERATING ADVISOR, THE ASSET REPRESENTATIONS REVIEWER, 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.

 

    A-14-2 

     

    
  

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.

 

THIS CERTIFICATE SHOULD NOT BE PURCHASED BY A TRANSFEREE THAT IS OR BECOMES (A) AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT ARRANGEMENT, INCLUDING AN INDIVIDUAL RETIREMENT ACCOUNT OR A KEOGH PLAN, WHICH IS SUBJECT TO 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 SUBJECT TO ANY FEDERAL, STATE OR LOCAL LAW (“SIMILAR LAW”) WHICH IS TO A MATERIAL EXTENT SIMILAR TO THE FIDUCIARY RESPONSIBILITY PROVISIONS OF ERISA OR TO SECTION 4975 OF THE CODE (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 BY REASON OF A PLAN’S INVESTMENT IN THE ENTITY (PURSUANT TO U.S. DEPARTMENT OF LABOR REGULATION SECTION 2510.3-101, AS MODIFIED BY SECTION 3(42) OF ERISA)), OTHER THAN AN INSURANCE COMPANY USING THE ASSETS OF ITS GENERAL ACCOUNT UNDER CIRCUMSTANCES WHEREBY SUCH PURCHASE AND THE SUBSEQUENT HOLDING OF SUCH CERTIFICATE BY SUCH INSURANCE COMPANY WILL BE EXEMPT FROM THE PROHIBITED TRANSACTION PROVISIONS OF SECTIONS 406 AND 407 OF ERISA, AND 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 CERTIFICATE WILL NOT CONSTITUTE OR RESULT IN A NON-EXEMPT VIOLATION OF ANY 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.

 

    A-14-3 

     

    
 

BENCHMARK 2020-B16 MORTGAGE TRUST COMMERCIAL MORTGAGE
PASS-THROUGH CERTIFICATES, CLASS H

 

	
Class H Pass-Through Rate: Equal to (i) the WAC Rate, minus (ii) 1.500%, but in any case, not less than 0.000%

	
 

	
CUSIP:

	
[08161NBE6]7

	
 

	
 

	
[U0811RAK2]8

	
 

	
 

	
[08161NBF3]9

	
 

	
 

	
 

	
 

	
ISIN:

	
[US08161NBE67]10

	
 

	
 

	
[USU0811RAK24]11

	
 

	
 

	
[US08161NBF33]12

	 	 	 	 
	 	 	Common Code:	[212006416]13
	 	 	 	[212006521]14

 

	
Original Aggregate Certificate Balance of the Class H Certificates: $26,692,872

	
 

	
Initial Certificate Balance of this Certificate: $[_____]

	
 

	
 

	
 

	
First Distribution Date: March 17, 2020

	
 

	
Cut-off Date: The close of business on the later of the related Due Date of such Mortgage Loan in February 2020 (or, in the case of any Mortgage Loan that has its first Due Date after February 2020, the date that would have been its Due Date in February 2020 under the terms of that Mortgage 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.: H-[__]

 

This certifies that [              ] is the registered owner of a beneficial ownership interest in a Trust Fund, including the distributions to be made with respect to the Class H Certificates. The Trust Fund, described more fully below, consists primarily of a pool of Mortgage Loans secured by first liens on commercial 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 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.

 

 

7
For Rule 144A Certificates 

8
For Regulation S Certificates 

9
For IAI Certificates 

10
For Rule 144A Certificates 

11
For Regulation S Certificates 

12
For IAI Certificates

13 For Rule 144A Certificates

14 For Regulation S Certificates

 

    A-14-4 

     

    
 

 

The Pooling
and Servicing Agreement, dated as of February 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”),
KeyBank National Association, as special servicer (the “Special Servicer”), Wells Fargo Bank, National Association,
as trustee (in such capacity, the “Trustee”), Wells Fargo Bank, National Association, as certificate administrator
(in such capacity, the “Certificate Administrator”), as custodian and as paying agent, and Park Bridge Lender
Services LLC, as operating advisor (in such capacity, the “Operating Advisor”) and as asset representations
reviewer (in such capacity, the “Asset Representations Reviewer”) evidences the issuance of the Class A-1,
Class A-2, Class A-3, Class A-SB, Class A-4, Class A-5, Class X-A, Class A-M, Class B, Class C, Class X-B, Class X-D, Class X-F,
Class X-G, Class X-H, Class D, Class E, Class F, Class G, Class H and Class R Certificates and the VRR Interest (the “Certificates”;
the Holders of Certificates issued under the Pooling and Servicing Agreement are collectively referred to herein as “Certificateholders”).
This Certificate is issued pursuant to, and in accordance with, the terms of 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 H 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 March 2020.

 

During
each Interest Accrual Period (as defined below), interest on the Class H 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 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 therein): (i) such Mortgage Loans as from time to time are subject to the Pooling and Servicing Agreement, together with the Mortgage Files relating thereto; (ii) all scheduled or unscheduled payments on or collections in respect of the Mortgage Loans due after the Cut-off Date; (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; (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, 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; (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; (xiii) the Lower-Tier Regular Interests; and (xiv) 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, 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. 

 

    A-14-7 

     

    
 

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 Operating Advisor, the Asset Representations Reviewer, 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, the Operating Advisor, the Asset Representations Reviewer and the Trustee without the consent of any of the Certificateholders 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 Prospectus or Private Placement Memorandum with respect to the Certificates, 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, 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 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 that would be a claim against the Trust Fund or any Trust REMIC; 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-14-8 

     

    
 

(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 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 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 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 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, as evidenced by (x) an Opinion of Counsel or 

 

    A-14-9 

     

    
 

(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; (x) to modify, eliminate or add to any provisions of the Pooling and Servicing Agreement to such extent as would be necessary to comply with the requirements for use of Form SF-3 in registered offerings to the extent provided in CFR 239.45(b)(1)(ii), (iii) or (iv); and (xi) 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, the Operating Advisor, the Asset Representations Reviewer and the Trustee with the prior written consent of 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 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 or Serviced Whole Loans which are required to be distributed on any Certificate, without the consent of the Holders of Certificates representing all of the Percentage Interests of the Class or Classes, 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, in any such case without the consent of the Holders of all Certificates of such Class then-outstanding or such Companion Loan Noteholder, 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

 

    A-14-10 

     

    
     

	 	 	 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 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, the Operating Advisor, the Asset Representations Reviewer 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 or the Upper-Tier REMIC as a REMIC, 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 Certificateholder owning a majority of the Percentage Interest in the Controlling Class and, if no such Certificateholder exercises such option, the Special Servicer, and if the Special Servicer does not exercise such option, the Master Servicer may effect an early termination of the Trust Fund, upon not less than 30 days’ prior Notice of Termination given to the Trustee, the Special Servicer and the Master Servicer any time specifying the Anticipated Termination Date, which shall be on or after the Early Termination Notice Date (defined as 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 as of the Cut-off Date) by purchasing on such date all, but not less than all, of the Mortgage Loans then included in the Trust Fund, and the Trust’s interest in all property acquired in respect of any Mortgage Loan, at a purchase price, payable in cash, equal to the sum of, without duplication:

 

	
 

	
(A)

	
100% of the Stated Principal Balance of each Mortgage Loan included in the Trust as of the last day of the month preceding such Anticipated Termination Date (less any P&I Advances previously made on account of principal);

  

	
 

	
(B)

	
the fair market value of all other property included in the Trust Fund as of the last day of the month preceding such Anticipated Termination Date, as determined by an Independent appraiser 

 

    A-14-11 

     

    
 

	 	 	acceptable to the Master Servicer as of a date not more than 30 days prior to the last day of the month preceding such Distribution Date;

 

	
 

	
(C)

	
all unpaid interest accrued on the unpaid balance of each Mortgage Loan (including any Mortgage Loan as to which title to the related Mortgaged Property has been acquired) at the Mortgage Rate to the last day of the month preceding such Anticipated Termination Date (less any P&I Advances previously made on account of interest); and

 

	
 

	
(D)

	
the aggregate amount of unreimbursed Advances, with interest thereon at the Reimbursement Rate, and unpaid Servicing Compensation, Special Servicing Compensation, Operating Advisor Fees, Certificate Administrator/Trustee Fees, the CREFC® Intellectual Property Royalty License Fees and Trust Fund expenses.

 

In addition, the Pooling and Servicing Agreement provides that following the date on which the Class X-A Notional Amount, the Class X-B Notional Amount, the Class X-D Notional Amount and the aggregate Certificate Balance of the Class A-1, Class A-2, Class A-3, Class A-SB, Class A-4, Class A-5, Class A-M, Class B, Class C, Class D and Class E Certificates is reduced to zero, the Sole Certificateholder shall have the right to exchange all of the then-outstanding Certificates (other than the Class R Certificates) for all of the Mortgage Loans and each REO Property remaining in the Trust Fund as contemplated by clause (ii) of Section 9.01(a) of the Pooling and Servicing Agreement by giving written notice to all the parties to the Pooling and Servicing Agreement no later than 60 days prior to the anticipated date of exchange.

 

All costs and expenses incurred by any and all parties to the Pooling and Servicing Agreement or by the Trust Fund in connection with the purchase of the Mortgage Loans and other assets of the Trust Fund pursuant to Section 9.01(c) of the Pooling and Servicing Agreement shall be borne by the party exercising its purchase rights thereunder. The Trustee and the Certificate Administrator shall be entitled to rely conclusively on any determination made by an Independent appraiser pursuant to Section 9.01(c) of the Pooling and Servicing Agreement.

 

The respective obligations and responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the Trustee created by the Pooling and Servicing Agreement with respect to the Certificates (other than the obligations of the Certificate Administrator to make certain payments and to send certain notices to Certificateholders as set forth in the Pooling and Servicing Agreement) shall terminate upon payment (or provision for payment) to the Certificateholders 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 earlier to occur of (i) the purchase of the Mortgage Loans and all other property

 

    A-14-12 

     

    
     

held by the Trust Fund in accordance with Section 9.01(c) of the Pooling and Servicing Agreement; (ii) the exchange by the Sole Certificateholder of its Certificates for the Mortgage Loans in accordance with Section 9.01(g) of the Pooling and Servicing Agreement; and (iii) the later of (a) the receipt or collection of the last payment due on any Mortgage Loan included in the Trust Fund, or (b) the liquidation and disposition pursuant to the Pooling and Servicing Agreement of the last asset held by 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-14-13 

     

    
 

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

 

Dated: February 12, 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 H Certificates referred to in the Pooling and Servicing Agreement.

 

Dated: February 12, 2020 

	
 

	
 

	
 

	
 

	
WELLS FARGO BANK, NATIONAL ASSOCIATION, not in its individual capacity but solely as Authenticating Agent

	
 

	
 

	
 

	
 

	
By:

	
 

	
 

	
 

	
Name:

	
 

	
 

	
Title:

 

    A-14-14 

     

    
 

EXHIBIT A-15

 

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 OPERATING ADVISOR, THE ASSET REPRESENTATIONS REVIEWER, 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. 

 

 

1
Legend required as long as DTC is the Depository under the Pooling and Servicing Agreement.

 

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BENCHMARK 2020-B16 MORTGAGE TRUST COMMERCIAL MORTGAGE
PASS-THROUGH CERTIFICATES, CLASS X-A

 

	
Class X-A Pass-Through Rate: Variable

	
 

	
CUSIP:

	
08161NAG2

	
 

	
 

	
 

	
 

	
 

	
 

	
ISIN:

	
US08161NAG25

 

	
Original Aggregate Notional Balance of the Class X-A Certificates: $691,854,000

	
 

	
Initial Certificate Balance of this Certificate: $[__]

	
 

	
 

	
 

	
First Distribution Date: March 17, 2020

	
 

	
Cut-off Date: The close of business on the later of the related Due Date of such Mortgage Loan in February 2020 (or, in the case of any Mortgage Loan that has its first Due Date after February 2020, the date that would have been its Due Date in February 2020 under the terms of that Mortgage 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: January 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 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 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 February 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”), KeyBank National Association, as special servicer (the “Special Servicer”), Wells Fargo Bank, National Association, as trustee (in such capacity, the “Trustee”), Wells Fargo Bank, National Association, as certificate administrator (in such capacity, the “Certificate Administrator”), as custodian and as paying agent, and Park Bridge Lender Services LLC, as operating advisor (in such capacity, the “Operating Advisor”) and as asset representations reviewer (in such capacity, the “Asset Representations Reviewer”) evidences the issuance of the Class A-1, Class A-2, Class A-3, Class A-SB, Class A-4, Class A-5, Class X-A, Class A-M, Class B, Class C, Class X-B, Class X-D, Class X-F, Class X-G, Class X-H, Class D, Class E, Class F, Class G, Class H and Class R Certificates and the VRR Interest (the “Certificates”; the Holders of Certificates issued under the Pooling and Servicing Agreement are collectively referred to herein as 

 

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“Certificateholders”). 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 March 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 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 

 

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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.

 

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 therein): (i) such Mortgage Loans as from time to time are subject to the Pooling and Servicing Agreement, together with the Mortgage Files relating thereto; (ii) all scheduled or unscheduled payments on or collections in respect of the Mortgage Loans due after the Cut-off Date; (iii) the Trust Fund’s interest in any REO Property; (iv) all revenues received in respect of any REO Property; (v) any Assignments of 

 

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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; (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, 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; (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; (xiii) the Lower-Tier Regular Interests; and (xiv) 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, 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 Operating Advisor, the Asset Representations Reviewer, 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 

 

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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, the Operating Advisor, the Asset Representations Reviewer and the Trustee without the consent of any of the Certificateholders 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 Prospectus or Private Placement Memorandum with respect to the Certificates, 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, 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 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 that would be a claim against the Trust Fund or any Trust REMIC; 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 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 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 

 

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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 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 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, 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; (x) to modify, eliminate or add to any provisions of the Pooling and Servicing Agreement to such extent as would be necessary to comply with the requirements for use of Form SF-3 in registered offerings to the extent provided in CFR 239.45(b)(1)(ii), (iii) or (iv); and (xi) 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.

 

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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, the Operating Advisor, the Asset Representations Reviewer and the Trustee
with the prior written consent of 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 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 or Serviced Whole Loans which are required to be distributed on any Certificate, without the consent of the Holders of Certificates representing all of the Percentage Interests of the Class or Classes, 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, in any such case without the consent of the Holders of all Certificates of such Class then-outstanding or such Companion Loan Noteholder, 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 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, the Operating Advisor, the Asset Representations Reviewer and the Trustee, at any time and from time to time, without the consent of the Certificateholders or, if applicable, 

 

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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 or the Upper-Tier REMIC as a REMIC, 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 Certificateholder owning a majority of the Percentage Interest in the Controlling Class and, if no such Certificateholder exercises such option, the Special Servicer, and if the Special Servicer does not exercise such option, the Master Servicer may effect an early termination of the Trust Fund, upon not less than 30 days’ prior Notice of Termination given to the Trustee, the Special Servicer and the Master Servicer any time specifying the Anticipated Termination Date, which shall be on or after the Early Termination Notice Date (defined as 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 as of the Cut-off Date) by purchasing on such date all, but not less than all, of the Mortgage Loans then included in the Trust Fund, and the Trust’s interest in all property acquired in respect of any Mortgage Loan, at a purchase price, payable in cash, equal to the sum of, without duplication:

 

	
 

	
(A)

	
100% of the Stated Principal Balance of each Mortgage Loan included in the Trust as of the last day of the month preceding such Anticipated Termination Date (less any P&I Advances previously made on account of principal);

 

	
 

	
(B)

	
the fair market value of all other property included in the Trust Fund as of the last day of the month preceding such Anticipated Termination Date, as determined by an Independent appraiser acceptable to the Master Servicer as of a date not more than 30 days prior to the last day of the month preceding such Distribution Date;

 

	
 

	
(C)

	
all unpaid interest accrued on the unpaid balance of each Mortgage Loan (including any Mortgage Loan as to which title to the related Mortgaged Property has been acquired) at the Mortgage Rate to the last day of the month preceding such Anticipated Termination Date (less any P&I Advances previously made on account of interest); and

 

	
 

	
(D)

	
the aggregate amount of unreimbursed Advances, with interest thereon at the Reimbursement Rate, and unpaid Servicing Compensation, Special Servicing Compensation, Operating Advisor Fees, Certificate Administrator/Trustee Fees, the CREFC® 

  

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    	 	 	Intellectual Property Royalty License Fees and Trust Fund expenses.

 

In addition,
the Pooling and Servicing Agreement provides that following the date on which the Class X-A Notional Amount, the Class X-B Notional
Amount, the Class X-D Notional Amount and the aggregate Certificate Balance of the Class A-1, Class A-2, Class A-3, Class A-SB,
Class A-4, Class A-5, Class A-M, Class B, Class C, Class D and Class E Certificates is reduced to zero, the Sole Certificateholder
shall have the right to exchange all of the then-outstanding Certificates (other than the Class R Certificates) for all of the
Mortgage Loans and each REO Property remaining in the Trust Fund as contemplated by clause (ii) of Section 9.01(a) of the Pooling
and Servicing Agreement by giving written notice to all the parties to the Pooling and Servicing Agreement no later than 60 days
prior to the anticipated date of exchange.

 

All costs and expenses incurred by any and all parties to the Pooling and Servicing Agreement or by the Trust Fund in connection with the purchase of the Mortgage Loans and other assets of the Trust Fund pursuant to Section 9.01(c) of the Pooling and Servicing Agreement shall be borne by the party exercising its purchase rights thereunder. The Trustee and the Certificate Administrator shall be entitled to rely conclusively on any determination made by an Independent appraiser pursuant to Section 9.01(c) of the Pooling and Servicing Agreement.

 

The respective obligations and responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the Trustee created by the Pooling and Servicing Agreement with respect to the Certificates (other than the obligations of the Certificate Administrator to make certain payments and to send certain notices to Certificateholders as set forth in the Pooling and Servicing Agreement) shall terminate upon payment (or provision for payment) to the Certificateholders 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 earlier to occur of (i) the purchase of the Mortgage Loans and all other property held by the Trust Fund in accordance with Section 9.01(c) of the Pooling and Servicing Agreement; (ii) the exchange by the Sole Certificateholder of its Certificates for the Mortgage Loans in accordance with Section 9.01(g) of the Pooling and Servicing Agreement; and (iii) the later of (a) the receipt or collection of the last payment due on any Mortgage Loan included in the Trust Fund, or (b) the liquidation and disposition pursuant to the Pooling and Servicing Agreement of the last asset held by 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 X-A Certificate to be duly executed.

 

Dated: February 12, 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: February 12, 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-16

 

FORM OF CLASS X-B [RULE 144A]1 [TEMPORARY REG S]2 [REG S]3 [IAI]4 CERTIFICATE

 

[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

 

[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.]6

 

THIS CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED OR QUALIFIED UNDER THE U.S. 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 IN COMPLIANCE WITH THE SECURITIES ACT AND OTHER APPLICABLE LAWS, AND ONLY (A)(1) PURSUANT TO A REGISTRATION STATEMENT WHICH HAS BEEN DECLARED EFFECTIVE UNDER THE SECURITIES ACT, (2) FOR SO LONG AS THIS CERTIFICATE IS ELIGIBLE FOR RESALE PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”), TO AN INSTITUTIONAL INVESTOR THAT THE HOLDER REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” WITHIN THE MEANING OF RULE 144A (“QUALIFIED INSTITUTIONAL BUYER”), PURCHASING FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF ANOTHER QUALIFIED INSTITUTIONAL BUYER, WHOM THE HOLDER HAS INFORMED, IN EACH CASE, THAT THE REOFFER, RESALE, PLEDGE OR OTHER TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, (3) (EXCEPT WITH RESPECT TO THE CLASS R 

 

 

1
For Rule 144A Global Certificates only. 

2
For Temp Reg S Global Certificates only. 

3
For Reg S Global Certificates only. 

4
For IAI Global Certificates only. 

5
For Temp Reg S Global Certificates only. 

6
Legend required as long as DTC is the Depository under the Pooling and Servicing Agreement.

 

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CERTIFICATES) TO OTHER INSTITUTIONAL INVESTORS THAT ARE “ACCREDITED INVESTORS,” WITHIN THE MEANING OF RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT OR ANY ENTITY IN WHICH ALL OF THE EQUITY OWNERS ARE INSTITUTIONAL INVESTORS THAT ARE “ACCREDITED INVESTORS,” WITHIN THE MEANING OF RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT, OR (4) (EXCEPT WITH RESPECT TO THE CLASS R CERTIFICATES) TO INSTITUTIONS THAT ARE A NON-”U.S. PERSON” IN AN “OFFSHORE TRANSACTION” AS SUCH TERMS ARE DEFINED IN, AND IN ACCORDANCE WITH RULE 903 OR RULE 904 OF REGULATION S UNDER THE SECURITIES ACT, AND (B) IN ACCORDANCE WITH ANY OTHER APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION.

 

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 OPERATING ADVISOR, THE ASSET REPRESENTATIONS REVIEWER, 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-B CERTIFICATE WILL BE ENTITLED ONLY TO DISTRIBUTIONS OF INTEREST ON THE NOTIONAL BALANCE OF THE CLASS X-B CERTIFICATES AND WILL NOT BE ENTITLED TO ANY DISTRIBUTIONS WITH RESPECT TO PRINCIPAL. THE NOTIONAL BALANCE OF THE CLASS X-B 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.

 

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

 

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SECTIONS 860G(a)(1) AND 860D OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED.

 

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BENCHMARK 2020-B16 MORTGAGE TRUST COMMERCIAL MORTGAGE
PASS-THROUGH CERTIFICATES, CLASS X-B

 

	
Class X-B Pass-Through Rate: Variable

	
 

	
CUSIP:

	
[08161NAL1]7

	
 

	
 

	
 

	
[U0811RAA4]8

	
 

	
 

	
 

	
[08161NAM9]9

	
 

	
 

	
 

	
 

	
 

	
 

	
ISIN:

	
[US08161NAL10]10

	
 

	
 

	
 

	
[USU0811RAA42]11

	
 

	
 

	
 

	
[US08161NAM92]12

	 	 	 	 
	 	 	Common Code:	[212006319]13
	 	 	 	[212006424]14

 

	
Original Aggregate Notional Balance of the Class X-B Certificates: $70,467,000

	
 

	
Initial Notional Balance of this Certificate: $[_____]

	
 

	
 

	
 

	
First Distribution Date: March 17, 2020

	
 

	
Cut-off Date: The close of business on the later of the related Due Date of such Mortgage Loan in February 2020 (or, in the case of any Mortgage Loan that has its first Due Date after February 2020, the date that would have been its Due Date in February 2020 under the terms of that Mortgage 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: January 2030

	
 

	
No.: X-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 X-B Certificates. The Trust Fund, described more fully below, consists primarily of a pool of Mortgage 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 are to be serviced, pursuant to the Pooling and Servicing Agreement (as defined

 

 

 

7
For Rule 144A Certificates 

8
For Regulation S Certificates 

9
For IAI Certificates 

10
For Rule 144A Certificates 

11
For Regulation S Certificates 

12
For IAI Certificates

13 For Rule 144A Certificates

14 For Regulation S Certificates

 

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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 February 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”), KeyBank National Association, as special servicer (the “Special Servicer”), Wells Fargo
Bank, National Association, as trustee (in such capacity, the “Trustee”), Wells Fargo Bank, National Association,
as certificate administrator (in such capacity, the “Certificate Administrator”), as custodian and as paying
agent, and Park Bridge Lender Services LLC, as operating advisor (in such capacity, the “Operating Advisor”)
and as asset representations reviewer (in such capacity, the “Asset Representations Reviewer”) evidences the
issuance of the Class A-1, Class A-2, Class A-3, Class A-SB, Class A-4, Class A-5, Class X-A, Class A-M, Class B, Class C, Class
X-B, Class X-D, Class X-F, Class X-G, Class X-H, Class D, Class E, Class F, Class G, Class H and Class R Certificates and the
VRR Interest (the “Certificates”; the Holders of Certificates issued under the Pooling and Servicing Agreement
are collectively referred to herein as “Certificateholders”). This Certificate is issued pursuant to, and in
accordance with, the terms of 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-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 March 2020. Holders of this Certificate may be entitled to Prepayment Premiums and Yield Maintenance Charges as provided in the Pooling and Servicing Agreement.

 

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During each Interest Accrual Period (as defined below), interest on the Class X-B 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

  

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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 therein): (i) such Mortgage Loans as from time to time are subject to the Pooling and Servicing Agreement, together with the Mortgage Files relating thereto; (ii) all scheduled or unscheduled payments on or collections in respect of the Mortgage Loans due after the Cut-off Date; (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; (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, 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; (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; (xiii) the Lower-Tier Regular Interests; and (xiv) 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,

 

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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 Operating Advisor, the Asset Representations Reviewer, 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, the Operating Advisor, the Asset Representations Reviewer and the Trustee without the consent of any of the Certificateholders 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 Prospectus or Private Placement Memorandum with respect to the Certificates, 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, 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 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 

 

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tax on the Trust Fund or any Trust REMIC that would be a claim against the Trust Fund or any Trust REMIC; 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 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 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 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 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 

 

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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, 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; (x) to modify, eliminate or add to any provisions of the Pooling and Servicing Agreement to such extent as would be necessary to comply with the requirements for use of Form SF-3 in registered offerings to the extent provided in CFR 239.45(b)(1)(ii), (iii) or (iv); and (xi) 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, the Operating Advisor, the Asset Representations Reviewer and the Trustee with the prior written consent of 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 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 or Serviced Whole Loans which are required to be distributed on any Certificate, without the consent of the Holders of Certificates representing all of the Percentage Interests of the Class or Classes, 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, in any such case without the consent of the Holders of all Certificates of such Class then-outstanding or such Companion Loan Noteholder, 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;

 

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(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 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, the Operating Advisor, the Asset Representations Reviewer 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 or the Upper-Tier REMIC as a REMIC, 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 Certificateholder owning a majority of the Percentage Interest in the Controlling Class and, if no such Certificateholder exercises such option, the Special Servicer, and if the Special Servicer does not exercise such option, the Master Servicer may effect an early termination of the Trust Fund, upon not less than 30 days’ prior Notice of Termination given to the Trustee, the Special Servicer and the Master Servicer any time specifying the Anticipated Termination Date, which shall be on or after the Early Termination Notice Date (defined as 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 as of the Cut-off Date) by purchasing on such date all, but not less than all, of the Mortgage Loans then included in the Trust Fund, and the Trust’s interest in all property acquired in respect of any Mortgage Loan, at a purchase price, payable in cash, equal to the sum of, without duplication:

 

	
 

	
(A)

	
100% of the Stated Principal Balance of each Mortgage Loan included in the Trust as of the last day of the month preceding such Anticipated Termination Date (less any P&I Advances previously made on account of principal);

 

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(B)

	
the fair market value of all other property included in the Trust Fund as of the last day of the month preceding such Anticipated Termination Date, as determined by an Independent appraiser acceptable to the Master Servicer as of a date not more than 30 days prior to the last day of the month preceding such Distribution Date;

 

	
 

	
(C)

	
all unpaid interest accrued on the unpaid balance of each Mortgage Loan (including any Mortgage Loan as to which title to the related Mortgaged Property has been acquired) at the Mortgage Rate to the last day of the month preceding such Anticipated Termination Date (less any P&I Advances previously made on account of interest); and

 

	
 

	
(D)

	
the aggregate amount of unreimbursed Advances, with interest thereon at the Reimbursement Rate, and unpaid Servicing Compensation, Special Servicing Compensation, Operating Advisor Fees, Certificate Administrator/Trustee Fees, the CREFC® Intellectual Property Royalty License Fees and Trust Fund expenses.

 

In addition, the Pooling and Servicing Agreement provides that following the date on which the Class X-A Notional Amount, the Class X-B Notional Amount, the Class X-D Notional Amount and the aggregate Certificate Balance of the Class A-1, Class A-2, Class A-3, Class A-SB, Class A-4, Class A-5, Class A-M, Class B, Class C, Class D and Class E Certificates is reduced to zero, the Sole Certificateholder shall have the right to exchange all of the then-outstanding Certificates (other than the Class R Certificates) for all of the Mortgage Loans and each REO Property remaining in the Trust Fund as contemplated by clause (ii) of Section 9.01(a) of the Pooling and Servicing Agreement by giving written notice to all the parties to the Pooling and Servicing Agreement no later than 60 days prior to the anticipated date of exchange.

 

All costs and expenses incurred by any and all parties to the Pooling and Servicing Agreement or by the Trust Fund in connection with the purchase of the Mortgage Loans and other assets of the Trust Fund pursuant to Section 9.01(c) of the Pooling and Servicing Agreement shall be borne by the party exercising its purchase rights thereunder. The Trustee and the Certificate Administrator shall be entitled to rely conclusively on any determination made by an Independent appraiser pursuant to Section 9.01(c) of the Pooling and Servicing Agreement.

 

The respective
obligations and responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Certificate Administrator, the
Operating Advisor, the Asset Representations Reviewer and the Trustee created by the Pooling and Servicing Agreement with respect
to the Certificates (other than the obligations of the Certificate Administrator to make certain payments and to send certain
notices to Certificateholders as set forth in the Pooling and Servicing Agreement) shall terminate upon payment (or provision
for payment) to the Certificateholders and the Serviced Companion Loan Noteholders of all amounts held by or on 

 

    A-16-12 

     

    
 

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 earlier to occur of (i) the purchase of the Mortgage Loans and all other property held by the Trust Fund in accordance with Section 9.01(c) of the Pooling and Servicing Agreement; (ii) the exchange by the Sole Certificateholder of its Certificates for the Mortgage Loans in accordance with Section 9.01(g) of the Pooling and Servicing Agreement; and (iii) the later of (a) the receipt or collection of the last payment due on any Mortgage Loan included in the Trust Fund, or (b) the liquidation and disposition pursuant to the Pooling and Servicing Agreement of the last asset held by 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-16-13 

     

    
 

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

 

Dated: February 12, 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-B Certificates referred to in the Pooling and Servicing Agreement.

 

Dated: February 12, 2020 

	
 

	
 

	
 

	
 

	
WELLS FARGO BANK, NATIONAL ASSOCIATION, not in its individual capacity but solely as Authenticating Agent

	
 

	
 

	
 

	
 

	
By:

	
 

	
 

	
 

	
Name:

	
 

	
 

	
Title:

 

    A-16-14 

     

    
 

EXHIBIT A-17

 

FORM OF CLASS X-D [RULE 144A]1 [TEMPORARY REG S]2 [REG S]3 [IAI]4 CERTIFICATE

 

[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

 

[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.]6

 

THIS CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED OR QUALIFIED UNDER THE U.S. 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 IN COMPLIANCE WITH THE SECURITIES ACT AND OTHER APPLICABLE LAWS, AND ONLY (A)(1) PURSUANT TO A REGISTRATION STATEMENT WHICH HAS BEEN DECLARED EFFECTIVE UNDER THE SECURITIES ACT, (2) FOR SO LONG AS THIS CERTIFICATE IS ELIGIBLE FOR RESALE PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”), TO AN INSTITUTIONAL INVESTOR THAT THE HOLDER REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” WITHIN THE MEANING OF RULE 144A (“QUALIFIED INSTITUTIONAL BUYER”), PURCHASING FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF ANOTHER QUALIFIED INSTITUTIONAL BUYER, WHOM THE HOLDER HAS INFORMED, IN EACH CASE, THAT THE REOFFER, RESALE, PLEDGE OR OTHER TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, (3) (EXCEPT WITH RESPECT TO THE CLASS R

 

 

1 For
Rule 144A Global Certificates only. 

2 For
Temp Reg S Global Certificates only. 

3 For
Reg S Global Certificates only. 

4 For
IAI Global Certificates only. 

5 For
Temp Reg S Global Certificates only. 

6 Legend
required as long as DTC is the Depository under the Pooling and Servicing Agreement.

 

    A-17-1

     

    
 

CERTIFICATES) TO OTHER INSTITUTIONAL INVESTORS THAT ARE “ACCREDITED INVESTORS,” WITHIN THE MEANING OF RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT OR ANY ENTITY IN WHICH ALL OF THE EQUITY OWNERS ARE INSTITUTIONAL INVESTORS THAT ARE “ACCREDITED INVESTORS,” WITHIN THE MEANING OF RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT, OR (4) (EXCEPT WITH RESPECT TO THE CLASS R CERTIFICATES) TO INSTITUTIONS THAT ARE A NON-”U.S. PERSON” IN AN “OFFSHORE TRANSACTION” AS SUCH TERMS ARE DEFINED IN, AND IN ACCORDANCE WITH RULE 903 OR RULE 904 OF REGULATION S UNDER THE SECURITIES ACT, AND (B) IN ACCORDANCE WITH ANY OTHER APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION.

 

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 OPERATING ADVISOR, THE ASSET REPRESENTATIONS REVIEWER, 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-D CERTIFICATE WILL BE ENTITLED ONLY TO DISTRIBUTIONS OF INTEREST ON THE NOTIONAL BALANCE OF THE CLASS X-D CERTIFICATES AND WILL NOT BE ENTITLED TO ANY DISTRIBUTIONS WITH RESPECT TO PRINCIPAL.  THE NOTIONAL BALANCE OF THE CLASS X-D 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.

 

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

 

    A-17-2

     

    
 

SECTIONS 860G(a)(1) AND 860D OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED.

 

    A-17-3

     

    
 

BENCHMARK 2020-B16 MORTGAGE TRUST COMMERCIAL MORTGAGE
PASS-THROUGH CERTIFICATES, CLASS X-D

 

	
Class X-D Pass-Through Rate:  Variable

	
 

	
CUSIP:

	
[08161NAN7]7
[U0811RAB2]8
[08161NAP2]9

	
 

	
 

	
ISIN:

	
[US08161NAN75]10
[USU0811RAB25]11
[US08161NAP24]12

	 	 	 	 
	 	 	Common Code:	[212013048]13
	 	 	 	[212013056]14
	 	 	 	 
	
Original Aggregate Notional Balance of the
Class X-D Certificates:  $40,572,000

 

	
 

	
Initial Notional Balance of this Certificate:  $[_____]

	
First Distribution Date: March 17, 2020

	
 

	
Cut-off Date:  The close of business on the later of the related Due Date of such Mortgage Loan in February 2020 (or, in the case of any Mortgage Loan that has its first Due Date after February 2020, the date that would have been its Due Date in February 2020 under the terms of that Mortgage 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.:  X-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 X-D Certificates.  The Trust Fund, described more fully below, consists primarily of a pool of Mortgage
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 are to be serviced, pursuant to the Pooling and Servicing Agreement
(as defined 

 

 

7 For
Rule 144A Certificates 

8 For
Regulation S Certificates 

9 For
IAI Certificates 

10 For
Rule 144A Certificates 

11 For
Regulation S Certificates 

12 For
IAI Certificates 

13 For Rule 144A Certificates

14 For Regulation S Certificates

 

    A-17-4

     

    
     

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 February 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”),
KeyBank National Association, as special servicer (the “Special Servicer”), Wells Fargo Bank, National Association,
as trustee (in such capacity, the “Trustee”), Wells Fargo Bank, National Association, as certificate administrator
(in such capacity, the “Certificate Administrator”), as custodian and as paying agent, and Park Bridge Lender
Services LLC, as operating advisor (in such capacity, the “Operating Advisor”) and as asset representations
reviewer (in such capacity, the “Asset Representations Reviewer”) evidences the issuance of the Class A-1,
Class A-2, Class A-3, Class A-SB, Class A-4, Class A-5, Class X-A, Class A-M, Class B, Class C, Class X-B, Class X-D,
Class X-F, Class X-G, Class X-H, Class D, Class E, Class F, Class G, Class H and Class R Certificates and the VRR Interest
(the “Certificates”; the Holders of Certificates issued under the Pooling and Servicing Agreement are collectively
referred to herein as “Certificateholders”).  This Certificate is issued pursuant to, and in accordance
with, the terms of 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-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 March 2020.  Holders of this Certificate may be entitled to Prepayment Premiums and Yield Maintenance Charges as provided in the Pooling and Servicing Agreement.

  

    A-17-5

     

    
     

During each Interest Accrual Period (as defined below), interest on the Class X-D 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-17-6

     

    
     

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 therein):  (i) such Mortgage Loans as from time to time are subject to the Pooling and Servicing Agreement, together with the Mortgage Files relating thereto;  (ii) all scheduled or unscheduled payments on or collections in respect of the Mortgage Loans due after the Cut-off Date; (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; (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,  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; (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; (xiii) the Lower-Tier Regular Interests; and (xiv) 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-17-7

     

    
     

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 Operating Advisor, the Asset Representations Reviewer, 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, the Operating Advisor, the Asset Representations Reviewer  and the Trustee without the consent of any of the Certificateholders 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 Prospectus or Private Placement Memorandum with respect to the Certificates, 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, 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 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 

 

    A-17-8

     

    
 

tax on the Trust Fund or any Trust REMIC that would be a claim against the Trust Fund or any Trust REMIC; 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 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 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 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 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 

 

    A-17-9

     

    

 

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, 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; (x) to modify, eliminate or add to any provisions of the Pooling and Servicing Agreement to such extent as would be necessary to comply with the requirements for use of Form SF-3 in registered offerings to the extent provided in CFR 239.45(b)(1)(ii), (iii) or (iv); and (xi) 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, the Operating Advisor, the Asset Representations Reviewer and the Trustee with the prior written consent of 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 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 or Serviced Whole Loans which are required to be distributed on any Certificate, without the consent of the Holders of Certificates representing all of the Percentage Interests of the Class or Classes, 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, in any such case without the consent of the Holders of all Certificates of such Class then-outstanding or such Companion Loan Noteholder, 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;

  

    A-17-10

     

    
      

    	
 

	
(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 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, the Operating Advisor, the Asset Representations Reviewer 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 or the Upper-Tier REMIC as a REMIC, 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 Certificateholder owning a majority of the Percentage Interest in the Controlling Class and, if no such Certificateholder exercises such option, the Special Servicer, and if the Special Servicer does not exercise such option, the Master Servicer may effect an early termination of the Trust Fund, upon not less than 30 days’ prior Notice of Termination given to the Trustee, the Special Servicer and the Master Servicer any time specifying the Anticipated Termination Date, which shall be on or after the Early Termination Notice Date (defined as 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 as of the Cut-off Date) by purchasing on such date all, but not less than all, of the Mortgage Loans then included in the Trust Fund, and the Trust’s interest in all property acquired in respect of any Mortgage Loan, at a purchase price, payable in cash, equal to the sum of, without duplication:

 

	
 

	
(A)

	
100% of the Stated Principal Balance of each Mortgage Loan included in the Trust as of the last day of the month preceding such Anticipated Termination Date (less any P&I Advances previously made on account of principal);

 

    A-17-11

     

    
     

	
 

	
(B)

	
the fair market value of all other property included in the Trust Fund as of the last day of the month preceding such Anticipated Termination Date, as determined by an Independent appraiser acceptable to the Master Servicer as of a date not more than 30 days prior to the last day of the month preceding such Distribution Date;

 

	
 

	
(C)

	
all unpaid interest accrued on the unpaid balance of each Mortgage Loan (including any Mortgage Loan as to which title to the related Mortgaged Property has been acquired) at the Mortgage Rate to the last day of the month preceding such Anticipated Termination Date (less any P&I Advances previously made on account of interest); and

 

	
 

	
(D)

	
the aggregate amount of unreimbursed Advances, with interest thereon at the Reimbursement Rate, and unpaid Servicing Compensation, Special Servicing Compensation, Operating Advisor Fees, Certificate Administrator/Trustee Fees, the CREFC® Intellectual Property Royalty License Fees and Trust Fund expenses.

 

In addition, the Pooling and Servicing Agreement provides that following the date on which the Class X-A Notional Amount, the Class X-B Notional Amount, the Class X-D Notional Amount and the aggregate Certificate Balance of the Class A-1, Class A-2, Class A-3, Class A-SB, Class A-4, Class A-5, Class A-M, Class B, Class C, Class D and Class E Certificates is reduced to zero, the Sole Certificateholder shall have the right to exchange all of the then-outstanding Certificates (other than the Class R Certificates) for all of the Mortgage Loans and each REO Property remaining in the Trust Fund as contemplated by clause (ii) of Section 9.01(a) of the Pooling and Servicing Agreement by giving written notice to all the parties to the Pooling and Servicing Agreement no later than 60 days prior to the anticipated date of exchange.

 

All costs and expenses incurred by any and all parties to the Pooling and Servicing Agreement or by the Trust Fund in connection with the purchase of the Mortgage Loans and other assets of the Trust Fund pursuant to Section 9.01(c) of the Pooling and Servicing Agreement shall be borne by the party exercising its purchase rights thereunder.  The Trustee and the Certificate Administrator shall be entitled to rely conclusively on any determination made by an Independent appraiser pursuant to Section 9.01(c) of the Pooling and Servicing Agreement.

 

The respective obligations and responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the Trustee created by the Pooling and Servicing Agreement with respect to the Certificates (other than the obligations of the Certificate Administrator to make certain payments and to send certain notices to Certificateholders as set forth in the Pooling and Servicing Agreement) shall terminate upon payment (or provision for payment) to the Certificateholders and the Serviced Companion Loan Noteholders of all amounts held by or on

 

    A-17-12

     

    
 

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 earlier to occur of (i) the purchase of the Mortgage Loans and all other property held by the Trust Fund in accordance with Section 9.01(c) of the Pooling and Servicing Agreement; (ii) the exchange by the Sole Certificateholder of its Certificates for the Mortgage Loans in accordance with Section 9.01(g) of the Pooling and Servicing Agreement; and (iii) the later of (a) the receipt or collection of the last payment due on any Mortgage Loan included in the Trust Fund, or (b) the liquidation and disposition pursuant to the Pooling and Servicing Agreement of the last asset held by 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-17-13

     

    
 

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

 

Dated:  February 12, 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-D Certificates referred to in the Pooling and Servicing Agreement.

 

Dated:  February 12, 2020 

	
 

	
 

	
 

	
 

	
WELLS FARGO BANK, NATIONAL ASSOCIATION, not in its individual capacity but solely as Authenticating Agent

	
 

	
 

	
 

	
 

	
By:

	
 

	
 

	
 

	
Name:

	
 

	
 

	
Title:

 

    A-17-14

     

    
 

EXHIBIT A-18

 

FORM OF CLASS X-F [RULE 144A]1 [TEMPORARY REG S]2 [REG S]3 [IAI]4 CERTIFICATE

 

[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

 

[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.]6

 

THIS CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED OR QUALIFIED UNDER THE U.S. 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 IN COMPLIANCE WITH THE SECURITIES ACT AND OTHER APPLICABLE LAWS, AND ONLY (A)(1) PURSUANT TO A REGISTRATION STATEMENT WHICH HAS BEEN DECLARED EFFECTIVE UNDER THE SECURITIES ACT, (2) FOR SO LONG AS THIS CERTIFICATE IS ELIGIBLE FOR RESALE PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”), TO AN INSTITUTIONAL INVESTOR THAT THE HOLDER REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” WITHIN THE MEANING OF RULE 144A (“QUALIFIED INSTITUTIONAL BUYER”), PURCHASING FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF ANOTHER QUALIFIED INSTITUTIONAL BUYER, WHOM THE HOLDER HAS INFORMED, IN EACH CASE, THAT THE REOFFER, RESALE, PLEDGE OR OTHER TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, (3) (EXCEPT WITH RESPECT TO THE CLASS R

 

 

1 For
Rule 144A Global Certificates only. 

2 For
Temp Reg S Global Certificates only. 

3 For
Reg S Global Certificates only. 

4
For IAI Global Certificates only. 

5
For Temp Reg S Global Certificates only. 

6
Legend required as long as DTC is the Depository under the Pooling and Servicing Agreement.

 

    A-18-1

     

    
 CERTIFICATES) TO OTHER INSTITUTIONAL INVESTORS THAT ARE “ACCREDITED INVESTORS,” WITHIN THE MEANING OF RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT OR ANY ENTITY IN WHICH ALL OF THE EQUITY OWNERS ARE INSTITUTIONAL INVESTORS THAT ARE “ACCREDITED INVESTORS,” WITHIN THE MEANING OF RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT, OR (4) (EXCEPT WITH RESPECT TO THE CLASS R CERTIFICATES) TO INSTITUTIONS THAT ARE A NON-”U.S. PERSON” IN AN “OFFSHORE TRANSACTION” AS SUCH TERMS ARE DEFINED IN, AND IN ACCORDANCE WITH RULE 903 OR RULE 904 OF REGULATION S UNDER THE SECURITIES ACT, AND (B) IN ACCORDANCE WITH ANY OTHER APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION.

 

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 OPERATING ADVISOR, THE ASSET REPRESENTATIONS REVIEWER, 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-F CERTIFICATE WILL BE ENTITLED ONLY TO DISTRIBUTIONS OF INTEREST ON THE NOTIONAL BALANCE OF THE CLASS X-F CERTIFICATES AND WILL NOT BE ENTITLED TO ANY DISTRIBUTIONS WITH RESPECT TO PRINCIPAL.  THE NOTIONAL BALANCE OF THE CLASS X-F 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.

 

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 SHOULD NOT BE PURCHASED BY A TRANSFEREE THAT IS OR BECOMES (A) AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT ARRANGEMENT, INCLUDING AN INDIVIDUAL RETIREMENT ACCOUNT OR A KEOGH PLAN, WHICH IS SUBJECT TO THE EMPLOYEE RETIREMENT INCOME 

 

    A-18-2

     

    
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 SUBJECT TO ANY FEDERAL, STATE OR LOCAL LAW (“SIMILAR LAW”) WHICH IS TO A MATERIAL EXTENT SIMILAR TO THE FIDUCIARY RESPONSIBILITY PROVISIONS OF ERISA OR TO SECTION 4975 OF THE CODE (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 BY REASON OF A PLAN’S INVESTMENT IN THE ENTITY (PURSUANT TO U.S. DEPARTMENT OF LABOR REGULATION SECTION 2510.3-101, AS MODIFIED BY SECTION 3(42) OF ERISA)), OTHER THAN AN INSURANCE COMPANY USING THE ASSETS OF ITS GENERAL ACCOUNT UNDER CIRCUMSTANCES WHEREBY SUCH PURCHASE AND THE SUBSEQUENT HOLDING OF SUCH CERTIFICATE BY SUCH INSURANCE COMPANY WILL BE EXEMPT FROM THE PROHIBITED TRANSACTION PROVISIONS OF SECTIONS 406 AND 407 OF ERISA, AND 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 CERTIFICATE WILL NOT CONSTITUTE OR RESULT IN A NON-EXEMPT VIOLATION OF ANY 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.

 

    A-18-3

     

    
 

BENCHMARK 2020-B16 MORTGAGE TRUST COMMERCIAL MORTGAGE
PASS-THROUGH CERTIFICATES, CLASS X-F

 

	
Class X-F Pass-Through Rate:  Variable

	
 

	
CUSIP:

	
[08161NAQ0]7
[U0811RAC0]8
[08161NAR8]9

	
 

	
 

	
ISIN:

	
[US08161NAQ07]10
[USU0811RAC08]11
[US08161NAR89]12

 

	 	 	 	 
	 	 	Common Code:	[212006335]13
	 	 	 	[212006459]14
	 	 	 	 
	
Original Aggregate Notional Balance of the
Class X-F Certificates:  $16,015,000

 

	
 

	
Initial Notional Balance of this Certificate:  $[_____]

	
First Distribution Date: March 17, 2020

	
 

	
Cut-off Date:  The close of business on the later of the related Due Date of such Mortgage Loan in February 2020 (or, in the case of any Mortgage Loan that has its first Due Date after February 2020, the date that would have been its Due Date in February 2020 under the terms of that Mortgage 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.:  X-F-[__]

 

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-F Certificates.  The Trust Fund, described more fully below, consists primarily of a pool of Mortgage
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 are to be serviced, pursuant to the Pooling and Servicing Agreement
(as defined 

 

 

7 For
Rule 144A Certificates 

8 For
Regulation S Certificates 

9 For
IAI Certificates 

10 For
Rule 144A Certificates 

11 For
Regulation S Certificates 

12 For
IAI Certificates

13 For Rule 144A Certificates

14 For Regulation S Certificates

 

    A-18-4

     

    
     

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 February 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”),
KeyBank National Association, as special servicer (the “Special Servicer”), Wells Fargo Bank, National Association,
as trustee (in such capacity, the “Trustee”), Wells Fargo Bank, National Association, as certificate administrator
(in such capacity, the “Certificate Administrator”), as custodian and as paying agent, and Park Bridge Lender
Services LLC, as operating advisor (in such capacity, the “Operating Advisor”) and as asset representations
reviewer (in such capacity, the “Asset Representations Reviewer”) evidences the issuance of the Class A-1,
Class A-2, Class A-3, Class A-SB, Class A-4, Class A-5, Class X-A, Class A-M, Class B, Class C, Class X-B, Class X-D,
Class X-F, Class X-G, Class X-H, Class D, Class E, Class F, Class G, Class H and Class R Certificates and the VRR Interest
(the “Certificates”; the Holders of Certificates issued under the Pooling and Servicing Agreement are collectively
referred to herein as “Certificateholders”).  This Certificate is issued pursuant to, and in accordance
with, the terms of 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-F 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 March 2020.

 

    A-18-5

     

    
 

During each Interest Accrual Period (as defined below), interest on the Class X-F 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-18-6

     

    
  

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 therein):  (i) such Mortgage Loans as from time to time are subject to the Pooling and Servicing Agreement, together with the Mortgage Files relating thereto;  (ii) all scheduled or unscheduled payments on or collections in respect of the Mortgage Loans due after the Cut-off Date; (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; (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,  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; (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; (xiii) the Lower-Tier Regular Interests; and (xiv) 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-18-7

     

    
     

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 Operating Advisor, the Asset Representations Reviewer, 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, the Operating Advisor, the Asset Representations Reviewer  and the Trustee without the consent of any of the Certificateholders 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 Prospectus or Private Placement Memorandum with respect to the Certificates, 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, 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 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

  

    A-18-8

     

    
     

tax on the Trust Fund or
any Trust REMIC that would be a claim against the Trust Fund or any Trust REMIC; 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 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 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
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 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

  

    A-18-9

     

    
 

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, 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; (x) to modify, eliminate or add to any provisions of the Pooling and Servicing Agreement to such extent as would be necessary to comply with the requirements for use of Form SF-3 in registered offerings to the extent provided in CFR 239.45(b)(1)(ii), (iii) or (iv); and (xi) 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, the Operating Advisor, the Asset Representations Reviewer and the Trustee with the prior written consent of 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 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 or Serviced Whole Loans which are required to be distributed on any Certificate, without the consent of the Holders of Certificates representing all of the Percentage Interests of the Class or Classes, 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, in any such case without the consent of the Holders of all Certificates of such Class then-outstanding or such Companion Loan Noteholder, 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;

 

    A-18-10

     

    

 

	
 

	
(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 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, the Operating Advisor, the Asset Representations Reviewer 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 or the Upper-Tier REMIC as a REMIC, 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 Certificateholder owning a majority of the Percentage Interest in the Controlling Class and, if no such Certificateholder exercises such option, the Special Servicer, and if the Special Servicer does not exercise such option, the Master Servicer may effect an early termination of the Trust Fund, upon not less than 30 days’ prior Notice of Termination given to the Trustee, the Special Servicer and the Master Servicer any time specifying the Anticipated Termination Date, which shall be on or after the Early Termination Notice Date (defined as 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 as of the Cut-off Date) by purchasing on such date all, but not less than all, of the Mortgage Loans then included in the Trust Fund, and the Trust’s interest in all property acquired in respect of any Mortgage Loan, at a purchase price, payable in cash, equal to the sum of, without duplication:

 

	
 

	
(A)

	
100% of the Stated Principal Balance of each Mortgage Loan included in the Trust as of the last day of the month preceding such Anticipated Termination Date (less any P&I Advances previously made on account of principal);

 

    A-18-11

     

    
     

	
 

	
(B)

	
the fair market value of all other property included in the Trust Fund as of the last day of the month preceding such Anticipated Termination Date, as determined by an Independent appraiser acceptable to the Master Servicer as of a date not more than 30 days prior to the last day of the month preceding such Distribution Date;

 

	
 

	
(C)

	
all unpaid interest accrued on the unpaid balance of each Mortgage Loan (including any Mortgage Loan as to which title to the related Mortgaged Property has been acquired) at the Mortgage Rate to the last day of the month preceding such Anticipated Termination Date (less any P&I Advances previously made on account of interest); and

 

	
 

	
(D)

	
the aggregate amount of unreimbursed Advances, with interest thereon at the Reimbursement Rate, and unpaid Servicing Compensation, Special Servicing Compensation, Operating Advisor Fees, Certificate Administrator/Trustee Fees, the CREFC® Intellectual Property Royalty License Fees and Trust Fund expenses.

 

In addition, the Pooling and Servicing Agreement provides that following the date on which the Class X-A Notional Amount, the Class X-B Notional Amount, the Class X-D Notional Amount and the aggregate Certificate Balance of the Class A-1, Class A-2, Class A-3, Class A-SB, Class A-4, Class A-5, Class A-M, Class B, Class C, Class D and Class E Certificates is reduced to zero, the Sole Certificateholder shall have the right to exchange all of the then-outstanding Certificates (other than the Class R Certificates) for all of the Mortgage Loans and each REO Property remaining in the Trust Fund as contemplated by clause (ii) of Section 9.01(a) of the Pooling and Servicing Agreement by giving written notice to all the parties to the Pooling and Servicing Agreement no later than 60 days prior to the anticipated date of exchange.

 

All costs and expenses incurred by any and all parties to the Pooling and Servicing Agreement or by the Trust Fund in connection with the purchase of the Mortgage Loans and other assets of the Trust Fund pursuant to Section 9.01(c) of the Pooling and Servicing Agreement shall be borne by the party exercising its purchase rights thereunder.  The Trustee and the Certificate Administrator shall be entitled to rely conclusively on any determination made by an Independent appraiser pursuant to Section 9.01(c) of the Pooling and Servicing Agreement.

 

The respective obligations and responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the Trustee created by the Pooling and Servicing Agreement with respect to the Certificates (other than the obligations of the Certificate Administrator to make certain payments and to send certain notices to Certificateholders as set forth in the Pooling and Servicing Agreement) shall terminate upon payment (or provision for payment) to the Certificateholders and the Serviced Companion Loan Noteholders of all amounts held by or on

 

    A-18-12

     

    
     

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 earlier to occur of (i) the purchase of the Mortgage Loans and all other property held by the Trust Fund in accordance with Section 9.01(c) of the Pooling and Servicing Agreement; (ii) the exchange by the Sole Certificateholder of its Certificates for the Mortgage Loans in accordance with Section 9.01(g) of the Pooling and Servicing Agreement; and (iii) the later of (a) the receipt or collection of the last payment due on any Mortgage Loan included in the Trust Fund, or (b) the liquidation and disposition pursuant to the Pooling and Servicing Agreement of the last asset held by 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-18-13

     

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

 

Dated:  February 12, 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-F Certificates referred to in the Pooling and Servicing Agreement.

 

Dated:  February 12, 2020 

	
 

	
 

	
 

	
 

	
WELLS FARGO BANK, NATIONAL ASSOCIATION, not in its individual capacity but solely as Authenticating Agent

	
 

	
 

	
 

	
 

	
By:

	
 

	
 

	
 

	
Name:

	
 

	
 

	
Title:

 

    A-18-14

     

    
EXHIBIT A-19

 

FORM OF CLASS X-G [RULE 144A]1 [TEMPORARY REG S]2 [REG S]3 [IAI]4 CERTIFICATE

 

[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

 

[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.]6

 

THIS CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED OR QUALIFIED UNDER THE U.S. 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 IN COMPLIANCE WITH THE SECURITIES ACT AND OTHER APPLICABLE LAWS, AND ONLY (A)(1) PURSUANT TO A REGISTRATION STATEMENT WHICH HAS BEEN DECLARED EFFECTIVE UNDER THE SECURITIES ACT, (2) FOR SO LONG AS THIS CERTIFICATE IS ELIGIBLE FOR RESALE PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”), TO AN INSTITUTIONAL INVESTOR THAT THE HOLDER REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” WITHIN THE MEANING OF RULE 144A (“QUALIFIED INSTITUTIONAL BUYER”), PURCHASING FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF ANOTHER QUALIFIED INSTITUTIONAL BUYER, WHOM THE HOLDER HAS INFORMED, IN EACH CASE, THAT THE REOFFER, RESALE, PLEDGE OR OTHER TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, (3) (EXCEPT WITH RESPECT TO THE CLASS R

 

 

1
For Rule 144A Global Certificates only. 

2
For Temp Reg S Global Certificates only. 

3 For
Reg S Global Certificates only. 

4
For IAI Global Certificates only. 

5
For Temp Reg S Global Certificates only. 

6
Legend required as long as DTC is the Depository under the Pooling and Servicing Agreement.

 

    A-19-1

     

    
 CERTIFICATES) TO OTHER INSTITUTIONAL INVESTORS THAT ARE “ACCREDITED INVESTORS,” WITHIN THE MEANING OF RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT OR ANY ENTITY IN WHICH ALL OF THE EQUITY OWNERS ARE INSTITUTIONAL INVESTORS THAT ARE “ACCREDITED INVESTORS,” WITHIN THE MEANING OF RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT, OR (4) (EXCEPT WITH RESPECT TO THE CLASS R CERTIFICATES) TO INSTITUTIONS THAT ARE A NON-”U.S. PERSON” IN AN “OFFSHORE TRANSACTION” AS SUCH TERMS ARE DEFINED IN, AND IN ACCORDANCE WITH RULE 903 OR RULE 904 OF REGULATION S UNDER THE SECURITIES ACT, AND (B) IN ACCORDANCE WITH ANY OTHER APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION.

 

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 OPERATING ADVISOR, THE ASSET REPRESENTATIONS REVIEWER, 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-G CERTIFICATE WILL BE ENTITLED ONLY TO DISTRIBUTIONS OF INTEREST ON THE NOTIONAL BALANCE OF THE CLASS X-G CERTIFICATES AND WILL NOT BE ENTITLED TO ANY DISTRIBUTIONS WITH RESPECT TO PRINCIPAL.  THE NOTIONAL BALANCE OF THE CLASS X-G 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.

 

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 SHOULD NOT BE PURCHASED BY A TRANSFEREE THAT IS OR BECOMES (A) AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT ARRANGEMENT, INCLUDING AN INDIVIDUAL RETIREMENT ACCOUNT OR A 

 

    A-19-2

     

    
KEOGH PLAN, WHICH IS SUBJECT TO 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 SUBJECT TO ANY FEDERAL, STATE OR LOCAL LAW (“SIMILAR LAW”) WHICH IS TO A MATERIAL EXTENT SIMILAR TO THE FIDUCIARY RESPONSIBILITY PROVISIONS OF ERISA OR TO SECTION 4975 OF THE CODE (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 BY REASON OF A PLAN’S INVESTMENT IN THE ENTITY (PURSUANT TO U.S. DEPARTMENT OF LABOR REGULATION SECTION 2510.3-101, AS MODIFIED BY SECTION 3(42) OF ERISA)), OTHER THAN AN INSURANCE COMPANY USING THE ASSETS OF ITS GENERAL ACCOUNT UNDER CIRCUMSTANCES WHEREBY SUCH PURCHASE AND THE SUBSEQUENT HOLDING OF SUCH CERTIFICATE BY SUCH INSURANCE COMPANY WILL BE EXEMPT FROM THE PROHIBITED TRANSACTION PROVISIONS OF SECTIONS 406 AND 407 OF ERISA, AND 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 CERTIFICATE WILL NOT CONSTITUTE OR RESULT IN A NON-EXEMPT VIOLATION OF ANY 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.

 

    A-19-3

     

    
BENCHMARK 2020-B16 MORTGAGE TRUST COMMERCIAL MORTGAGE
PASS-THROUGH CERTIFICATES, CLASS X-G

 

	
Class X-G Pass-Through Rate:  Variable

	
 

	
CUSIP:

	
[08161NAS6]7
[U0811RAD8]8
[08161NAT4]9

	
 

	
 

	
ISIN:

	
[US08161NAS62]10
[USU0811RAD80]11
[US08161NAT46]12

 

	 	 	 	 
	 	 	Common Code:	[212006343]13
	 	 	 	[212006467]14
	 	 	 	 
	
Original Aggregate Notional Balance of the
Class X-G Certificates:  $8,541,000

 

	
 

	
Initial Notional Balance of this Certificate:  $[_____]

	
First Distribution Date: March 17, 2020

	
 

	
Cut-off Date:  The close of business on the later of the related Due Date of such Mortgage Loan in February 2020 (or, in the case of any Mortgage Loan that has its first Due Date after February 2020, the date that would have been its Due Date in February 2020 under the terms of that Mortgage 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.:  X-G-[__]

 

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-G Certificates.  The Trust Fund, described more fully below, consists primarily of a pool of Mortgage 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 are to be serviced, pursuant to the Pooling and Servicing Agreement (as defined

 

 

7 For
Rule 144A Certificates 

8 For
Regulation S Certificates 

9 For
IAI Certificates 

10 For
Rule 144A Certificates 

11 For
Regulation S Certificates 

12 For
IAI Certificates

13 For Rule 144A Certificates

14 For Regulation S Certificates

 

    A-19-4

     

    
     

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 February 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”),
KeyBank National Association, as special servicer (the “Special Servicer”), Wells Fargo Bank, National Association,
as trustee (in such capacity, the “Trustee”), Wells Fargo Bank, National Association, as certificate administrator
(in such capacity, the “Certificate Administrator”), as custodian and as paying agent, and Park Bridge Lender
Services LLC, as operating advisor (in such capacity, the “Operating Advisor”) and as asset representations
reviewer (in such capacity, the “Asset Representations Reviewer”) evidences the issuance of the Class A-1,
Class A-2, Class A-3, Class A-SB, Class A-4, Class A-5, Class X-A, Class A-M, Class B, Class C, Class X-B, Class X-D,
Class X-F, Class X-G, Class X-H, Class D, Class E, Class F, Class G, Class H and Class R Certificates and the VRR Interest
(the “Certificates”; the Holders of Certificates issued under the Pooling and Servicing Agreement are collectively
referred to herein as “Certificateholders”).  This Certificate is issued pursuant to, and in accordance
with, the terms of 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-G 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 March 2020.

 

    A-19-5

     

    
 

During each Interest Accrual Period (as defined below), interest on the Class X-G 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-19-6

     

    
    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 therein):  (i) such Mortgage Loans as from time to time are subject to the Pooling and Servicing Agreement, together with the Mortgage Files relating thereto;  (ii) all scheduled or unscheduled payments on or collections in respect of the Mortgage Loans due after the Cut-off Date; (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; (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,  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; (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; (xiii) the Lower-Tier Regular Interests; and (xiv) 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-19-7

     

    
     

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 Operating Advisor, the Asset Representations Reviewer, 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, the Operating Advisor, the Asset Representations Reviewer  and the Trustee without the consent of any of the Certificateholders 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 Prospectus or Private Placement Memorandum with respect to the Certificates, 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, 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 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

 

    A-19-8

     

    
tax on the
Trust Fund or any Trust REMIC that would be a claim against the Trust Fund or any Trust REMIC; 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 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 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 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 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

 

    A-19-9

     

    
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, 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; (x) to modify, eliminate or add to any provisions of the Pooling and Servicing Agreement to such extent as would be necessary to comply with the requirements for use of Form SF-3 in registered offerings to the extent provided in CFR 239.45(b)(1)(ii), (iii) or (iv); and (xi) 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, the Operating Advisor, the Asset Representations Reviewer and the Trustee with the prior written consent of 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 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 or Serviced Whole Loans which are required to be distributed on any Certificate, without the consent of the Holders of Certificates representing all of the Percentage Interests of the Class or Classes, 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, in any such case without the consent of the Holders of all Certificates of such Class then-outstanding or such Companion Loan Noteholder, 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;

 

    A-19-10

     

    
     

	
 

	
(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 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, the Operating Advisor, the Asset Representations Reviewer 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 or the Upper-Tier REMIC as a REMIC, 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 Certificateholder owning a majority of the Percentage Interest in the Controlling Class and, if no such Certificateholder exercises such option, the Special Servicer, and if the Special Servicer does not exercise such option, the Master Servicer may effect an early termination of the Trust Fund, upon not less than 30 days’ prior Notice of Termination given to the Trustee, the Special Servicer and the Master Servicer any time specifying the Anticipated Termination Date, which shall be on or after the Early Termination Notice Date (defined as 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 as of the Cut-off Date) by purchasing on such date all, but not less than all, of the Mortgage Loans then included in the Trust Fund, and the Trust’s interest in all property acquired in respect of any Mortgage Loan, at a purchase price, payable in cash, equal to the sum of, without duplication:

 

	
 

	
(A)

	
100% of the Stated Principal Balance of each Mortgage Loan included in the Trust as of the last day of the month preceding such Anticipated Termination Date (less any P&I Advances previously made on account of principal);

 

    A-19-11

     

    
     

	
 

	
(B)

	
the fair market value of all other property included in the Trust Fund as of the last day of the month preceding such Anticipated Termination Date, as determined by an Independent appraiser acceptable to the Master Servicer as of a date not more than 30 days prior to the last day of the month preceding such Distribution Date;

 

	
 

	
(C)

	
all unpaid interest accrued on the unpaid balance of each Mortgage Loan (including any Mortgage Loan as to which title to the related Mortgaged Property has been acquired) at the Mortgage Rate to the last day of the month preceding such Anticipated Termination Date (less any P&I Advances previously made on account of interest); and

 

	
 

	
(D)

	
the aggregate amount of unreimbursed Advances, with interest thereon at the Reimbursement Rate, and unpaid Servicing Compensation, Special Servicing Compensation, Operating Advisor Fees, Certificate Administrator/Trustee Fees, the CREFC® Intellectual Property Royalty License Fees and Trust Fund expenses.

 

In addition, the Pooling and Servicing Agreement provides that following the date on which the Class X-A Notional Amount, the Class X-B Notional Amount, the Class X-D Notional Amount and the aggregate Certificate Balance of the Class A-1, Class A-2, Class A-3, Class A-SB, Class A-4, Class A-5, Class A-M, Class B, Class C, Class D and Class E Certificates is reduced to zero, the Sole Certificateholder shall have the right to exchange all of the then-outstanding Certificates (other than the Class R Certificates) for all of the Mortgage Loans and each REO Property remaining in the Trust Fund as contemplated by clause (ii) of Section 9.01(a) of the Pooling and Servicing Agreement by giving written notice to all the parties to the Pooling and Servicing Agreement no later than 60 days prior to the anticipated date of exchange.

 

All costs and expenses incurred by any and all parties to the Pooling and Servicing Agreement or by the Trust Fund in connection with the purchase of the Mortgage Loans and other assets of the Trust Fund pursuant to Section 9.01(c) of the Pooling and Servicing Agreement shall be borne by the party exercising its purchase rights thereunder.  The Trustee and the Certificate Administrator shall be entitled to rely conclusively on any determination made by an Independent appraiser pursuant to Section 9.01(c) of the Pooling and Servicing Agreement.

 

The respective obligations and responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the Trustee created by the Pooling and Servicing Agreement with respect to the Certificates (other than the obligations of the Certificate Administrator to make certain payments and to send certain notices to Certificateholders as set forth in the Pooling and Servicing Agreement) shall terminate upon payment (or provision for payment) to the Certificateholders and the Serviced Companion Loan Noteholders of all amounts held by or on

 

    A-19-12

     

    
     

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 earlier to occur of (i) the purchase of the Mortgage Loans and all other property held by the Trust Fund in accordance with Section 9.01(c) of the Pooling and Servicing Agreement; (ii) the exchange by the Sole Certificateholder of its Certificates for the Mortgage Loans in accordance with Section 9.01(g) of the Pooling and Servicing Agreement; and (iii) the later of (a) the receipt or collection of the last payment due on any Mortgage Loan included in the Trust Fund, or (b) the liquidation and disposition pursuant to the Pooling and Servicing Agreement of the last asset held by 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-19-13

     

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

 

Dated:  February 12, 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-G Certificates referred to in the Pooling and Servicing Agreement.

 

Dated:  February 12, 2020 

	
 

	
 

	
 

	
 

	
WELLS FARGO BANK, NATIONAL ASSOCIATION, not in its individual capacity but solely as Authenticating Agent

	
 

	
 

	
 

	
 

	
By:

	
 

	
 

	
 

	
Name:

	
 

	
 

	
Title:

 

    A-19-14

     

    
EXHIBIT A-20

 

FORM OF CLASS X-H [RULE 144A]1 [TEMPORARY REG S]2 [REG S]3 [IAI]4 CERTIFICATE

 

[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

 

[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.]6

 

THIS CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED OR QUALIFIED UNDER THE U.S. 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 IN COMPLIANCE WITH THE SECURITIES ACT AND OTHER APPLICABLE LAWS, AND ONLY (A)(1) PURSUANT TO A REGISTRATION STATEMENT WHICH HAS BEEN DECLARED EFFECTIVE UNDER THE SECURITIES ACT, (2) FOR SO LONG AS THIS CERTIFICATE IS ELIGIBLE FOR RESALE PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”), TO AN INSTITUTIONAL INVESTOR THAT THE HOLDER REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” WITHIN THE MEANING OF RULE 144A (“QUALIFIED INSTITUTIONAL BUYER”), PURCHASING FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF ANOTHER QUALIFIED INSTITUTIONAL BUYER, WHOM THE HOLDER HAS INFORMED, IN EACH CASE, THAT THE REOFFER, RESALE, PLEDGE OR OTHER TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, (3) (EXCEPT WITH RESPECT TO THE CLASS R 

 

 

1
For Rule 144A Global Certificates only. 

2
For Temp Reg S Global Certificates only. 

3 For
Reg S Global Certificates only. 

4
For IAI Global Certificates only. 

5
For Temp Reg S Global Certificates only. 

6
Legend required as long as DTC is the Depository under the Pooling and Servicing Agreement.

 

    A-20-1

     

    
CERTIFICATES) TO OTHER INSTITUTIONAL INVESTORS THAT ARE “ACCREDITED INVESTORS,” WITHIN THE MEANING OF RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT OR ANY ENTITY IN WHICH ALL OF THE EQUITY OWNERS ARE INSTITUTIONAL INVESTORS THAT ARE “ACCREDITED INVESTORS,” WITHIN THE MEANING OF RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT, OR (4) (EXCEPT WITH RESPECT TO THE CLASS R CERTIFICATES) TO INSTITUTIONS THAT ARE A NON-”U.S. PERSON” IN AN “OFFSHORE TRANSACTION” AS SUCH TERMS ARE DEFINED IN, AND IN ACCORDANCE WITH RULE 903 OR RULE 904 OF REGULATION S UNDER THE SECURITIES ACT, AND (B) IN ACCORDANCE WITH ANY OTHER APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION.

 

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 OPERATING ADVISOR, THE ASSET REPRESENTATIONS REVIEWER, 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-H CERTIFICATE WILL BE ENTITLED ONLY TO DISTRIBUTIONS OF INTEREST ON THE NOTIONAL BALANCE OF THE CLASS X-H CERTIFICATES AND WILL NOT BE ENTITLED TO ANY DISTRIBUTIONS WITH RESPECT TO PRINCIPAL.  THE NOTIONAL BALANCE OF THE CLASS X-H 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.

 

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 SHOULD NOT BE PURCHASED BY A TRANSFEREE THAT IS OR BECOMES (A) AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT ARRANGEMENT, INCLUDING AN INDIVIDUAL RETIREMENT ACCOUNT OR A 

 

    A-20-2

     

    
KEOGH PLAN, WHICH IS SUBJECT TO 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 SUBJECT TO ANY FEDERAL, STATE OR LOCAL LAW (“SIMILAR LAW”) WHICH IS TO A MATERIAL EXTENT SIMILAR TO THE FIDUCIARY RESPONSIBILITY PROVISIONS OF ERISA OR TO SECTION 4975 OF THE CODE (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 BY REASON OF A PLAN’S INVESTMENT IN THE ENTITY (PURSUANT TO U.S. DEPARTMENT OF LABOR REGULATION SECTION 2510.3-101, AS MODIFIED BY SECTION 3(42) OF ERISA)), OTHER THAN AN INSURANCE COMPANY USING THE ASSETS OF ITS GENERAL ACCOUNT UNDER CIRCUMSTANCES WHEREBY SUCH PURCHASE AND THE SUBSEQUENT HOLDING OF SUCH CERTIFICATE BY SUCH INSURANCE COMPANY WILL BE EXEMPT FROM THE PROHIBITED TRANSACTION PROVISIONS OF SECTIONS 406 AND 407 OF ERISA, AND 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 CERTIFICATE WILL NOT CONSTITUTE OR RESULT IN A NON-EXEMPT VIOLATION OF ANY 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.

 

    A-20-3

     

    
BENCHMARK 2020-B16 MORTGAGE TRUST COMMERCIAL MORTGAGE
PASS-THROUGH CERTIFICATES, CLASS X-H

 

	
Class X-H Pass-Through Rate:  Variable

	
 

	
CUSIP:

	
[08161NAU1]7
[U0811RAE6]8
[08161NAV9]9

	
 

	
 

	
ISIN:

	
[US08161NAU19]10
[USU0811RAE63]11
[US08161NAV91]12

 

	 	 	 	 
	 	 	Common Code:	[212006360]13
	 	 	 	[212006475]14
	 	 	 	 
	
Original Aggregate Notional Balance of the
Class X-H Certificates:  $26,692,872

 

	
 

	
Initial Notional Balance of this Certificate:  $[_____]

	
First Distribution Date: March 17, 2020

	
 

	
Cut-off Date:  The close of business on the later of the related Due Date of such Mortgage Loan in February 2020 (or, in the case of any Mortgage Loan that has its first Due Date after February 2020, the date that would have been its Due Date in February 2020 under the terms of that Mortgage 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.:  X-H-[__]

 

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-H Certificates.  The Trust Fund, described more fully below, consists primarily of a pool of Mortgage 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 are to be serviced, pursuant to the Pooling and Servicing Agreement (as defined

 

 

7 For
Rule 144A Certificates 

8 For
Regulation S Certificates 

9 For
IAI Certificates 

10 For
Rule 144A Certificates 

11 For
Regulation S Certificates 

12 For
IAI Certificates

13 For Rule 144A Certificates

14 For Regulation S Certificates

 

    A-20-4

     

    
     

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 February 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”),
KeyBank National Association, as special servicer (the “Special Servicer”), Wells Fargo Bank, National Association,
as trustee (in such capacity, the “Trustee”), Wells Fargo Bank, National Association, as certificate administrator
(in such capacity, the “Certificate Administrator”), as custodian and as paying agent, and Park Bridge Lender
Services LLC, as operating advisor (in such capacity, the “Operating Advisor”) and as asset representations
reviewer (in such capacity, the “Asset Representations Reviewer”) evidences the issuance of the Class A-1,
Class A-2, Class A-3, Class A-SB, Class A-4, Class A-5, Class X-A, Class A-M, Class B, Class C, Class X-B, Class X-D,
Class X-F, Class X-G, Class X-H, Class D, Class E, Class F, Class G, Class H and Class R Certificates and the VRR Interest
(the “Certificates”; the Holders of Certificates issued under the Pooling and Servicing Agreement are collectively
referred to herein as “Certificateholders”).  This Certificate is issued pursuant to, and in accordance
with, the terms of 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-H 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 March 2020.

 

    A-20-5

     

    
     

During each Interest Accrual Period (as defined below), interest on the Class X-H 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-20-6

     

    
     

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 therein):  (i) such Mortgage Loans as from time to time are subject to the Pooling and Servicing Agreement, together with the Mortgage Files relating thereto;  (ii) all scheduled or unscheduled payments on or collections in respect of the Mortgage Loans due after the Cut-off Date; (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; (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,  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; (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; (xiii) the Lower-Tier Regular Interests; and (xiv) 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-20-7

     

    
     

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 Operating Advisor, the Asset Representations Reviewer, 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, the Operating Advisor, the Asset Representations Reviewer  and the Trustee without
the consent of any of the Certificateholders 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 Prospectus or Private Placement Memorandum with respect
to the Certificates, 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, 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 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 

 

    A-20-8

     

    
tax on the Trust Fund or any Trust REMIC that would be a claim against the Trust Fund or any Trust REMIC; 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 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 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 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 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 

 

    A-20-9

     

    
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, 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; (x) to modify, eliminate or add to any provisions of the Pooling and Servicing Agreement to such extent as would be necessary to comply with the requirements for use of Form SF-3 in registered offerings to the extent provided in CFR 239.45(b)(1)(ii), (iii) or (iv); and (xi) 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, the Operating Advisor, the Asset Representations Reviewer and the Trustee with the prior written consent of 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 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 or Serviced Whole Loans which are required to be distributed on any Certificate, without the consent of the Holders of Certificates representing all of the Percentage Interests of the Class or Classes, 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, in any such case without the consent of the Holders of all Certificates of such Class then-outstanding or such Companion Loan Noteholder, 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;

 

    A-20-10

     

    
     

	
 

	
(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 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, the Operating Advisor, the Asset Representations Reviewer 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 or the Upper-Tier REMIC as a REMIC, 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 Certificateholder owning a majority of the Percentage Interest in the Controlling Class and, if no such Certificateholder exercises such option, the Special Servicer, and if the Special Servicer does not exercise such option, the Master Servicer may effect an early termination of the Trust Fund, upon not less than 30 days’ prior Notice of Termination given to the Trustee, the Special Servicer and the Master Servicer any time specifying the Anticipated Termination Date, which shall be on or after the Early Termination Notice Date (defined as 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 as of the Cut-off Date) by purchasing on such date all, but not less than all, of the Mortgage Loans then included in the Trust Fund, and the Trust’s interest in all property acquired in respect of any Mortgage Loan, at a purchase price, payable in cash, equal to the sum of, without duplication:

 

	
 

	
(A)

	
100% of the Stated Principal Balance of each Mortgage Loan included in the Trust as of the last day of the month preceding such Anticipated Termination Date (less any P&I Advances previously made on account of principal);

 

    A-20-11

     

    
     

	
 

	
(B)

	
the fair market value of all other property included in the Trust Fund as of the last day of the month preceding such Anticipated Termination Date, as determined by an Independent appraiser acceptable to the Master Servicer as of a date not more than 30 days prior to the last day of the month preceding such Distribution Date;

 

	
 

	
(C)

	
all unpaid interest accrued on the unpaid balance of each Mortgage Loan (including any Mortgage Loan as to which title to the related Mortgaged Property has been acquired) at the Mortgage Rate to the last day of the month preceding such Anticipated Termination Date (less any P&I Advances previously made on account of interest); and

 

	
 

	
(D)

	
the aggregate amount of unreimbursed Advances, with interest thereon at the Reimbursement Rate, and unpaid Servicing Compensation, Special Servicing Compensation, Operating Advisor Fees, Certificate Administrator/Trustee Fees, the CREFC® Intellectual Property Royalty License Fees and Trust Fund expenses.

 

In addition, the Pooling and Servicing Agreement provides that following the date on which the Class X-A Notional Amount, the Class X-B Notional Amount, the Class X-D Notional Amount and the aggregate Certificate Balance of the Class A-1, Class A-2, Class A-3, Class A-SB, Class A-4, Class A-5, Class A-M, Class B, Class C, Class D and Class E Certificates is reduced to zero, the Sole Certificateholder shall have the right to exchange all of the then-outstanding Certificates (other than the Class R Certificates) for all of the Mortgage Loans and each REO Property remaining in the Trust Fund as contemplated by clause (ii) of Section 9.01(a) of the Pooling and Servicing Agreement by giving written notice to all the parties to the Pooling and Servicing Agreement no later than 60 days prior to the anticipated date of exchange.

 

All costs and expenses incurred by any and all parties to the Pooling and Servicing Agreement or by the Trust Fund in connection with the purchase of the Mortgage Loans and other assets of the Trust Fund pursuant to Section 9.01(c) of the Pooling and Servicing Agreement shall be borne by the party exercising its purchase rights thereunder.  The Trustee and the Certificate Administrator shall be entitled to rely conclusively on any determination made by an Independent appraiser pursuant to Section 9.01(c) of the Pooling and Servicing Agreement.

 

The respective obligations and responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the Trustee created by the Pooling and Servicing Agreement with respect to the Certificates (other than the obligations of the Certificate Administrator to make certain payments and to send certain notices to Certificateholders as set forth in the Pooling and Servicing Agreement) shall terminate upon payment (or provision for payment) to the Certificateholders and the Serviced Companion Loan Noteholders of all amounts held by or on

 

    A-20-12

     

    
 

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 earlier to occur of (i) the purchase of the Mortgage Loans and all other property held by the Trust Fund in accordance with Section 9.01(c) of the Pooling and Servicing Agreement; (ii) the exchange by the Sole Certificateholder of its Certificates for the Mortgage Loans in accordance with Section 9.01(g) of the Pooling and Servicing Agreement; and (iii) the later of (a) the receipt or collection of the last payment due on any Mortgage Loan included in the Trust Fund, or (b) the liquidation and disposition pursuant to the Pooling and Servicing Agreement of the last asset held by 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-20-13

     

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

 

Dated:  February 12, 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-H Certificates referred to in the Pooling and Servicing Agreement.

 

Dated:  February 12, 2020 

	
 

	
 

	
 

	
 

	
WELLS FARGO BANK, NATIONAL ASSOCIATION, not in its individual capacity but solely as Authenticating Agent

	
 

	
 

	
 

	
 

	
By:

	
 

	
 

	
 

	
Name:

	
 

	
 

	
Title:

 

    A-20-14

     

    
EXHIBIT A-21

 

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 OPERATING ADVISOR, THE ASSET REPRESENTATIONS REVIEWER, 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.

 

FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE REPRESENTS A “RESIDUAL INTEREST” IN TWO “REAL ESTATE MORTGAGE INVESTMENT CONDUITS” AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G(a)(2) AND 860D OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”).  A TRANSFEREE OF THIS CERTIFICATE, BY ACCEPTANCE HEREOF, IS DEEMED TO HAVE ACCEPTED THIS CERTIFICATE SUBJECT TO CERTAIN RESTRICTIONS ON TRANSFERABILITY, AS SET FORTH IN SECTION 5.02(l) OF THE POOLING AND SERVICING AGREEMENT, AND SHALL BE REQUIRED TO FURNISH AN AFFIDAVIT TO THE TRANSFEROR AND THE CERTIFICATE ADMINISTRATOR TO THE EFFECT THAT, AMONG OTHER THINGS, (A) IT IS NOT A DISQUALIFIED ORGANIZATION, AS SUCH TERM IS DEFINED IN 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 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, (C) IT HAS HISTORICALLY PAID ITS DEBTS AS THEY HAVE COME DUE AND INTENDS TO CONTINUE TO PAY ITS DEBTS AS THEY COME DUE IN THE FUTURE, AND (D) IT INTENDS TO PAY ANY TAXES ASSOCIATED WITH HOLDING THIS CERTIFICATE AS THEY BECOME DUE. ANY PURPORTED TRANSFER TO A DISQUALIFIED ORGANIZATION OR OTHER PERSON THAT IS NOT A PERMITTED TRANSFEREE OR OTHERWISE IN VIOLATION OF THESE RESTRICTIONS SHALL BE ABSOLUTELY NULL AND VOID AND SHALL VEST NO RIGHTS IN ANY PURPORTED TRANSFEREE.  BECAUSE THIS CERTIFICATE REPRESENTS MULTIPLE “NON-ECONOMIC RESIDUAL INTERESTS,” AS DEFINED IN TREASURY REGULATIONS SECTION 1.860E 1(c), TRANSFERS OF THIS CERTIFICATE MAY BE DISREGARDED FOR FEDERAL INCOME TAX PURPOSES.  IN ORDER TO SATISFY A REGULATORY SAFE HARBOR UNDER WHICH SUCH TRANSFERS WILL NOT BE DISREGARDED, THE TRANSFEROR MAY BE REQUIRED, AMONG OTHER THINGS, TO SATISFY ITSELF AS TO THE FINANCIAL CONDITION OF THE PROPOSED TRANSFEREE AND EITHER TO PAY A SPECIFIED AMOUNT TO THE 

 

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PROPOSED
TRANSFEREE OR TRANSFER TO AN ELIGIBLE TRANSFEREE AS PROVIDED IN 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 AND THE LOWER-TIER REMIC PURSUANT TO SECTION 6223 OF THE CODE.

 

THIS CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED OR QUALIFIED UNDER THE U.S. 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 IN COMPLIANCE WITH THE SECURITIES ACT AND OTHER APPLICABLE LAWS, AND ONLY (A)(1) PURSUANT TO A REGISTRATION STATEMENT WHICH HAS BEEN DECLARED EFFECTIVE UNDER THE SECURITIES ACT, OR (2) FOR SO LONG AS THIS CERTIFICATE IS ELIGIBLE FOR RESALE PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”), TO AN INSTITUTIONAL INVESTOR THAT THE HOLDER REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” WITHIN THE MEANING OF RULE 144A (“QUALIFIED INSTITUTIONAL BUYER”), PURCHASING FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF ANOTHER QUALIFIED INSTITUTIONAL BUYER, WHOM THE HOLDER HAS INFORMED, IN EACH CASE, THAT THE REOFFER, RESALE, PLEDGE OR OTHER TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, AND (B) IN ACCORDANCE WITH ANY OTHER 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 QUALIFIED INSTITUTIONAL BUYER 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 QUALIFIED INSTITUTIONAL BUYER WITHIN THE MEANING OF RULE 144A.

 

THIS CERTIFICATE SHOULD NOT BE PURCHASED BY A TRANSFEREE THAT IS OR BECOMES (A) AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT ARRANGEMENT, INCLUDING AN INDIVIDUAL RETIREMENT ACCOUNT OR A KEOGH PLAN, WHICH IS SUBJECT TO THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”), OR TO SECTION 4975 OF THE 

 

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INTERNAL REVENUE CODE OF 1986, AS AMENDED (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 FIDUCIARY RESPONSIBILITY PROVISIONS OF ERISA OR TO SECTION 4975 OF THE CODE (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 BY REASON OF A PLAN’S INVESTMENT IN THE ENTITY (PURSUANT TO U.S. DEPARTMENT OF LABOR REGULATION SECTION 2510.3-101, AS MODIFIED BY SECTION 3(42) OF ERISA)).

 

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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BENCHMARK 2020-B16 MORTGAGE TRUST COMMERCIAL MORTGAGE
PASS-THROUGH CERTIFICATES, CLASS R

 

	
No.: R-1

	
Percentage Interest: 100%

	
 

	
CUSIP:    08161NBG11

 

ISIN:        US08161NBG162

 

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 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 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 February 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”),
KeyBank National Association, as special servicer (the “Special Servicer”), Wells Fargo Bank, National Association,
as trustee (in such capacity, the “Trustee”), Wells Fargo Bank, National Association, as certificate administrator
(in such capacity, the “Certificate Administrator”), as custodian and as paying agent, and Park Bridge Lender
Services LLC, as operating advisor (in such capacity, the “Operating Advisor”) and as asset representations
reviewer (in such capacity, the “Asset Representations Reviewer”) evidences the issuance of the Class A-1,
Class A-2, Class A-3, Class A-SB, Class A-4, Class A-5, Class X-A, Class A-M, Class B, Class C, Class X-B, Class X-D,
Class X-F, Class X-G, Class X-H, Class D, Class E, Class F, Class G, Class H and Class R Certificates and the VRR Interest
(the “Certificates”; the Holders of Certificates issued under the Pooling and Servicing Agreement are collectively
referred to herein as “Certificateholders”).  This Certificate is issued pursuant to, and in accordance
with, the terms of 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 two “real estate mortgage investment conduits”, as those terms are defined, respectively, in Sections 860G(a)(2) and 860D of the Internal Revenue Code of 1986, as amended.  Each Holder of this Certificate, by acceptance hereof, agrees to treat, and take no action inconsistent with the treatment of, this Certificate in accordance with the preceding sentence for purposes of federal income taxes, state and local income and franchise taxes and other taxes imposed on or measured by income.  The 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 

 

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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 therein):  (i) such Mortgage Loans as from time to time are subject to the Pooling and Servicing Agreement, together with the Mortgage Files relating thereto;  (ii) all scheduled or unscheduled payments on or collections in respect of the Mortgage Loans due after the Cut-off Date; (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; (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,  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; (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; (xiii) the Lower-Tier Regular Interests; and (xiv) 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.

 

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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 Operating Advisor, the Asset Representations Reviewer, 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, the Operating Advisor, the Asset Representations Reviewer  and the Trustee without the consent of any of the Certificateholders 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 Prospectus or Private Placement Memorandum with respect to the Certificates, 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 

 

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affect in any material respect the interests of any Certificateholder, 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 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 that would be a claim against the Trust Fund or any Trust REMIC; 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 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 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 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 under the relevant provisions of the 

 

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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, 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; (x) to modify, eliminate or add to any provisions of the Pooling and Servicing Agreement to such extent as would be necessary to comply with the requirements for use of Form SF-3 in registered offerings to the extent provided in CFR 239.45(b)(1)(ii), (iii) or (iv); and (xi) 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, the Operating Advisor, the Asset Representations Reviewer and the Trustee with the prior written consent of 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 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 or Serviced Whole Loans which are required to be distributed on any Certificate, without the consent of the Holders of Certificates representing all of the Percentage Interests of the Class or Classes, 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, in any such case without the consent of the Holders of all
Certificates of such

  

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	Class
then-outstanding or such Companion Loan Noteholder, 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 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, the Operating Advisor, the Asset Representations Reviewer 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 or the Upper-Tier REMIC as a REMIC, 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 Certificateholder
owning a majority of the Percentage Interest in the Controlling Class and, if no such Certificateholder exercises such option,
the Special Servicer, and if the Special Servicer does not exercise such option, the Master Servicer may effect an early termination
of the Trust Fund, upon not less than 30 days’ prior Notice of Termination given to the Trustee, the Special Servicer and
the Master Servicer any time specifying the Anticipated Termination Date, which shall be on or after the Early Termination Notice
Date (defined as 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 as of the Cut-off Date) by purchasing on such date all, but
not less than all, of the Mortgage Loans then included in the Trust Fund, and the Trust’s interest in all property acquired
in respect of any Mortgage Loan, at a purchase price, payable in cash, equal to the sum of, without duplication: 

 

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	(A)

	100%
of the Stated Principal Balance of each Mortgage Loan included in the Trust as of the last day of the month preceding such Anticipated
Termination Date (less any P&I Advances previously made on account of principal);

 

	 

	(B)

	the
fair market value of all other property included in the Trust Fund as of the last day of the month preceding such Anticipated
Termination Date, as determined by an Independent appraiser acceptable to the Master Servicer as of a date not more than 30 days
prior to the last day of the month preceding such Distribution Date;

 

	 

	(C)

	all
unpaid interest accrued on the unpaid balance of each Mortgage Loan (including any Mortgage Loan as to which title to the related
Mortgaged Property has been acquired) at the Mortgage Rate to the last day of the month preceding such Anticipated Termination
Date (less any P&I Advances previously made on account of interest); and

 

	 

	(D)

	the
aggregate amount of unreimbursed Advances, with interest thereon at the Reimbursement Rate, and unpaid Servicing Compensation,
Special Servicing Compensation, Operating Advisor Fees, Certificate Administrator/Trustee Fees, the CREFC®
Intellectual Property Royalty License Fees and Trust
Fund expenses.

 

In addition, the Pooling and Servicing Agreement provides that following the date on which the Class X-A Notional Amount, the Class X-B Notional Amount, the Class X-D Notional Amount and the aggregate Certificate Balance of the Class A-1, Class A-2, Class A-3, Class A-SB, Class A-4, Class A-5, Class A-M, Class B, Class C, Class D and Class E Certificates is reduced to zero, the Sole Certificateholder shall have the right to exchange all of the then-outstanding Certificates (other than the Class R Certificates) for all of the Mortgage Loans and each REO Property remaining in the Trust Fund as contemplated by clause (ii) of Section 9.01(a) of the Pooling and Servicing Agreement by giving written notice to all the parties to the Pooling and Servicing Agreement no later than 60 days prior to the anticipated date of exchange.

 

All costs and expenses incurred by any and all parties to the Pooling and Servicing Agreement or by the Trust Fund in connection with the purchase of the Mortgage Loans and other assets of the Trust Fund pursuant to Section 9.01(c) of the Pooling and Servicing Agreement shall be borne by the party exercising its purchase rights thereunder.  The Trustee and the Certificate Administrator shall be entitled to rely conclusively on any determination made by an Independent appraiser pursuant to Section 9.01(c) of the Pooling and Servicing Agreement.

 

The respective obligations and responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Certificate Administrator, the Operating Advisor, the Asset

 

    A-21-11

     

    
 

Representations Reviewer and the Trustee created by the Pooling and Servicing Agreement with
respect to the Certificates (other than the obligations of the Certificate Administrator to make certain payments and to send
certain notices to Certificateholders as set forth in the Pooling and Servicing Agreement) shall terminate upon payment (or
provision for payment) to the Certificateholders 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 earlier to occur of (i) the purchase of the
Mortgage Loans and all other property held by the Trust Fund in accordance with Section 9.01(c) of the Pooling and Servicing
Agreement; (ii) the exchange by the Sole Certificateholder of its Certificates for the Mortgage Loans in accordance with
Section 9.01(g) of the Pooling and Servicing Agreement; and (iii) the later of (a) the receipt or collection of the
last payment due on any Mortgage Loan included in the Trust Fund, or (b) the liquidation and disposition pursuant to the
Pooling and Servicing Agreement of the last asset held by 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-21-12

     

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

 

Dated:  February 12, 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:  February 12, 2020 

	
 

	
 

	
 

	
 

	
WELLS FARGO BANK, NATIONAL ASSOCIATION, not in its individual capacity but solely as Authenticating Agent

	
 

	
 

	
 

	
 

	
By:

	
 

	
 

	
 

	
Name:

	
 

	
 

	
Title:

 

    A-21-13

     

    
EXHIBIT A-22

 

FORM OF 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 OPERATING ADVISOR, THE ASSET REPRESENTATIONS REVIEWER, 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 U.S. 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 IN COMPLIANCE WITH THE SECURITIES ACT AND OTHER APPLICABLE LAWS, AND ONLY (A)(1) PURSUANT TO A REGISTRATION STATEMENT WHICH HAS BEEN DECLARED EFFECTIVE UNDER THE SECURITIES ACT, (2) FOR SO LONG AS THIS CERTIFICATE IS ELIGIBLE FOR RESALE PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”), TO AN INSTITUTIONAL INVESTOR THAT THE HOLDER REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” WITHIN THE MEANING OF RULE 144A (“QUALIFIED INSTITUTIONAL BUYER”), PURCHASING FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF ANOTHER QUALIFIED INSTITUTIONAL BUYER, WHOM THE HOLDER HAS INFORMED, IN EACH CASE, THAT THE REOFFER, RESALE, PLEDGE OR OTHER TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, (3) (EXCEPT WITH RESPECT TO THE CLASS R CERTIFICATES) TO OTHER INSTITUTIONAL INVESTORS THAT ARE “ACCREDITED INVESTORS,” WITHIN THE MEANING OF RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT OR ANY ENTITY IN WHICH ALL OF THE EQUITY OWNERS ARE INSTITUTIONAL INVESTORS THAT ARE “ACCREDITED INVESTORS,” WITHIN THE MEANING OF RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT, OR (4) (EXCEPT WITH RESPECT TO THE CLASS R CERTIFICATES) TO INSTITUTIONS THAT ARE A NON-”U.S. PERSON” IN AN “OFFSHORE TRANSACTION” AS SUCH TERMS ARE DEFINED IN, AND IN ACCORDANCE WITH RULE 903 OR RULE 904 OF REGULATION S UNDER THE SECURITIES ACT, AND (B) IN ACCORDANCE WITH ANY OTHER APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION.

 

    A-22-1

     

    
THIS CERTIFICATE SHOULD NOT BE PURCHASED BY A TRANSFEREE THAT IS OR BECOMES (A) AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT ARRANGEMENT, INCLUDING AN INDIVIDUAL RETIREMENT ACCOUNT OR A KEOGH PLAN, WHICH IS SUBJECT TO 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 SUBJECT TO ANY FEDERAL, STATE OR LOCAL LAW (“SIMILAR LAW”) WHICH IS TO A MATERIAL EXTENT SIMILAR TO THE FIDUCIARY RESPONSIBILITY PROVISIONS OF ERISA OR TO SECTION 4975 OF THE CODE (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 BY REASON OF A PLAN’S INVESTMENT IN THE ENTITY (PURSUANT TO U.S. DEPARTMENT OF LABOR REGULATION SECTION 2510.3-101, AS MODIFIED BY SECTION 3(42) OF ERISA)).

 

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-22-2

     

    
BENCHMARK 2020-B16 MORTGAGE TRUST COMMERCIAL MORTGAGE
PASS-THROUGH CERTIFICATES, VRR INTEREST

 

	
VRR Interest Pass-Through Rate:  N/A. 

	
 

	
CUSIP:

	
[[_]]1
[08161NBH9]2

	
 

	
 

	
ISIN:

	
[[_]]3
[US08161NBH98]4

 

	
Original Aggregate Certificate Balance of the
VRR Interest:  $44,955,000

 

	
 

	
Initial Certificate Balance of this Certificate:  $[_____]

	
First Distribution Date: March 17, 2020

	
 

	
Cut-off Date:  The close of business on the later of the related Due Date of such Mortgage Loan in February 2020 (or, in the case of any Mortgage Loan that has its first Due Date after February 2020, the date that would have been its Due Date in February 2020 under the terms of that Mortgage 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.:  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 VRR Interest.  The Trust Fund, described more fully below, consists primarily of a pool of Mortgage 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 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 February 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”), KeyBank National Association, as special servicer (the “Special Servicer”), Wells Fargo Bank, National Association, as trustee (in such capacity, the “Trustee”), Wells Fargo Bank, National 

 

 

1 For
Rule 144A Certificates 

2 For
IAI Certificates 

3 For
Rule 144A Certificates 

4 For
IAI Certificates

 

    A-22-3

     

    
 

Association, as certificate administrator (in such capacity, the “Certificate Administrator”), as custodian and as paying agent, and Park Bridge Lender Services LLC, as operating advisor (in such capacity, the “Operating Advisor”) and as asset representations reviewer (in such capacity, the “Asset Representations Reviewer”) evidences the issuance of the Class A-1, Class A-2, Class A-3, Class A-SB, Class A-4, Class A-5, Class X-A, Class A-M, Class B, Class C, Class X-B, Class X-D, Class X-F, Class X-G, Class X-H, Class D, Class E, Class F, Class G, Class H and Class R Certificates and the VRR Interest (the “Certificates”; the Holders of Certificates issued under the Pooling and Servicing Agreement are collectively referred to herein as “Certificateholders”).  This Certificate is issued pursuant to, and in accordance with, the terms of 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 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 March 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 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-22-4

     

    
“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-22-5

     

    
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 therein):  (i) such Mortgage Loans as from time to time are subject to the Pooling and Servicing Agreement, together with the Mortgage Files relating thereto;  (ii) all scheduled or unscheduled payments on or collections in respect of the Mortgage Loans due after the Cut-off Date; (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; (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,  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; (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; (xiii) the Lower-Tier Regular Interests; and (xiv) 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, 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.

 

    A-22-6

     

    
Prior to due presentation of this Certificate for registration of transfer, the Depositor, the Master Servicer, the Special Servicer, the Operating Advisor, the Asset Representations Reviewer, 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, the Operating Advisor, the Asset Representations Reviewer  and the Trustee without the consent of any of the Certificateholders 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 Prospectus or Private Placement Memorandum with respect to the Certificates, 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, 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 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 that would be a claim against the Trust Fund or any Trust REMIC; 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 or Companion Loan Noteholder; (v) to

 

    A-22-7

     

    
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 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 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 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, 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 

 

    A-22-8

     

    
Information
Provider’s Website and the Certificate Administrator shall post such notice to the Certificate Administrator’s Website;
(x) to modify, eliminate or add to any provisions of the Pooling and Servicing Agreement to such extent as would be necessary
to comply with the requirements for use of Form SF-3 in registered offerings to the extent provided in CFR 239.45(b)(1)(ii), (iii)
or (iv); and (xi) 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, the Operating Advisor, the Asset Representations Reviewer and the Trustee with the prior written consent of 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 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 or Serviced Whole Loans which are required to be distributed on any Certificate, without the consent of the Holders of Certificates representing all of the Percentage Interests of the Class or Classes, 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, in any such case without the consent of the Holders of all Certificates of such Class then-outstanding or such Companion Loan Noteholder, 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

 

    A-22-9

     

    
 

	
 

	
(v)

	
amend
the Servicing Standard without the consent of 100% of the Certificateholders or receipt of Rating Agency Confirmation from
each Rating Agency and confirmation of the applicable rating agencies that such action will not result in the downgrade,
withdrawal or qualification of its then-current ratings of any securities related to a Companion Loan, if any (provided that such rating agency confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates). 

 

Further, the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer 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 or the Upper-Tier REMIC as a REMIC, 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 Certificateholder owning a majority of the Percentage Interest in the Controlling Class and, if no such Certificateholder exercises such option, the Special Servicer, and if the Special Servicer does not exercise such option, the Master Servicer may effect an early termination of the Trust Fund, upon not less than 30 days’ prior Notice of Termination given to the Trustee, the Special Servicer and the Master Servicer any time specifying the Anticipated Termination Date, which shall be on or after the Early Termination Notice Date (defined as 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 as of the Cut-off Date) by purchasing on such date all, but not less than all, of the Mortgage Loans then included in the Trust Fund, and the Trust’s interest in all property acquired in respect of any Mortgage Loan, at a purchase price, payable in cash, equal to the sum of, without duplication:

 

	
 

	
(A)

	
100% of the Stated Principal Balance of each Mortgage Loan included in the Trust as of the last day of the month preceding such Anticipated Termination Date (less any P&I Advances previously made on account of principal);

 

	
 

	
(B)

	
the fair market value of all other property included in the Trust Fund as of the last day of the month preceding such Anticipated Termination Date, as determined by an Independent appraiser acceptable to the Master Servicer as of a date not more than 30 days prior to the last day of the month preceding such Distribution Date;

 

    A-22-10

     

    
 

	
 

	
(C)

	
all
unpaid interest accrued on the unpaid balance of each Mortgage Loan (including any Mortgage Loan as to which title to the
related Mortgaged Property has been acquired) at the Mortgage Rate to the last day of the month preceding such Anticipated
Termination Date (less any P&I Advances previously made on account of interest); and

 

	
 

	
(D)

	
the aggregate amount of unreimbursed Advances, with interest thereon at the Reimbursement Rate, and unpaid Servicing Compensation, Special Servicing Compensation, Operating Advisor Fees, Certificate Administrator/Trustee Fees, the CREFC® Intellectual Property Royalty License Fees and Trust Fund expenses.

 

In addition, the Pooling and Servicing Agreement provides that following the date on which the Class X-A Notional Amount, the Class X-B Notional Amount, the Class X-D Notional Amount and the aggregate Certificate Balance of the Class A-1, Class A-2, Class A-3, Class A-SB, Class A-4, Class A-5, Class A-M, Class B, Class C, Class D and Class E Certificates is reduced to zero, the Sole Certificateholder shall have the right to exchange all of the then-outstanding Certificates (other than the Class R Certificates) for all of the Mortgage Loans and each REO Property remaining in the Trust Fund as contemplated by clause (ii) of Section 9.01(a) of the Pooling and Servicing Agreement by giving written notice to all the parties to the Pooling and Servicing Agreement no later than 60 days prior to the anticipated date of exchange.

 

All costs and expenses incurred by any and all parties to the Pooling and Servicing Agreement or by the Trust Fund in connection with the purchase of the Mortgage Loans and other assets of the Trust Fund pursuant to Section 9.01(c) of the Pooling and Servicing Agreement shall be borne by the party exercising its purchase rights thereunder.  The Trustee and the Certificate Administrator shall be entitled to rely conclusively on any determination made by an Independent appraiser pursuant to Section 9.01(c) of the Pooling and Servicing Agreement.

 

The respective
obligations and responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Certificate Administrator, the
Operating Advisor, the Asset Representations Reviewer and the Trustee created by the Pooling and Servicing Agreement with respect
to the Certificates (other than the obligations of the Certificate Administrator to make certain payments and to send certain
notices to Certificateholders as set forth in the Pooling and Servicing Agreement) shall terminate upon payment (or provision
for payment) to the Certificateholders 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 earlier to occur of (i) the purchase of the Mortgage Loans and all other
property held by the Trust Fund in accordance with Section 9.01(c) of the Pooling and Servicing Agreement; (ii) the exchange by
the Sole Certificateholder of its Certificates for the Mortgage Loans in accordance with Section 9.01(g) of the Pooling and Servicing
Agreement; and (iii) the later of (a) the receipt or collection of the last payment due on any Mortgage Loan included
in

 

    A-22-11

     

    
 

the
Trust Fund, or (b) the liquidation and disposition pursuant to the Pooling and Servicing Agreement of the last asset held
by 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 VRR Interest Certificate to be duly executed.

 

Dated:  February 12, 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 VRR Interest Certificates referred to in the Pooling and Servicing Agreement.

 

Dated:  February 12, 2020 

	
 

	
 

	
 

	
 

	
WELLS FARGO BANK, NATIONAL ASSOCIATION, not in its individual capacity but solely as Authenticating Agent

	
 

	
 

	
 

	
 

	
By:

	
 

	
 

	
 

	
Name:

	
 

	
 

	
Title:

 

    A-22-13

     

    
 

EXHIBIT
B

 

MORTGAGE
LOAN SCHEDULE

 

    B-1 

     

    

 

 

BMARK 2020-B16 - Mortgage Loan
Schedule

 

	 	 	Mortgage Loan	 	 	 	 	 	Mortage
	ID	Loan Number	 Seller	Mortgage Loan Name	Street Address	City	State	Zip Code	Rate
	1	1	GACC	Harrison Retail	350 Amsterdam Avenue	New York	NY	10024	3.53000%
	2	2	JPMCB/CREFI	Bellagio Hotel and Casino	3600 South Las Vegas Boulevard	Las Vegas	NV	89109	3.170153%
	3	3	JPMCB	Kings Plaza	5100 Kings Plaza	Brooklyn	NY	11234	3.35880%
	4	4	JPMCB	3500 Lacey	3500 Lacey Road	Downers Grove	IL	60515	4.35000%
	5	5	JPMCB	FedEx Redmond	18795 Northeast 73rd Street	Redmond	WA	98052	3.87000%
	6	6	GACC	560 Mission Street	560 Mission Street	San Francisco	CA	94105	2.58900%
	7	7	GACC/JPMCB	1633 Broadway	1633 Broadway	New York	NY	10019	2.99000%
	8	8	GACC	Starwood Industrial Portfolio	Various	Various	Various	Various	3.23100%
	8.01	8.01	GACC	101 45th Street	101 45th Street	Munster	IN	46321	3.23100%
	8.02	8.02	GACC	4820-4850 Indianapolis Road	4820-4850 Indianapolis Road	Whitestown	IN	46075	3.23100%
	8.03	8.03	GACC	8401 Bearing Drive	8401 Bearing Drive	Indianapolis	IN	46268	3.23100%
	8.04	8.04	GACC	5900 North Meadows Drive	5900 North Meadows Drive	Grove City 	OH	43123	3.23100%
	8.05	8.05	GACC	5701 North Meadows Drive	5701 North Meadows Drive	Grove City 	OH	43123	3.23100%
	8.06	8.06	GACC	8421 Bearing Drive	8421 Bearing Drive	Indianapolis	IN	46268	3.23100%
	8.07	8.07	GACC	6451-6471 Northwind Parkway	6451-6471 Northwind Parkway	Hobart	IN	46342	3.23100%
	8.08	8.08	GACC	4910-4938 Indianapolis Road	4910-4938 Indianapolis Road	Whitestown	IN	46075	3.23100%
	8.09	8.09	GACC	6221-6241 Northwind Parkway	6221-6241 Northwind Parkway	Hobart	IN	46342	3.23100%
	8.10	8.10	GACC	775 Commerce Parkway West Drive	775 Commerce Parkway West Drive	Greenwood	IN	46143	3.23100%
	8.11	8.11	GACC	1901 Northwind Parkway	1901 Northwind Parkway	Hobart	IN	46342	3.23100%
	8.12	8.12	GACC	333 45th Street	333 45th Street	Munster	IN	46321	3.23100%
	8.13	8.13	GACC	221 South Swift Road	221 South Swift Road	Addison	IL	60101	3.23100%
	8.14	8.14	GACC	W234N2091 Ridgeview Parkway Court	W234N2091 Ridgeview Parkway Court	Pewaukee 	WI	53188	3.23100%
	8.15	8.15	GACC	2240 Creekside Parkway	2240 Creekside Parkway	Lockbourne	OH	43137	3.23100%
	8.16	8.16	GACC	201 South Swift Road	201 South Swift Road	Addison 	IL	60101	3.23100%
	8.17	8.17	GACC	8441 Bearing Drive	8441 Bearing Drive	Indianapolis	IN	46268	3.23100%
	8.18	8.18	GACC	4700 Ironwood Drive	4700 Ironwood Drive	Franklin	WI	53132	3.23100%
	8.19	8.19	GACC	4410 North 132nd Street	4410 North 132nd Street	Butler	WI	53007	3.23100%
	8.20	8.20	GACC	999 Gerdt Court	999 Gerdt Court	Greenwood	IN	46143	3.23100%
	8.21	8.21	GACC	480 45th Street	480 45th Street	Munster	IN	46321	3.23100%
	8.22	8.22	GACC	12857 South Hamlin Court	12857 South Hamlin Court	Alsip	IL	60803	3.23100%
	8.23	8.23	GACC	1695 Glen Ellyn Road	1695 Glen Ellyn Road	Glendale Heights 	IL	60139	3.23100%
	8.24	8.24	GACC	1701-1721 Northwind Parkway	1701-1721 Northwind Parkway	Hobart	IN	46342	3.23100%
	8.25	8.25	GACC	1245 Lakeside Drive	1245 Lakeside Drive	Romeoville	IL	60446	3.23100%
	8.26	8.26	GACC	3890 Perry Boulevard	3890 Perry Boulevard	Whitestown	IN	46075	3.23100%
	8.27	8.27	GACC	215 45th Street	215 45th Street	Munster	IN	46321	3.23100%
	8.28	8.28	GACC	845 Telser Road	845 Telser Road	Lake Zurich 	IL	60047	3.23100%
	8.29	8.29	GACC	1851 Northwind Parkway	1851 Northwind Parkway	Hobart	IN	46342	3.23100%
	8.30	8.30	GACC	1650 Northwind Parkway	1650 Northwind Parkway	Hobart	IN	46342	3.23100%
	8.31	8.31	GACC	225 45th Street	225 45th Street	Munster	IN	46321	3.23100%
	8.32	8.32	GACC	1600-1640 Northwind Parkway	1600-1640 Northwind Parkway	Hobart	IN	46342	3.23100%
	8.33	8.33	GACC	235 45th Street	235 45th Street	Munster	IN	46321	3.23100%
	9	9	CREFI	650 Madison Avenue	650 Madison Avenue	New York	NY	10022	3.48600%
	10	10	JPMCB	181 West Madison	181 West Madison Street	Chicago	IL	60602	3.90000%
	11	11	CREFI	Middleton Net Lease Portfolio	Various	Various	Various	Various	3.63000%
	11.01	11.03	CREFI	Asheboro - Walmart	1226 East Dixie Drive	Asheboro	NC	27203	3.63000%
	11.02	11.02	CREFI	West Seneca - Home Depot	1881 Ridge Road	West Seneca 	NY	14224	3.63000%
	11.03	11.04	CREFI	Concord - Walmart	150 Concord Commons Place Southwest	Concord	NC	28027	3.63000%
	11.04	11.01	CREFI	Cranberry - Walmart	10 Kimberly Lane	Cranberry 	PA	16319	3.63000%
	12	12	GACC	Landing Square	3378 Greenbriar Parkway Southwest	Atlanta	GA	30331	4.31500%
	13	13	CREFI	510 East 14th Street	510 East 14th Street	New York	NY	10009	2.92000%
	14	14	JPMCB	490-504 Myrtle Avenue	Various	Brooklyn	NY	11205	3.78764%
	14.01	14.01	JPMCB	504 Myrtle Avenue	504 Myrtle Avenue	Brooklyn	NY	11205	3.78764%
	14.02	14.02	JPMCB	490 Myrtle Avenue	490 Myrtle Avenue	Brooklyn	NY	11205	3.78764%
	15	15	JPMCB	1019 Market	1019 Market Street	San Francisco	CA	94103	3.78000%
	16	16	CREFI	65 Ainslie	65 Ainslie Street	Brooklyn	NY	11211	3.99000%
	17	17	JPMCB	Crowne Plaza Resort Asheville	1 Resort Drive	Asheville	NC	28806	4.10000%
	18	18	CREFI	Sunset Grove Shopping Center	4190 Illinois Route 83	Long Grove	IL	60047	3.74000%
	19	19	GACC	West Road Plaza	10241-10275 North Freeway	Houston	TX	77037	3.87000%
	20	20	JPMCB	2142-2172 Nostrand Avenue	2142-2146 Nostrand Avenue; 2156-2158 Nostrand Avenue; 2166-2172 Nostrand Avenue	Brooklyn	NY	11210	3.31000%
	21	21	JPMCB	Creekside	650, 660, 670 & 680 Hawthorne Avenue Southeast	Salem	OR	97301	3.55000%
	22	22	JPMCB	Amazon Distribution Salem	5475 Gaffin Road Southeast	Salem	OR	97317	3.85000%
	23	23	JPMCB	300-314 North College Street	300-314 North College Street	Charlotte	NC	28202	4.06500%

 

    	Mortgage Loan Schedule	 1 of 6	BMARK 2020-B16 Mortgage Loan Schedule_FINAL.xlsx

     

    
 

 

BMARK 2020-B16 - Mortgage Loan
Schedule

 

	 	 	Mortgage
    Loan	 	 	 	 	 	Mortage
	ID	Loan
    Number	 Seller	Mortgage
    Loan Name	Street
    Address	City	State	Zip
    Code	Rate
	24	24	CREFI	Giant Anchored Portfolio	Various	Various	PA	Various	3.87000%
	24.01	24.01	CREFI	Parkway Plaza	235-360 Cumberland Parkway	Mechanicsburg	PA	17055	3.87000%
	24.02	24.02	CREFI	Aston Center	3330 Concord Road	Aston 	PA	19014	3.87000%
	24.03	24.03	CREFI	Spring Meadow	2100-2104 Van Reed Road and 3104-3114 State Hill Road	Reading	PA	19609	3.87000%
	24.04	24.04	CREFI	Scott Town Center	1000 Scott Town Center	Bloomsburg	PA	17815	3.87000%
	24.05	24.05	CREFI	Creekside Marketplace	1880 Leithsville Road	Hellertown	PA	18055	3.87000%
	24.06	24.06	CREFI	Stonehenge Square	950 Walnut Bottom Road	Carlisle 	PA	17015	3.87000%
	24.07	24.07	CREFI	AYR Town Center	360-364 South Second Street	McConnellsburg	PA	17233	3.87000%
	25	25	JPMCB	Home Depot - Cleveland Heights	3460 Mayfield Road	Cleveland Heights	OH	44118	3.71000%
	26	26	JPMCB	Fairfield Inn & Suites Spokane	311 North Riverpoint Boulevard	Spokane	WA	99202	4.27600%
	27	27	CREFI	Northpoint Business Plaza	901 Northpoint Parkway	West Palm Beach	FL	33407	3.68000%
	28	28	CREFI	Monster Storage Portfolio	Various	Various	SC	Various	4.31000%
	28.01	28.01	CREFI	Monster Storage Westminster	2254 Sandifer Boulevard	Westminster	SC	29693	4.31000%
	28.02	28.02	CREFI	Monster Storage Seneca	365 Keowee School Road	Seneca	SC	29672	4.31000%
	29	29	GACC	Casa Laguna Hotel & Spa	2510 South Coast Highway	Laguna Beach	CA	92651	3.92400%
	30	30	GACC	SpringHill Suites Florence	2670 Hospitality Boulevard	Florence	SC	29501	4.06400%
	31	31	CREFI	CVS Argyle	111 FM 407 East	Argyle	TX	76226	4.18000%
	32	32	CREFI	MS & MO Storage Portfolio	Various	Various	Various	Various	4.06000%
	32.01	32.01	CREFI	Extra Space Long Beach	19135 Pineville Road 	Long Beach	MS	39560	4.06000%
	32.02	32.02	CREFI	Hampel Rd Storage	29 Hampel Road	Moscow Mills	MO	63362	4.06000%
	33	33	CREFI	A&W Storage	5333 South Meridian Road	Jackson	MI	49201	4.01000%

 

 

    	Mortgage Loan Schedule	 2 of 6	BMARK 2020-B16 Mortgage Loan Schedule_FINAL.xlsx

     

    

 

BMARK 2020-B16 - Mortgage Loan
Schedule 

 

	 	 	 	 	 	 	 	 	 	Servicing Fee Rate	Interest	 
	 	 	Mortgage Loan	 	Original Principal	Cut-off Date 	Maturity Date	Due	Monthly	Master Servicing	Primary Servicing	Accrual 	Letter of 
	ID	Loan Number	 Seller	Mortgage Loan Name	Balance	Stated Principal Balance	or ARD	Date 	Debt Service	Fee Rate	Fee Rate	Method	Credit
	1	1	GACC	Harrison Retail	$65,000,000	$65,000,000.00	01/06/2030	6	             193,864.00 	0.00125%	0.00125%	Actual/360	None
	2	2	JPMCB/CREFI	Bellagio Hotel and Casino	$60,000,000	$60,000,000.00	12/05/2029	5	160,709.15	0.00125%	0.00125%	Actual/360	None
	3	3	JPMCB	Kings Plaza	$50,000,000	$50,000,000.00	01/01/2030	1	141,893.75 	0.00125%	0.00125%	Actual/360	None
	4	4	JPMCB	3500 Lacey	$50,000,000	$50,000,000.00	12/01/2029	1	183,767.36	0.00125%	0.00125%	Actual/360	None
	5	5	JPMCB	FedEx Redmond	$45,140,000	$45,140,000.00	01/01/2030	1	147,598.40	0.00125%	0.00125%	Actual/360	None
	6	6	GACC	560 Mission Street	$45,000,000	$45,000,000.00	12/06/2029	6	               98,435.94 	0.00125%	0.00125%	Actual/360	None
	7	7	GACC/JPMCB	1633 Broadway	$45,000,000	$45,000,000.00	12/06/2029	6	             113,682.29 	0.00125%	0.00125%	Actual/360	None
	8	8	GACC	Starwood Industrial Portfolio	$45,000,000	$45,000,000.00	12/06/2029	6	             122,845.31 	0.00125%	0.00250%	Actual/360	None
	8.01	8.01	GACC	101 45th Street	$3,437,158	$3,437,157.61	 	 	 	 	 	 	 
	8.02	8.02	GACC	4820-4850 Indianapolis Road	$2,648,302	$2,648,301.77	 	 	 	 	 	 	 
	8.03	8.03	GACC	8401 Bearing Drive	$2,577,868	$2,577,868.21	 	 	 	 	 	 	 
	8.04	8.04	GACC	5900 North Meadows Drive	$2,282,047	$2,282,047.27	 	 	 	 	 	 	 
	8.05	8.05	GACC	5701 North Meadows Drive	$2,098,920	$2,098,920.02	 	 	 	 	 	 	 
	8.06	8.06	GACC	8421 Bearing Drive	$1,817,186	$1,817,185.79	 	 	 	 	 	 	 
	8.07	8.07	GACC	6451-6471 Northwind Parkway	$1,760,839	$1,760,838.94	 	 	 	 	 	 	 
	8.08	8.08	GACC	4910-4938 Indianapolis Road	$1,718,579	$1,718,578.80	 	 	 	 	 	 	 
	8.09	8.09	GACC	6221-6241 Northwind Parkway	$1,690,405	$1,690,405.38	 	 	 	 	 	 	 
	8.10	8.10	GACC	775 Commerce Parkway West Drive	$1,619,972	$1,619,971.83	 	 	 	 	 	 	 
	8.11	8.11	GACC	1901 Northwind Parkway	$1,563,625	$1,563,624.98	 	 	 	 	 	 	 
	8.12	8.12	GACC	333 45th Street	$1,493,191	$1,493,191.42	 	 	 	 	 	 	 
	8.13	8.13	GACC	221 South Swift Road	$1,436,845	$1,436,844.58	 	 	 	 	 	 	 
	8.14	8.14	GACC	W234N2091 Ridgeview Parkway Court	$1,352,324	$1,352,324.31	 	 	 	 	 	 	 
	8.15	8.15	GACC	2240 Creekside Parkway	$1,295,977	$1,295,977.46	 	 	 	 	 	 	 
	8.16	8.16	GACC	201 South Swift Road	$1,281,891	$1,281,890.75	 	 	 	 	 	 	 
	8.17	8.17	GACC	8441 Bearing Drive	$1,267,804	$1,267,804.04	 	 	 	 	 	 	 
	8.18	8.18	GACC	4700 Ironwood Drive	$1,239,631	$1,239,630.61	 	 	 	 	 	 	 
	8.19	8.19	GACC	4410 North 132nd Street	$1,197,370	$1,197,370.48	 	 	 	 	 	 	 
	8.20	8.20	GACC	999 Gerdt Court	$1,169,197	$1,169,197.06	 	 	 	 	 	 	 
	8.21	8.21	GACC	480 45th Street	$1,155,110	$1,155,110.35	 	 	 	 	 	 	 
	8.22	8.22	GACC	12857 South Hamlin Court	$1,098,764	$1,098,763.50	 	 	 	 	 	 	 
	8.23	8.23	GACC	1695 Glen Ellyn Road	$1,028,330	$1,028,329.94	 	 	 	 	 	 	 
	8.24	8.24	GACC	1701-1721 Northwind Parkway	$1,014,243	$1,014,243.23	 	 	 	 	 	 	 
	8.25	8.25	GACC	1245 Lakeside Drive	$887,463	$887,462.83	 	 	 	 	 	 	 
	8.26	8.26	GACC	3890 Perry Boulevard	$873,376	$873,376.12	 	 	 	 	 	 	 
	8.27	8.27	GACC	215 45th Street	$640,945	$640,945.38	 	 	 	 	 	 	 
	8.28	8.28	GACC	845 Telser Road	$633,902	$633,902.02	 	 	 	 	 	 	 
	8.29	8.29	GACC	1851 Northwind Parkway	$633,902	$633,902.02	 	 	 	 	 	 	 
	8.30	8.30	GACC	1650 Northwind Parkway	$563,468	$563,468.46	 	 	 	 	 	 	 
	8.31	8.31	GACC	225 45th Street	$563,468	$563,468.46	 	 	 	 	 	 	 
	8.32	8.32	GACC	1600-1640 Northwind Parkway	$549,382	$549,381.75	 	 	 	 	 	 	 
	8.33	8.33	GACC	235 45th Street	$408,515	$408,514.63	 	 	 	 	 	 	 
	9	9	CREFI	650 Madison Avenue	$45,000,000	$45,000,000.00	12/08/2029	8	132,540.63	0.00125%	0.00125%	Actual/360	None
	10	10	JPMCB	181 West Madison	$43,000,000	$43,000,000.00	12/01/2026	1	141,690.97	0.00125%	0.00125%	Actual/360	None
	11	11	CREFI	Middleton Net Lease Portfolio	$42,250,000	$42,250,000.00	12/06/2029	6	129,581.34	0.00125%	0.00125%	Actual/360	None
	11.01	11.03	CREFI	Asheboro - Walmart	$11,700,000	$11,700,000.00	 	 	 	 	 	 	 
	11.02	11.02	CREFI	West Seneca - Home Depot	$11,300,000	$11,300,000.00	 	 	 	 	 	 	 
	11.03	11.04	CREFI	Concord - Walmart	$10,700,000	$10,700,000.00	 	 	 	 	 	 	 
	11.04	11.01	CREFI	Cranberry - Walmart	$8,550,000	$8,550,000.00	 	 	 	 	 	 	 
	12	12	GACC	Landing Square	$36,200,000	$36,200,000.00	01/06/2030	6	             179,462.45 	0.00125%	0.00125%	Actual/360	None
	13	13	CREFI	510 East 14th Street	$35,000,000	$35,000,000.00	12/06/2029	6	86,349.54	0.00125%	0.00250%	Actual/360	None
	14	14	JPMCB	490-504 Myrtle Avenue	$35,000,000	$35,000,000.00	12/06/2029	6	112,007.18	0.00125%	0.00125%	Actual/360	None
	14.01	14.01	JPMCB	504 Myrtle Avenue	$21,599,433	$21,599,433.47	 	 	 	 	 	 	 
	14.02	14.02	JPMCB	490 Myrtle Avenue	$13,400,567	$13,400,566.53	 	 	 	 	 	 	 
	15	15	JPMCB	1019 Market	$33,500,000	$33,500,000.00	01/01/2030	1	106,990.63	0.00125%	0.00125%	Actual/360	None
	16	16	CREFI	65 Ainslie	$31,600,000	$31,600,000.00	01/06/2030	6	106,529.31	0.00125%	0.00125%	Actual/360	None
	17	17	JPMCB	Crowne Plaza Resort Asheville	$26,200,000	$26,200,000.00	02/01/2030	1	126,597.97	0.00125%	0.00125%	Actual/360	None
	18	18	CREFI	Sunset Grove Shopping Center	$23,350,000	$23,350,000.00	02/06/2030	6	73,784.92	0.00125%	0.00125%	Actual/360	None
	19	19	GACC	West Road Plaza	$21,000,000	$21,000,000.00	02/06/2030	6	               68,665.63 	0.00125%	0.00125%	Actual/360	None
	20	20	JPMCB	2142-2172 Nostrand Avenue	$15,000,000	$15,000,000.00	01/01/2030	1	41,949.65	0.00125%	0.00125%	Actual/360	None
	21	21	JPMCB	Creekside	$14,137,000	$14,137,000.00	12/01/2029	1	42,402.82	0.00125%	0.00125%	Actual/360	None
	22	22	JPMCB	Amazon Distribution Salem	$14,105,000	$14,105,000.00	12/01/2029	1	45,882.06	0.00125%	0.00125%	Actual/360	None
	23	23	JPMCB	300-314 North College Street	$10,630,000	$10,630,000.00	12/01/2024	1	36,509.25	0.00125%	0.00125%	Actual/360	None

 

 

    	Mortgage Loan Schedule	 3 of 6	BMARK 2020-B16 Mortgage Loan Schedule_FINAL.xlsx

     

    

 

BMARK 2020-B16 - Mortgage Loan
Schedule 

 

	 	 	 	 	 	 	 	 	 	Servicing Fee Rate	Interest	 
	 	 	Mortgage Loan	 	Original Principal	Cut-off Date 	Maturity Date	Due	Monthly	Master Servicing	Primary Servicing	Accrual 	Letter of 
	ID	Loan Number	 Seller	Mortgage Loan Name	Balance	Stated Principal Balance	or ARD	Date 	Debt Service	Fee Rate	Fee Rate	Method	Credit
	24	24	CREFI	Giant Anchored Portfolio	$10,000,000	$10,000,000.00	12/06/2029	6	46,995.11	0.00125%	0.00125%	Actual/360	None
	24.01	24.01	CREFI	Parkway Plaza	$1,907,216	$1,907,216.49	 	 	 	 	 	 	 
	24.02	24.02	CREFI	Aston Center	$1,649,485	$1,649,484.54	 	 	 	 	 	 	 
	24.03	24.03	CREFI	Spring Meadow	$1,639,175	$1,639,175.26	 	 	 	 	 	 	 
	24.04	24.04	CREFI	Scott Town Center	$1,422,680	$1,422,680.41	 	 	 	 	 	 	 
	24.05	24.05	CREFI	Creekside Marketplace	$1,391,753	$1,391,752.58	 	 	 	 	 	 	 
	24.06	24.06	CREFI	Stonehenge Square	$1,154,639	$1,154,639.18	 	 	 	 	 	 	 
	24.07	24.07	CREFI	AYR Town Center	$835,052	$835,051.55	 	 	 	 	 	 	 
	25	25	JPMCB	Home Depot - Cleveland Heights	$9,590,000	$9,590,000.00	01/01/2030	1	30,060.88	0.00125%	0.00125%	Actual/360	None
	26	26	JPMCB	Fairfield Inn & Suites Spokane	$8,020,000	$7,999,872.57	12/01/2029	1	39,575.75	0.00125%	0.00125%	Actual/360	None
	27	27	CREFI	Northpoint Business Plaza	$7,395,000	$7,395,000.00	01/06/2030	6	22,992.97	0.00125%	0.00125%	Actual/360	None
	28	28	CREFI	Monster Storage Portfolio	$6,800,000	$6,800,000.00	01/06/2030	6	33,691.20	0.00125%	0.00125%	Actual/360	None
	28.01	28.01	CREFI	Monster Storage Westminster	$3,750,000	$3,750,000.00	 	 	 	 	 	 	 
	28.02	28.02	CREFI	Monster Storage Seneca	$3,050,000	$3,050,000.00	 	 	 	 	 	 	 
	29	29	GACC	Casa Laguna Hotel & Spa	$6,500,000	$6,500,000.00	12/06/2029	6	               21,550.21 	0.00125%	0.00125%	Actual/360	None
	30	30	GACC	SpringHill Suites Florence	$6,500,000	$6,500,000.00	01/06/2030	6	               31,272.30 	0.00125%	0.00125%	Actual/360	None
	31	31	CREFI	CVS Argyle	$4,825,000	$4,825,000.00	01/06/2030	6	17,040.52	0.00125%	0.00125%	Actual/360	None
	32	32	CREFI	MS & MO Storage Portfolio	$4,650,000	$4,650,000.00	12/06/2029	6	22,360.96	0.00125%	0.00125%	Actual/360	None
	32.01	32.01	CREFI	Extra Space Long Beach	$2,500,000	$2,500,000.00	 	 	 	 	 	 	 
	32.02	32.02	CREFI	Hampel Rd Storage	$2,150,000	$2,150,000.00	 	 	 	 	 	 	 
	33	33	CREFI	A&W Storage	$3,725,000	$3,725,000.00	12/06/2029	6	17,805.20	0.00125%	0.00125%	Actual/360	None

 

 

    	Mortgage Loan Schedule	 4 of 6	BMARK 2020-B16 Mortgage Loan Schedule_FINAL.xlsx

     

    

 

BMARK 2020-B16 - Mortgage Loan
Schedule

 

	 	 	Mortgage Loan	 	 	Part of	Leasehold	Current Mezzanine
	ID	Loan Number	 Seller	Mortgage Loan Name	Post-ARD Revised Rate	Whole Loan	Interest	or Subordinate Debt
	1	1	GACC	Harrison Retail	None	No	No	None
	2	2	JPMCB/CREFI	Bellagio Hotel and Casino	None	Yes	Yes	$650,500,000 B-Notes; $683,300,000 C-Notes
	3	3	JPMCB	Kings Plaza	None	Yes	Yes	$53,000,000 Mezzanine Debt
	4	4	JPMCB	3500 Lacey	None	Yes	No	None
	5	5	JPMCB	FedEx Redmond	None	No	No	None
	6	6	GACC	560 Mission Street	None	Yes	No	None
	7	7	GACC/JPMCB	1633 Broadway	None	Yes	No	$249,000,000 B Note
	8	8	GACC	Starwood Industrial Portfolio	None	Yes	No	$65,527,072 B Note
	8.01	8.01	GACC	101 45th Street	 	 	No	 
	8.02	8.02	GACC	4820-4850 Indianapolis Road	 	 	No	 
	8.03	8.03	GACC	8401 Bearing Drive	 	 	No	 
	8.04	8.04	GACC	5900 North Meadows Drive	 	 	No	 
	8.05	8.05	GACC	5701 North Meadows Drive	 	 	No	 
	8.06	8.06	GACC	8421 Bearing Drive	 	 	No	 
	8.07	8.07	GACC	6451-6471 Northwind Parkway	 	 	No	 
	8.08	8.08	GACC	4910-4938 Indianapolis Road	 	 	No	 
	8.09	8.09	GACC	6221-6241 Northwind Parkway	 	 	No	 
	8.10	8.10	GACC	775 Commerce Parkway West Drive	 	 	No	 
	8.11	8.11	GACC	1901 Northwind Parkway	 	 	No	 
	8.12	8.12	GACC	333 45th Street	 	 	No	 
	8.13	8.13	GACC	221 South Swift Road	 	 	No	 
	8.14	8.14	GACC	W234N2091 Ridgeview Parkway Court	 	 	No	 
	8.15	8.15	GACC	2240 Creekside Parkway	 	 	No	 
	8.16	8.16	GACC	201 South Swift Road	 	 	No	 
	8.17	8.17	GACC	8441 Bearing Drive	 	 	No	 
	8.18	8.18	GACC	4700 Ironwood Drive	 	 	No	 
	8.19	8.19	GACC	4410 North 132nd Street	 	 	No	 
	8.20	8.20	GACC	999 Gerdt Court	 	 	No	 
	8.21	8.21	GACC	480 45th Street	 	 	No	 
	8.22	8.22	GACC	12857 South Hamlin Court	 	 	No	 
	8.23	8.23	GACC	1695 Glen Ellyn Road	 	 	No	 
	8.24	8.24	GACC	1701-1721 Northwind Parkway	 	 	No	 
	8.25	8.25	GACC	1245 Lakeside Drive	 	 	No	 
	8.26	8.26	GACC	3890 Perry Boulevard	 	 	No	 
	8.27	8.27	GACC	215 45th Street	 	 	No	 
	8.28	8.28	GACC	845 Telser Road	 	 	No	 
	8.29	8.29	GACC	1851 Northwind Parkway	 	 	No	 
	8.30	8.30	GACC	1650 Northwind Parkway	 	 	No	 
	8.31	8.31	GACC	225 45th Street	 	 	No	 
	8.32	8.32	GACC	1600-1640 Northwind Parkway	 	 	No	 
	8.33	8.33	GACC	235 45th Street	 	 	No	 
	9	9	CREFI	650 Madison Avenue	None	Yes	No	$213,200,000 B Note
	10	10	JPMCB	181 West Madison	None	Yes	No	$132,100,000 B Note
	11	11	CREFI	Middleton Net Lease Portfolio	None	No	No	None
	11.01	11.03	CREFI	Asheboro - Walmart	 	 	No	 
	11.02	11.02	CREFI	West Seneca - Home Depot	 	 	No	 
	11.03	11.04	CREFI	Concord - Walmart	 	 	No	 
	11.04	11.01	CREFI	Cranberry - Walmart	 	 	No	 
	12	12	GACC	Landing Square	None	No	No	None
	13	13	CREFI	510 East 14th Street	None	Yes	Yes	$75,000,000 Mezzanine Debt
	14	14	JPMCB	490-504 Myrtle Avenue	None	Yes	No	$20,000,000 Mezzanine Debt
	14.01	14.01	JPMCB	504 Myrtle Avenue	 	 	No	 
	14.02	14.02	JPMCB	490 Myrtle Avenue	 	 	No	 
	15	15	JPMCB	1019 Market	None	No	No	None
	16	16	CREFI	65 Ainslie	None	No	No	None
	17	17	JPMCB	Crowne Plaza Resort Asheville	None	No	No	None
	18	18	CREFI	Sunset Grove Shopping Center	None	No	No	None
	19	19	GACC	West Road Plaza	None	No	No	None
	20	20	JPMCB	2142-2172 Nostrand Avenue	None	No	No	None
	21	21	JPMCB	Creekside	None	No	No	None
	22	22	JPMCB	Amazon Distribution Salem	None	No	No	None
	23	23	JPMCB	300-314 North College Street	None	No	No	None

 

 

    	Mortgage Loan Schedule	 5 of 6	BMARK 2020-B16 Mortgage Loan Schedule_FINAL.xlsx

     

    

 

BMARK 2020-B16 - Mortgage Loan
Schedule 

 

	 	 	Mortgage Loan	 	 	Part of	Leasehold	Current Mezzanine
	ID	Loan Number	 Seller	Mortgage Loan Name	Post-ARD Revised Rate	Whole Loan	Interest	or Subordinate Debt
	24	24	CREFI	Giant Anchored Portfolio	None	Yes	No	None
	24.01	24.01	CREFI	Parkway Plaza	 	 	No	 
	24.02	24.02	CREFI	Aston Center	 	 	No	 
	24.03	24.03	CREFI	Spring Meadow	 	 	No	 
	24.04	24.04	CREFI	Scott Town Center	 	 	No	 
	24.05	24.05	CREFI	Creekside Marketplace	 	 	No	 
	24.06	24.06	CREFI	Stonehenge Square	 	 	No	 
	24.07	24.07	CREFI	AYR Town Center	 	 	No	 
	25	25	JPMCB	Home Depot - Cleveland Heights	None	No	No	None
	26	26	JPMCB	Fairfield Inn & Suites Spokane	None	No	No	None
	27	27	CREFI	Northpoint Business Plaza	None	No	No	None
	28	28	CREFI	Monster Storage Portfolio	None	No	No	None
	28.01	28.01	CREFI	Monster Storage Westminster	 	 	No	 
	28.02	28.02	CREFI	Monster Storage Seneca	 	 	No	 
	29	29	GACC	Casa Laguna Hotel & Spa	None	No	No	None
	30	30	GACC	SpringHill Suites Florence	None	No	No	None
	31	31	CREFI	CVS Argyle	None	No	No	None
	32	32	CREFI	MS & MO Storage Portfolio	None	No	No	None
	32.01	32.01	CREFI	Extra Space Long Beach	 	 	No	 
	32.02	32.02	CREFI	Hampel Rd Storage	 	 	No	 
	33	33	CREFI	A&W Storage	None	No	No	None

 

    	Mortgage Loan Schedule	 6 of 6	BMARK 2020-B16 Mortgage Loan Schedule_FINAL.xlsx

     

    

 

 

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-B16 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series 2020-B16, Class R
(the “Class R Certificate”) is a Permitted Transferee (as defined in Article I of the Pooling and Servicing
Agreement, dated as of February 1, 2020 (the “Pooling and Servicing Agreement”), between Deutsche Mortgage
& Asset Receiving Corporation, as depositor, Midland Loan Services, a Division of PNC Bank, National Association, as master
servicer, KeyBank National Association, as special servicer, Park Bridge Lender Services LLC, as operating advisor and asset representations
reviewer, 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.

 

    C-1-1 

     

    

 

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, 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 highest rate currently specified in Code Section
11(b) (but the tax rate in Code Section 55(b)(1)(B) may be used in lieu of the highest rate specified in Code Section 11(b) if
the Purchaser has been subject to the alternative minimum tax under Code Section 55 in the preceding two years and will compute
its taxable income in the current taxable year using the alternative minimum tax rate) and (ii) present values are computed using
a discount rate equal to the short term Federal rate prescribed by Code Section 1274(d) for the month of the transfer and the
compounding period used by the Purchaser.

 

☐             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-B16 Mortgage Trust

 

		Re:	Pooling
                                         and Servicing Agreement (“Pooling and Servicing Agreement”) relating
                                         to Benchmark 2020-B16 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series
                                         2020-B16, 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 VRR INTEREST CERTIFICATES

 

[Date]

 

	Wells
Fargo Bank, National Association

9062 Old Annapolis Road

Columbia, Maryland 21045 

        Attention:
        Risk Retention Custody – BMARK 2020-B16

         

        with
        a copy to:

         

        riskretentioncustody@wellsfargo.com

         

	German
        American Capital Corporation

        60 Wall Street

        New York, New York 10005

        Attention: Lainie Kaye

         

	Deutsche
Mortgage & Asset Receiving Corporation 

        60
Wall Street 

        New
York, New York 10005 

        Attention:
Lainie Kaye 

         

        with
        a copy via email to:

         

        cmbs.requests@db.com

         

		Re:	Benchmark
                                         2020-B16 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series 2020-B16
                                         (the “Certificates”) issued pursuant to the Pooling and Servicing
                                         Agreement, dated as of February 1, 2020 (the “Pooling and Servicing Agreement”),
                                         between Deutsche Mortgage & Asset Receiving Corporation, as Depositor, Midland Loan
                                         Services, a Division of PNC Bank, National Association, as Master Servicer, KeyBank National
                                         Association, as Special Servicer, Park Bridge Lender Services LLC , as Operating Advisor
                                         and as Asset Representations Reviewer, and Wells Fargo Bank, National Association, as
                                         Trustee, as Certificate Administrator, as Paying Agent and as 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:

 

    C-5-1 

     

    

 

		1.	The
                                         Purchaser is acquiring from [__________] (the “Transferor”) [$[_____]
                                         principal balance of the VRR Interest (the “Transferred Interest”)]

 

		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 retirement
                                         arrangement, including an individual retirement account or a Keogh plan, which is subject
                                         to the Employee Retirement Income Security Act of 1974, as amended (“ERISA”)
                                         or to Code Section 4975, 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 fiduciary responsibility provisions of ERISA
                                         or to Section 4975 of the Code (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 by reason of a Plan’s investment
                                         in the entity ((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.

 

    C-5-2 

     

    

 

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]	 
	 	 	 
	DEUTSCHE MORTGAGE & ASSET RECEIVING CORPORATION	 
	 	 	 
	By:	 	 
	 	Name:	 
	 	Title:	 

 

    C-5-4 

     

    

 

	By:	 	 
	 	Name:	 
	 	Title:	 
	 	 	 
	 	[Medallion Stamp
    Guarantee]	 

 

    C-5-5 

     

    

 

EXHIBIT
C-6

 

FORM
OF TRANSFEROR Certificate for TransferS of

THE CLASS VRR INTEREST CERTIFICATES

 

[Date]

 

	Wells
Fargo Bank, National Association

9062 Old Annapolis Road

Columbia, Maryland 21045 

        Attention:
        Risk Retention Custody – BMARK 2020-B16

         

        with
        a copy to:

         

        riskretentioncustody@wellsfargo.com

         

	German
        American Capital Corporation

        60 Wall Street

        New York, New York 10005

        Attention: Lainie Kaye

         

	Deutsche
Mortgage & Asset Receiving Corporation 

        60
Wall Street 

        New
York, New York 10005 

        Attention:
        Lainie Kaye

         

        with
        a copy via email to:

         

        cmbs.requests@db.com

 

		Re:	Benchmark
2020-B16 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series 2020-B16 (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 VRR Interest (the “Transferred Interest”)]

 

The
Certificates were issued pursuant to the Pooling and Servicing Agreement, dated as of February 1, 2020 (the “Pooling
and Servicing Agreement”), between Deutsche Mortgage & Asset Receiving Corporation, as depositor, Midland Loan Services,
a Division of PNC Bank, National Association, as master servicer, KeyBank National Association, as special servicer, Park Bridge
Lender Services LLC, as operating advisor and as asset representations reviewer, and Wells Fargo Bank, National Association, as
trustee, as certificate administrator, as

 

    C-6-1 

     

    

 

paying agent and as custodian. All capitalized terms used but not otherwise defined
herein shall have the respective meanings set forth in the Pooling and Servicing Agreement. The Transferor hereby certifies, represents
and warrants to you, 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.

 

		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__.

 

	 	 	[TRANSFEROR]
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

  

The
foregoing certificate is hereby confirmed, and the transfer is accepted, as of the date first above written:

 

    C-6-2 

     

    

 

	[APPLICABLE RETAINING PARTY]	 
	 	 	 
	By:	 	 
	 	Name:	 
	 	Title:	 
	 	 	 
	[Medallion Stamp Guarantee]	 
	 	 	 
	GERMAN AMERICAN CAPITAL CORPORATION	 
	 	 	 
	By:	 	 
	 	Name:	 
	 	Title:	 
	 	 	 
	By:	 	 
	 	Name:	 
	 	Title:	 
	 	 	 
	[Medallion Stamp Guarantee]	 
	 	 	 
	DEUTSCHE MORTGAGE & ASSET RECEIVING
    CORPORATION	 
	 	 	 
	By:	 	 
	 	Name:	 
	 	Title:	 
	 	 	 
	By:	 	 
	 	Name:	 
	 	Title:	 
	[Medallion Stamp Guarantee]	 

 

    C-6-3 

     

    

 

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-B16 Mortgage Trust

 

Deutsche
Mortgage & Asset Receiving Corporation

60 Wall Street

New York, New York 10005

Attention: Lainie Kaye

 

with
a copy via email to:

 

cmbs.requests@db.com

 

		Re:	Transfer
of Benchmark 2020-B16 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series 2020-B16: Class [     ]

 

Ladies
and Gentlemen:

 

This
letter is delivered pursuant to Section 5.02 of the Pooling and Servicing Agreement dated as of February 1, 2020 (the “Pooling
and Servicing Agreement”), entered into between Deutsche Mortgage & Asset Receiving Corporation, as depositor, Midland
Loan Services, a Division of PNC Bank, National Association, as master servicer, KeyBank National Association, as special servicer,
Park Bridge Lender Services LLC, as operating advisor and as asset representations reviewer, and Wells Fargo Bank, National Association,
as trustee, as certificate administrator, as paying agent and as custodian, on behalf of the holders of Benchmark 2020-B16 Mortgage
Trust Commercial Mortgage Pass-Through Certificates (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 

 

    D-1-1 

     

    

 

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 investment
discretion. The Purchaser hereby undertakes to reimburse the Trust for any costs incurred by it in connection with this transfer.

 

[For
Qualified Institutional Buyers only] 1. The Purchaser is a “qualified institutional buyer” within the meaning of Rule
144A (“Rule 144A”) promulgated under the Securities Act of 1933, as amended (the “Securities Act”).
The Purchaser is aware that the transfer is being made in reliance on Rule 144A, and the Purchaser has had the opportunity to
obtain the information required to be provided pursuant to paragraph (d)(4)(i) of Rule 144A.

 

		2.	The
                                         Purchaser’s intention is to acquire the Certificate (a) for investment for the
                                         Purchaser’s own account or (b) for 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.

 

		3.	The
                                         Purchaser acknowledges that the Certificate (and any Certificate issued on transfer or
                                         exchange thereof) has not been registered or qualified under the Securities Act or the
                                         securities laws of any State or any other jurisdiction, and that the Certificate cannot
                                         be reoffered, resold, pledged or otherwise transferred unless it is registered or qualified
                                         thereunder or unless an exemption from such registration or qualification is available.

 

		4.	The
                                         Purchaser has reviewed the applicable Private Placement Memorandum dated January 27,
                                         2020, relating to the Certificates (the “Private Placement Memorandum”)
                                         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 Private Placement Memorandum.

 

    D-1-2 

     

    

 

		5.	The
                                         Purchaser hereby undertakes to be bound by the terms and conditions of the Pooling and
                                         Servicing Agreement in its capacity as an owner of a Certificate or Certificates, as
                                         the case may be (each, a “Certificateholder”), in all respects as
                                         if it were a signatory thereto. This undertaking is made for the benefit of the Trust,
                                         the Trustee, the Certificate Administrator, the Certificate Registrar and all Certificateholders
                                         present and future.

 

		6.	The
                                         Purchaser will not sell or otherwise transfer any portion of the Certificate, except
                                         in compliance with Section 5.02 of the Pooling and Servicing Agreement.

 

		7.	Check
                                         one of the following:

 

		☐	The
                                         Purchaser is a “U.S. Tax Person” (as defined below) and it has attached hereto
                                         an Internal Revenue Service (“IRS”) Form W-9 (or successor form).

 

		☐	The
                                         Purchaser is not a “U.S. Tax Person” (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).

 

    D-1-3 

     

    

 

Please
make all payments due on the Certificates: **

 

(a)
 by wire transfer to the following account at a bank or entity in New York, New York, having appropriate facilities
therefor:

 

		Account number:	 	 
	 	 	 	 
	 	Institution:	 	 

 

(b)
 by mailing a check or draft to the following address:

 

		 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 

 

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

 

Dated: ________________,
20___

 

 

 

 

* Delete for Class R.

 

** Only to be filled out by Purchasers of Individual Certificates. Please select (a) or (b).

 

    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-B16 Mortgage Trust

 

Deutsche Mortgage & Asset Receiving Corporation

60 Wall Street

New York, New York 10005

Attention: Lainie Kaye

 

with
a copy via email to:

 

cmbs.requests@db.com

 

		Re:	Benchmark
2020-B16 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series 2020-B16, Class [    ]

 

Ladies
and Gentlemen:

 

_______________
(the “Purchaser”) intends to purchase from _______________ (the “Seller”) [$_____ initial
Certificate Balance][$_____ initial Notional Amount][ or _____% Percentage Interest] of Benchmark 2020-B16 Mortgage Trust Commercial
Mortgage Pass-Through Certificates, Class [_____], CUSIP No. _____ (the “Certificates”), issued pursuant
to the Pooling and Servicing Agreement dated as of February 1, 2020 (the “Pooling and Servicing Agreement”),
between Deutsche Mortgage & Asset Receiving Corporation, as depositor, Midland Loan Services, a Division of PNC Bank, National
Association, as master servicer, KeyBank National Association, as special servicer, Park Bridge Lender Services LLC, as operating
advisor and as asset representations reviewer, and Wells Fargo Bank, National Association, as trustee, as certificate administrator,
as paying agent and as 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 retirement arrangement, including an individual retirement
account or a Keogh plan, which is subject to the Employee Retirement Income Security Act of 1974, as amended (“ERISA”)
or to Code Section 4975, 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 fiduciary responsibility provisions
of ERISA or to Section 4975 of the Code (each, a “Plan”), or (b) any 

 

    D-2-1 

     

    

 

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 by reason of a Plan’s
investment in the entity (within the meaning of Labor Regulation Section 2510.3-101, as modified by Section 3(42) of ERISA), other
than (except in the case of the Class R Certificates and the VRR 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 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 a non-exempt violation exemption under Similar Law.

 

The
Purchaser understands that if the Purchaser is a person referred to in clause (a) or (b) above, except in the case of the Class
R Certificates and the VRR Interest, which may not be transferred unless the transferee represents it is not such a person, such
Purchaser is required to provide to the Certificate Registrar any Opinions of Counsel, officers’ certificates or agreements
as may be required by such persons, and which establishes to the satisfaction of the Depositor, the Certificate Administrator
and the Certificate Registrar that the purchase and holding of the Certificates by or on behalf of a Plan will not constitute
or result in a non-exempt prohibited transaction within the meaning of Section 406 and Section 407 of ERISA or Code Section 4975
or any corresponding provision of any Similar Law, and will not subject the Depositor, the Certificate Administrator, the Trustee,
the Master Servicer, the Special Servicer, the Operating Advisor, the Asset Representations Reviewer, the Initial Purchasers,
the Underwriters or the Certificate Registrar to any obligation or liability (including obligations or liabilities under ERISA,
Code Section 4975 or Similar Law), which Opinions of Counsel, officers’ certificates or agreements shall not be at the expense
of the Master Servicer, the Special Servicer, the Operating Advisor, the Depositor, the Certificate Administrator, the Trustee,
the Asset Representations Reviewer, the Initial Purchasers, the Underwriters, the Trust or the Certificate Registrar.

 

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-B16 Mortgage Trust

 

		Re:	Pooling
and Servicing Agreement (“Pooling and Servicing Agreement”) relating to Benchmark 2020-B16 Mortgage Trust Commercial
Mortgage Pass-Through Certificates, Series 2020-B16

 

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 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 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 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 is being foreclosed.

 

	 	_____	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

 

    E-1 

     

    

 

[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
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 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 U.S. 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 IN COMPLIANCE WITH THE SECURITIES ACT AND OTHER APPLICABLE LAWS,
AND ONLY (A)(1) PURSUANT TO A REGISTRATION STATEMENT WHICH HAS BEEN DECLARED EFFECTIVE UNDER THE SECURITIES ACT, (2) FOR SO LONG
AS THIS CERTIFICATE IS ELIGIBLE FOR RESALE PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”), TO AN INSTITUTIONAL
INVESTOR THAT THE HOLDER REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” WITHIN THE MEANING OF RULE 144A
(“QUALIFIED INSTITUTIONAL BUYER”), PURCHASING FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF ANOTHER QUALIFIED INSTITUTIONAL
BUYER, WHOM THE HOLDER HAS INFORMED, IN EACH CASE, THAT THE REOFFER, RESALE, PLEDGE OR OTHER TRANSFER IS BEING MADE IN RELIANCE
ON RULE 144A, (3) (EXCEPT WITH RESPECT TO THE CLASS R CERTIFICATES) TO OTHER INSTITUTIONAL INVESTORS THAT ARE “ACCREDITED
INVESTORS” WITHIN THE MEANING OF RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT OR ANY ENTITY
IN WHICH ALL OF THE EQUITY OWNERS ARE INSTITUTIONAL INVESTORS THAT ARE “ACCREDITED INVESTORS” WITHIN THE MEANING OF
RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT, OR (4) (EXCEPT WITH RESPECT TO THE CLASS R CERTIFICATES)
TO INSTITUTIONS THAT ARE A NON-“U.S. PERSON” IN AN “OFFSHORE TRANSACTION” AS SUCH TERMS ARE DEFINED IN,
AND IN ACCORDANCE WITH RULE 903 OR RULE 904 OF REGULATION S UNDER THE SECURITIES ACT, AND (B) IN ACCORDANCE WITH ANY OTHER 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 QUALIFIED INSTITUTIONAL BUYER 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 QUALIFIED INSTITUTIONAL BUYER 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-B16 Mortgage Trust

 

		Re:	Transfer
                                         of Benchmark 2020-B16 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series
                                         2020-B16, Class [    ]

 

Ladies
and Gentlemen:

 

This
certificate is delivered pursuant to Section 5.02 of the Pooling and Servicing Agreement, dated as of February 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-B16 Mortgage Trust Commercial Mortgage Pass Through Certificates, Series 2020-B16, 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

 

 

 

* Insert one of these two provisions, which come from the definition of “offshore transaction” in Regulation S.

 

    G-1 

     

    

 

through
the facilities of a designated offshore securities market and neither there undersigned 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 Operating Advisor, the Asset Representations Reviewer, 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-B16 Mortgage Trust

 

		Re:	Transfer
of Benchmark 2020-B16 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series 2020-B16, Class [    ]

 

Reference
is hereby made to the Pooling and Servicing Agreement, dated as of February 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 Operating Advisor, the Asset Representations Reviewer, 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-B16 Mortgage Trust

 

		Re:	Transfer
                                         of Benchmark 2020-B16 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series
                                         2020-B16, Class [    ]

 

Reference is hereby made
to the Pooling and Servicing Agreement, dated as of February 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,

 

    I-1

     

    

 

[(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,]* 

 

[(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 Operating Advisor, the Asset Representations Reviewer, the Master Servicer and the Special Servicer.

 

	 	[Insert
Name of Transferor]
	 	 
	 	By:	 
	 	 	Name:

Title:

 

Dated: _______________, 20___ 

 

 

 

*
Insert one of these two provisions, which come from the definition of “offshore transaction” in Regulation S.

 

 

    I-2

     

    

 

EXHIBIT J

 

FORM OF TRANSFER CERTIFICATE

FOR 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-B16 Mortgage Trust

 

		Re:	Transfer
                                         of Benchmark 2020-B16 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series
                                         2020-B16, Class [    ] 

 

Reference is hereby made
to the Pooling and Servicing Agreement, dated as of February 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.

 

 

 

*
Select appropriate depositary.

 

    J-1

     

    

 

This certificate and
the statements contained herein are made for your benefit and the benefit of the Depositor, the Certificate Administrator, the
Trustee, the Operating Advisor, the Asset Representations Reviewer, the Master Servicer and the Special Servicer.

 

	 	[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-B16 Mortgage Trust

    

    Commercial Mortgage Pass-Through Certificates

    

    Series 2020-B16	For Additional
    Information please contact
	CTSLink Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Distribution Date:	3/17/20
	Record Date:	2/29/20
	Determination Date:	3/11/20

	 	 	 	 	 	 	 	 	 
	 	 	 	 	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	 	 	 
	 	 	 	 	Supplemental Reporting	23	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Depositor	 	 	 	Master Servicer	 	 	 	Special Servicer	 	 	 	Asset
    Representations 

Reviewer/Operating Advisor	 	 
	 	 	

Deutsche Mortgage & Asset 

Receiving Corporation
60 Wall Street

New York, NY 10005

 

 
 

 

 

 

 

Contact:  Helaine M. Kaplan

Phone Number:      (212) 250-5270
	 	 	 	Midland
Loan Services, a Division of PNC Bank, National Association
10851
Mastin Street
Suite 700
Overland Park, KS 66210

     

                                                                                                                                        

                                                                                                                                        

                                                                                                                                        

                                                                                                                                        

                                                                                                                                        

                                                                                                                                       Contact:    Heather Wagner
Phone Number:    (913) 253-9570

	 	 	 	KeyBank National Association

11501 Outlook Street,

Suite 300

Overland Park, KS 66211

                                                                                                                                               

                                                                                                                                               

                                                                                                                                               

                                                                                                                                               

                                                                                                                                              Contact:

                                                                                                                                               

                                                                                                                                              Michael Tilden

	 	 	 	Park Bridge Lender Services LLC
600 Third Avenue,
40th Floor

                                                                                                                     New York, NY 10016
 

                                                                                                                      

 

 

 

 

                                         Contact:
                                                     David Rodgers

                                         Phone Number:    (212) 230-9025
	 	 
	 	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 23

 

     K-2 

     

    

 

	 	 	 	 
	

         

        Wells Fargo Bank, N.A. 

        Corporate Trust Services 

        8480 Stagecoach Circle 

        Frederick, MD 21701-4747
	BENCHMARK 2020-B16 Mortgage Trust

    

    Commercial Mortgage Pass-Through Certificates

    

    Series 2020-B16	For Additional
    Information please contact
	CTSLink Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Distribution Date:	3/17/20
	Record Date:	2/29/20
	Determination Date:	3/11/20

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	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-1	 	 	 	0.000000%	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 
	 	 	A-2	 	 	 	0.000000%	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 
	 	 	A-3	 	 	 	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-4	 	 	 	0.000000%	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 
	 	 	A-5	 	 	 	0.000000%	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 
	 	 	A-M	 	 	 	0.000000%	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 
	 	 	B	 	 	 	0.000000%	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 
	 	 	C	 	 	 	0.000000%	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 
	 	 	D	 	 	 	0.000000%	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 
	 	 	E	 	 	 	0.000000%	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 
	 	 	F	 	 	 	0.000000%	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 
	 	 	G	 	 	 	0.000000%	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 
	 	 	H	 	 	 	0.000000%	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 
	 	 	R	 	 	 	0.000000%	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 
	 	 	VRR Interest	 	 	 	0.000000%	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 
	 	 	Totals	 	 	 	 	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Class	 	 CUSIP	 	Pass-Through

    Rate	Original

    Notional
 Amount	Beginning

    Notional

    Amount	 	Interest

    Distribution	 	Prepayment

    Premium	 	Total

    Distribution	Ending

    Notional

    Amount	 	 	 	 	 	 	 	 
	 	 	X-A	 	 	 	0.000000%	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 	 	 	 	 	 	 
	 	 	X-B	 	 	 	0.000000%	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 	 	 	 	 	 	 
	 	 	X-D	 	 	 	0.000000%	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 	 	 	 	 	 	 
	 	 	X-F	 	 	 	0.000000%	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 	 	 	 	 	 	 
	 	 	X-G	 	 	 	0.000000%	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 	 	 	 	 	 	 
	 	 	X-H	 	 	 	0.000000%	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 	 	 	 	 	 	 
	 	 	(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 23

 

     K-3 

     

    

 

	 	 	 	 
	

         

        Wells Fargo Bank, N.A. 

        Corporate Trust Services 

        8480 Stagecoach Circle 

        Frederick, MD 21701-4747
	BENCHMARK 2020-B16 Mortgage Trust

    

    Commercial Mortgage Pass-Through Certificates

    

    Series 2020-B16	For Additional
    Information please contact
	CTSLink Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Distribution Date:	3/17/20
	Record Date:	2/29/20
	Determination Date:	3/11/20

	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	Certificate
    Factor Detail
	 	 	 	 	 	 	 	 	 	 
	 	Class	CUSIP	Beginning

                                         Balance
	Principal

                                         Distribution
	Interest

                                         Distribution
	Prepayment

                                         Premium
	Realized
                                         Loss/

                                         Additional Trust

                                         Fund Expenses
	Ending

                                         Balance
	 
	 	 
	 	 
	 	A-1	 	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	 
	 	A-2	 	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	 
	 	A-3	 	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-4	 	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	 
	 	A-5	 	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	 
	 	A-M	 	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	 
	 	B	 	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	 
	 	C	 	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	 
	 	D	 	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	 
	 	E	 	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	 
	 	F	 	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	 
	 	G	 	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	 
	 	H	 	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	 
	 	R	 	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	 
	 	VRR Interest	 	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	 
	 	 	 	 	 	 	 	 	 	 
	 	Class	CUSIP	Beginning

        Notional

        Amount
	Interest

        Distribution
	Prepayment

        Premium
	Ending

        Notional

        Amount
	 	 	 
	 	 	 	 
	 	 	 	 
	 	X-A	 	0.00000000	0.00000000	0.00000000	0.00000000	 	 	 
	 	X-B	 	0.00000000	0.00000000	0.00000000	0.00000000	 	 	 
	 	X-D	 	0.00000000	0.00000000	0.00000000	0.00000000	 	 	 
	 	X-F	 	0.00000000	0.00000000	0.00000000	0.00000000	 	 	 
	 	X-G	 	0.00000000	0.00000000	0.00000000	0.00000000	 	 	 
	 	X-H	 	0.00000000	0.00000000	0.00000000	0.00000000	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	

                    
	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 

Page
                                                                                                                                    3                                                                     of 23

 

     K-4 

     

    

 

	 	 	 	 
	

         

        Wells Fargo Bank, N.A. 

        Corporate Trust Services 

        8480 Stagecoach Circle 

        Frederick, MD 21701-4747
	BENCHMARK 2020-B16 Mortgage Trust

    

    Commercial Mortgage Pass-Through Certificates

    

    Series 2020-B16	For Additional
    Information please contact
	CTSLink Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Distribution Date:	3/17/20
	Record Date:	2/29/20
	Determination Date:	3/11/20

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	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-1	 	0	 	0	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00   	 	 
	 	 	A-2	 	0	 	0	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00   	 	 
	 	 	A-3	 	0	 	0	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00   	 	 
	 	 	A-SB	 	0	 	0	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00   	 	 
	 	 	A-4	 	0	 	0	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00   	 	 
	 	 	A-5	 	0	 	0	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00   	 	 
	 	 	X-A	 	0	 	0	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00   	 	 
	 	 	X-B	 	0	 	0	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00   	 	 
	 	 	X-D	 	0	 	0	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00   	 	 
	 	 	X-F	 	0	 	0	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00   	 	 
	 	 	X-G	 	0	 	0	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00   	 	 
	 	 	X-H	 	0	 	0	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00   	 	 
	 	 	A-M	 	0	 	0	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00   	 	 
	 	 	B	 	0	 	0	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00   	 	 
	 	 	C	 	0	 	0	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00   	 	 
	 	 	D	 	0	 	0	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00   	 	 
	 	 	E	 	0	 	0	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00   	 	 
	 	 	F	 	0	 	0	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00   	 	 
	 	 	G	 	0	 	0	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00   	 	 
	 	 	H	 	0	 	0	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00   	 	 
	 	 	VRR Interest	 	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 23

 

     K-5 

     

    

 

	 	 	 	 
	

         

        Wells Fargo Bank, N.A. 

        Corporate Trust Services 

        8480 Stagecoach Circle 

        Frederick, MD 21701-4747
	BENCHMARK 2020-B16 Mortgage Trust

    

    Commercial Mortgage Pass-Through Certificates

    

    Series 2020-B16	For Additional
    Information please contact
	CTSLink Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Distribution Date:	3/17/20
	Record Date:	2/29/20
	Determination Date:	3/11/20

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	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	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Controlling
    Class Information	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	Controlling Class:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	Effective
                                         as of: mm/dd/yyyy

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	Directing Holder:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	Effective
                                     as of: mm/dd/yyyy

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	Total	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	(1) The Available Distribution Amount includes any Prepayment Premiums and Yield Maintenance Charges.
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

Page
                                                                  5  of 23

     K-6 

     

    

 

	 	 	 	 
	

         

        Wells Fargo Bank, N.A. 

        Corporate Trust Services 

        8480 Stagecoach Circle 

        Frederick, MD 21701-4747
	BENCHMARK 2020-B16 Mortgage Trust

    

    Commercial Mortgage Pass-Through Certificates

    

    Series 2020-B16	For Additional
    Information please contact
	CTSLink Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Distribution Date:	3/17/20
	Record Date:	2/29/20
	Determination Date:	3/11/20

	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	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	 	 	Operating Advisor Fee - Park Bridge Lender Services LLC	0.00	 	 
	 	ARD Interest	0.00	 	 	 Asset Representations Reviewer Fee - Park Bridge Lender	0.00	 	 
	 	Default Interest
    and Late Payment Charges	0.00	 	 	Services LLC	 	 	 
	 	Net Prepayment Interest
Shortfall	0.00	 	 			 	 
	 	Net Prepayment Interest
    Excess	0.00	 	 		 	 	 
	 	Extension Interest	0.00	 	 	Total Fees	 	0.00	 
	 	Interest Reserve
    Withdrawal	0.00	 	 	Additional Trust
    Fund Expenses:	 		 
	 	Total Interest
    Collected	 	0.00	 	Reimbursement for
    Interest on Advances	0.00	 	 
	 	 	 	 	 	ASER Amount	0.00	 	 
	 	Principal:	 	 	 	Special Servicing
    Fee	0.00	 	 
	 	Scheduled Principal	0.00	 	 	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 23

     K-7 

     

    

 

	 	 	 	 
	

         

        Wells Fargo Bank, N.A. 

        Corporate Trust Services 

        8480 Stagecoach Circle 

        Frederick, MD 21701-4747
	BENCHMARK 2020-B16 Mortgage Trust

    

    Commercial Mortgage Pass-Through Certificates

    

    Series 2020-B16	For Additional
    Information please contact
	CTSLink Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Distribution Date:	3/17/20
	Record Date:	2/29/20
	Determination Date:	3/11/20

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	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	 	 	 	 	 	 	 
	 	 	 
	 	 	 
	 	Debt Yield Ratio (4)	 	 	 
	 	 	 	 	 
	 	Debt Yield Ratio	#
                                         of

        loans

        	Scheduled

        Balance

        	%
                                         of

        Agg.

        Bal.

        	WAM

        (2)

        	WAC	Weighted

        Avg
        DSCR (1)

        	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Totals	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 
	 		 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

Page
                                                                                                                                    7                                                                     of 23

     K-8 

     

    
 

	 	 	 	 
	

         

        Wells Fargo Bank, N.A. 

        Corporate Trust Services 

        8480 Stagecoach Circle 

        Frederick, MD 21701-4747
	BENCHMARK 2020-B16 Mortgage Trust

    

    Commercial Mortgage Pass-Through Certificates

    

    Series 2020-B16	For Additional
    Information please contact
	CTSLink Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Distribution Date:	3/17/20
	Record Date:	2/29/20
	Determination Date:	3/11/20

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	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 23

     K-9 

     

    

 

	 	 	 	 
	

         

        Wells Fargo Bank, N.A. 

        Corporate Trust Services 

        8480 Stagecoach Circle 

        Frederick, MD 21701-4747
	BENCHMARK 2020-B16 Mortgage Trust

    

    Commercial Mortgage Pass-Through Certificates

    

    Series 2020-B16	For Additional
    Information please contact
	CTSLink Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Distribution Date:	3/17/20
	Record Date:	2/29/20
	Determination Date:	3/11/20

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	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 23

     K-10 

     

    

 

	 	 	 	 
	

         

        Wells Fargo Bank, N.A. 

        Corporate Trust Services 

        8480 Stagecoach Circle 

        Frederick, MD 21701-4747
	BENCHMARK 2020-B16 Mortgage Trust

    

    Commercial Mortgage Pass-Through Certificates

    

    Series 2020-B16	For Additional
    Information please contact
	CTSLink Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Distribution Date:	3/17/20
	Record Date:	2/29/20
	Determination Date:	3/11/20

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	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 23

     K-11 

     

    

 

	 	 	 	 
	

         

        Wells Fargo Bank, N.A. 

        Corporate Trust Services 

        8480 Stagecoach Circle 

        Frederick, MD 21701-4747
	BENCHMARK 2020-B16 Mortgage Trust

    

    Commercial Mortgage Pass-Through Certificates

    

    Series 2020-B16	For Additional
    Information please contact
	CTSLink Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Distribution Date:	3/17/20
	Record Date:	2/29/20
	Determination Date:	3/11/20

	 	 	 	 	 	 	 	 	 	 	 	 
	 	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 23

     K-12 

     

    

 

	 	 	 	 
	

         

        Wells Fargo Bank, N.A. 

        Corporate Trust Services 

        8480 Stagecoach Circle 

        Frederick, MD 21701-4747
	BENCHMARK 2020-B16 Mortgage Trust

    

    Commercial Mortgage Pass-Through Certificates

    

    Series 2020-B16	For Additional
    Information please contact
	CTSLink Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Distribution Date:	3/17/20
	Record Date:	2/29/20
	Determination Date:	3/11/20

	 	 	 	 	 	 	 	 	 
	 	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 23

     K-13 

     

    

 

	 	 	 	 
	

         

        Wells Fargo Bank, N.A. 

        Corporate Trust Services 

        8480 Stagecoach Circle 

        Frederick, MD 21701-4747
	BENCHMARK 2020-B16 Mortgage Trust

    

    Commercial Mortgage Pass-Through Certificates

    

    Series 2020-B16	For Additional
    Information please contact
	CTSLink Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Distribution Date:	3/17/20
	Record Date:	2/29/20
	Determination Date:	3/11/20

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	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 23

     K-14 

     

    

 

	 	 	 	 
	

         

        Wells Fargo Bank, N.A. 

        Corporate Trust Services 

        8480 Stagecoach Circle 

        Frederick, MD 21701-4747
	BENCHMARK 2020-B16 Mortgage Trust

    

    Commercial Mortgage Pass-Through Certificates

    

    Series 2020-B16	For Additional
    Information please contact
	CTSLink Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Distribution Date:	3/17/20
	Record Date:	2/29/20
	Determination Date:	3/11/20

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	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 23

     K-15 

     

    

 

	 	 	 	 
	

         

        Wells Fargo Bank, N.A. 

        Corporate Trust Services 

        8480 Stagecoach Circle 

        Frederick, MD 21701-4747
	BENCHMARK 2020-B16 Mortgage Trust

    

    Commercial Mortgage Pass-Through Certificates

    

    Series 2020-B16	For Additional
    Information please contact
	CTSLink Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Distribution Date:	3/17/20
	Record Date:	2/29/20
	Determination Date:	3/11/20

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	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 23

     K-16 

     

    

 

	 	 	 	 
	

         

        Wells Fargo Bank, N.A. 

        Corporate Trust Services 

        8480 Stagecoach Circle 

        Frederick, MD 21701-4747
	BENCHMARK 2020-B16 Mortgage Trust

    

    Commercial Mortgage Pass-Through Certificates

    

    Series 2020-B16	For Additional
    Information please contact
	CTSLink Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Distribution Date:	3/17/20
	Record Date:	2/29/20
	Determination Date:	3/11/20

	 	 	 	 	 	 	 	 	 	 	 
	 	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 23

     K-17 

     

    

 

	 	 	 	 
	

         

        Wells Fargo Bank, N.A. 

        Corporate Trust Services 

        8480 Stagecoach Circle 

        Frederick, MD 21701-4747
	BENCHMARK 2020-B16 Mortgage Trust

    

    Commercial Mortgage Pass-Through Certificates

    

    Series 2020-B16	For Additional
    Information please contact
	CTSLink Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Distribution Date:	3/17/20
	Record Date:	2/29/20
	Determination Date:	3/11/20

	 	 	 	 	 	 	 
	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 23

     K-18 

     

    

 

	 	 	 	 
	

         

        Wells Fargo Bank, N.A. 

        Corporate Trust Services 

        8480 Stagecoach Circle 

        Frederick, MD 21701-4747
	BENCHMARK 2020-B16 Mortgage Trust

    

    Commercial Mortgage Pass-Through Certificates

    

    Series 2020-B16	For Additional
    Information please contact
	CTSLink Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Distribution Date:	3/17/20
	Record Date:	2/29/20
	Determination Date:	3/11/20

	 	 	 	 	 	 	 	 	 	 
	 	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 23

     K-19 

     

    

 

	 	 	 	 
	

         

        Wells Fargo Bank, N.A. 

        Corporate Trust Services 

        8480 Stagecoach Circle 

        Frederick, MD 21701-4747
	BENCHMARK 2020-B16 Mortgage Trust

    

    Commercial Mortgage Pass-Through Certificates

    

    Series 2020-B16	For Additional
    Information please contact
	CTSLink Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Distribution Date:	3/17/20
	Record Date:	2/29/20
	Determination Date:	3/11/20

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	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 23

     K-20 

     

    

 

	 	 	 	 
	

         

        Wells Fargo Bank, N.A. 

        Corporate Trust Services 

        8480 Stagecoach Circle 

        Frederick, MD 21701-4747
	BENCHMARK 2020-B16 Mortgage Trust

    

    Commercial Mortgage Pass-Through Certificates

    

    Series 2020-B16	For Additional
    Information please contact
	CTSLink Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Distribution Date:	3/17/20
	Record Date:	2/29/20
	Determination Date:	3/11/20

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	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 23

     K-21 

     

    

 

	 	 	 	 
	

         

        Wells Fargo Bank, N.A. 

        Corporate Trust Services 

        8480 Stagecoach Circle 

        Frederick, MD 21701-4747
	BENCHMARK 2020-B16 Mortgage Trust

    

    Commercial Mortgage Pass-Through Certificates

    

    Series 2020-B16	For Additional
    Information please contact
	CTSLink Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Distribution Date:	3/17/20
	Record Date:	2/29/20
	Determination Date:	3/11/20

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	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 23

     K-22 

     

    

 

	 	 	 	 
	

         

        Wells Fargo Bank, N.A. 

        Corporate Trust Services 

        8480 Stagecoach Circle 

        Frederick, MD 21701-4747
	BENCHMARK 2020-B16 Mortgage Trust

    

    Commercial Mortgage Pass-Through Certificates

    

    Series 2020-B16	For Additional
    Information please contact
	CTSLink Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Distribution Date:	3/17/20
	Record Date:	2/29/20
	Determination Date:	3/11/20

	 	 	 	 	 	 	 	 	 
	 	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 23

     K-23 

     

    

 

	 	 	 	 
	

         

        Wells Fargo Bank, N.A. 

        Corporate Trust Services 

        8480 Stagecoach Circle 

        Frederick, MD 21701-4747
	BENCHMARK 2020-B16 Mortgage Trust

    

    Commercial Mortgage Pass-Through Certificates

    

    Series 2020-B16	For Additional
    Information please contact
	CTSLink Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Distribution Date:	3/17/20
	Record Date:	2/29/20
	Determination Date:	3/11/20

	 	 	 
	 	 	 
	 	Supplemental Reporting	 
	 	 	 
	 	 	 
	 	 	 
	 	Disclosable
                                         Special Servicer Fees, Loan Event of Default, Servicer Termination Event or Special Servicer
                                         Termination Event information would be disclosed here.

	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 

Page
                                                                  23  of 23

 

     K-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 AND/OR a Controlling Class Certificateholder)

 

[Date]

Wells Fargo Bank, National Association

9062 Old Annapolis Road

Columbia, Maryland 21045 

Attention: Corporate
Trust Services – Benchmark 2020-B16 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-B16 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series
                                         2020-B16

 

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 neither the Directing Holder nor a Controlling Class Certificateholder.

 

2.       In
the case of a Publicly Offered Certificate, the undersigned has received a copy of the Prospectus.

 

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 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.

 

    L-1A-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.

 

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 Operating Advisor, the
Asset Representations Reviewer, the Underwriters, the Initial Purchasers and the Trust Fund for any loss, liability or expense
incurred thereby with respect to any such breach by the undersigned or any of its Representatives.

 

6.       The
undersigned 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 AND/OR a Controlling Class Certificateholder)

 

[Date]

 

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

        10851 Mastin Street, Suite 700 

        Overland Park, Kansas 66210 

        Attention: Executive Vice President
– Division Head 

        Facsimile: (888) 706-3565

         
	 	Wells Fargo Bank, National Association

9062 Old Annapolis Road

Columbia, Maryland 21045

Attention:  Corporate Trust Services – Benchmark 2020-B16

Email: trustadministrationgroup@wellsfargo.com

cts.cmbs.bond.admin@wellsfargo.com
	 	 	 
	
        KeyBank National Association 

        11501 Outlook Street, Suite 300 

        Overland Park, Kansas 66211 

        Attention: Alan Williams 

        Email: keybank_notices@keybank.com 
	 	Park Bridge Lender Services LLC

600 Third Avenue, 40th Floor

New York, New York 10016

Attention: BMARK 2020-B16 – Surveillance Manager (with a copy sent contemporaneously via email to: cmbs.notices@parkbridgefinancial.com)

 

		Re:	Pooling and
                                         Servicing Agreement (“Pooling and Servicing Agreement”) relating to
                                         Benchmark 2020-B16 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series
                                         2020-B16

 

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 or a Controlling Class Certificateholder.

 

2.       The
undersigned is not a Borrower Party.

 

3.       The
undersigned is requesting access pursuant to the Pooling and Servicing Agreement to certain information (the “Information”)
on the Certificate Administrator’s Website.

 

In consideration of the
disclosure to the undersigned of the Information, or the access thereto, the undersigned shall keep the Information confidential
(except 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-1B-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, 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
(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 Operating Advisor, the
Asset Representations Reviewer, the Underwriters, the Initial Purchasers and the Trust Fund for any loss, liability or expense
incurred thereby with respect to any such breach by the undersigned or any of its Representatives.

 

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.

 

    L-1B-2

     

    

 

	 	 
	 	By:	 
	 	 	Title:

Company:

Phone:

 

    L-1B-3

     

    

 

EXHIBIT L-1C

 

Form
of Investor Certification for Borrower PartY

(for Persons other than the Directing Holder, a 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-B16
 Email: trustadministrationgroup@wellsfargo.com
 cts.cmbs.bond.admin@wellsfargo.com

	
        KeyBank National Association 

        11501 Outlook Street, Suite 300 

        Overland Park, Kansas 66211 

        Attention: Alan Williams 

        Email: keybank_notices@keybank.com
	 	 

 

		Re:	Pooling and
                                         Servicing Agreement (“Pooling and Servicing Agreement”) relating to
                                         Benchmark 2020-B16 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series
                                         2020-B16

 

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 neither the Directing Holder nor a Controlling Class Certificateholder.

 

2       The
undersigned is a Borrower Party.

 

3.       The
undersigned is requesting access pursuant to the Pooling and Servicing Agreement to the Distribution Date Statements on the Certificate
Administrator’s Website.

 

    L-1D-1

     

    

 

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,
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 Operating Advisor, the
Asset Representations Reviewer, the Underwriters, the Initial Purchasers and the Trust Fund for any loss, liability or expense
incurred thereby with respect to any such breach by the undersigned or any of its Representatives.

 

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-1D-2

     

    

 

EXHIBIT L-1D

 

Form
of Investor Certification for Borrower PartY

(for the Directing Holder AND/OR a Controlling Class Certificateholder)

 

[Date]

 

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

        10851 Mastin Street, Suite 700 

        Overland Park, Kansas 66210 

        Attention: Executive Vice President
– Division Head 

        Facsimile: (888) 706-3565
	Wells
Fargo Bank, National Association
 9062 Old Annapolis Road
 Columbia, Maryland 21045
 Attention:  Corporate
Trust Services – Benchmark 2020-B16
 Email: trustadministrationgroup@wellsfargo.com
 cts.cmbs.bond.admin@wellsfargo.com

	
        KeyBank National Association 

        11501 Outlook Street, Suite 300 

        Overland Park, Kansas 66211 

        Attention: Alan Williams 

        Email: keybank_notices@keybank.com 
	 

                                                                                Park Bridge Lender Services LLC
 600 Third Avenue, 40th Floor
 New York, New York 10016
 Attention: BMARK 2020-B16 – Surveillance Manager (with a copy sent contemporaneously via email to: cmbs.notices@parkbridgefinancial.com)

 

		Re:	Pooling and
                                         Servicing Agreement (“Pooling and Servicing Agreement”) relating to
                                         Benchmark 2020-B16 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series
                                         2020-B16

 

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].

 

2       The
undersigned is a Borrower Party with respect to the following Excluded Controlling Class Loans:

 

[IDENTIFY EXCLUDED
CONTROLLING CLASS LOANS] (the “Excluded Controlling Class Loans”)

 

3.       Except
with respect to the Excluded Controlling Class Loans, the undersigned is requesting access pursuant to the Pooling and Servicing
Agreement to certain information (the “Information”) on the Certificate Administrator’s Website.

 

    L-1D-3

     

    

 

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.

 

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 Loans to the extent the undersigned receives
access to such Excluded Information on the Certificate Administrator’s website or otherwise receives access to such Excluded
Information in connection with its duties, or exercise of its rights pursuant to the Pooling and Servicing Agreement.

 

5.       The
undersigned shall be fully liable for any breach of this agreement by itself or any of its Representative and shall indemnify each
party to the Pooling and Servicing Agreement, the Underwriters, the Initial Purchasers and the Trust Fund for any loss, liability
or expense incurred thereby with respect to any such breach by the undersigned or any of its Representatives.

 

6.       To
the extent the undersigned receives access to any Excluded Information on the Certificate Administrator’s Website or otherwise
receives access to such Excluded Information, the undersigned 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

 

    L-1D-4

     

    

 

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.]

 

	 	 	[The Directing
Holder][a Controlling Class Certificateholder]
	 	 	 
	By:	 	 
	Title:
 Company:
 Phone:	 

  

    L-1D-5

     

    

 

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-B16
 Email: trustadministrationgroup@wellsfargo.com
 cts.cmbs.bond.admin@wellsfargo.com

                                                                               
	
        KeyBank National Association 

        11501 Outlook Street, Suite 300 

        Overland Park, Kansas 66211 

        Attention: Alan Williams 

        Email: keybank_notices@keybank.com 
	 

                                                                                Park Bridge Lender Services LLC
 600 Third Avenue, 40th Floor
 New York, New York 10016
 Attention: BMARK 2020-B16 – Surveillance Manager (with a copy sent contemporaneously via email to: cmbs.notices@parkbridgefinancial.com)

 

		Re:	Pooling and
                                         Servicing Agreement (“Pooling and Servicing Agreement”) relating to Benchmark
                                         2020-B16 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series 2020-B16

 

THIS NOTICE IDENTIFIES
AN “EXCLUDED CONTROLLING CLASS LOAN” RELATING TO THE BENCHMARK 2020-B16 MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH
CERTIFICATES, SERIES 2020-B16, 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] 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 Loans”):

 

    L-1E-1

     

    

 

	Mortgage Loan Number	ODCR	Loan Name	Borrower Name
	 	 	 	 
	 	 	 	 
	 	 	 	 

 

3.         As of the date above, the undersigned is the beneficial owner of the following certificates, and is providing the below
information to the addressees hereto for purposes of their compliance with the Pooling and Servicing Agreement, including, 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 Loans listed in paragraph 2 if any such mortgage loan is an Excluded 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 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 Underwriters,
the Initial Purchasers and the Trust Fund from any damage, loss, cost or liability (including legal fees and expenses and the cost
of enforcing this indemnity) arising out of or resulting from any unauthorized access by the undersigned or any agent, employee,
representative or person acting on its behalf of any Excluded Information relating to the Excluded Controlling Class 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.

 

    L-1E-2

     

    

 

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][a 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-B16

        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-B16 

 

		Re:	Pooling and
                                         Servicing Agreement (“Pooling and Servicing Agreement”) relating to Benchmark
                                         2020-B16 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series 2020-B16

 

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] 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 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-B16 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 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 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][a Controlling Class Certificateholder]
	 	 
	 	 	 
	 	Name:

Title:

Phone:

Email:

Address:

  

The undersigned hereby acknowledges that

access to CTSLink has been revoked for

the users listed in Paragraph 3. 

 

    L-1F-2

     

    

 

 

WELLS FARGO BANK, NATIONAL ASSOCIATION,

Certificate Administrator

 

 

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-B16
 Email: trustadministrationgroup@wellsfargo.com
 cts.cmbs.bond.admin@wellsfargo.com

	
        KeyBank National Association 

        11501 Outlook Street, Suite 300 

        Overland Park, Kansas 66211 

        Attention: Alan Williams 

        Email: keybank_notices@keybank.com

         
	 	 

                                                                                Park Bridge Lender Services LLC
 600 Third Avenue, 40th Floor
 New York, New York 10016
 Attention: BMARK 2020-B16 – Surveillance Manager (with a copy sent contemporaneously via email to: cmbs.notices@parkbridgefinancial.com)

	
        Deutsche Mortgage & Asset Receiving Corporation 

        60 Wall Street 

        New York, New York 10005 

        Attention: Lainie Kaye 

        with a copy via email to: 

         

        cmbs.requests@db.com 
	 	 

 

		Re:	Pooling and
                                         Servicing Agreement (“Pooling and Servicing Agreement”) relating to
                                         Benchmark 2020-B16 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series
                                         2020-B16

 

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.

 

    L-1G-1

     

    

 

3.         If the undersigned becomes a Borrower Party with respect to any Mortgage Loan, the undersigned agrees to and shall deliver
the certification attached as Exhibit 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.         [Other than for Initial Directing Holder: The undersigned hereby certifies that an executed copy of this certification
in paper form has been delivered in accordance with the notice provisions of the Pooling and Servicing Agreement to each of the
addressees listed above (a) by overnight courier or (b) mailed by registered mail, postage prepaid.]

 

5.         Capitalized terms used but not defined herein shall have the respective meanings assigned thereto in the Pooling and Servicing
Agreement.

 

[BY ITS CERTIFICATION
HEREOF, the undersigned shall be deemed to have caused its name to be signed hereto by its duly authorized signatory, as of the
date certified.]

 

	 	[The Directing Holder][a 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-B16
 Email: trustadministrationgroup@wellsfargo.com
 cts.cmbs.bond.admin@wellsfargo.com

	Park Bridge Lender Services LLC
 600 Third Avenue, 40th Floor
 New York, New York 10016
 Attention: BMARK 2020-B16 – Surveillance Manager (with a copy sent

                                                                                contemporaneously via email to: cmbs.notices@parkbridgefinancial.com)
	
         

        Deutsche Mortgage & Asset Receiving Corporation 

        60 Wall Street 

        New York, New York 10005 

        Attention: Lainie Kaye 

        with a copy via email to: 

        cmbs.requests@db.com

         

	
        Wells
Fargo Bank, National Association 

        600
South 4th Street, 7th Floor 

        MAC N9300-070

Minneapolis, Minnesota 55479

Attention: CTS – Certificate Transfers Benchmark 2020-B16
	
        KeyBank National Association 

        11501 Outlook Street, Suite 300 

        Overland Park, Kansas 66211 

        Attention: Alan Williams 

        Email: keybank_notices@keybank.com

 

		Re:	Benchmark 2020-B16
                                         Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series 2020-B16, 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].

 

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.

 

    L-1H-1

     

    

 

4.       The
contact information for the undersigned for all notices and other communications is as follows:

 

[_____]

 

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-B16 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series 2020-B16 (the “Certificates”)
issued pursuant to the Pooling and Servicing Agreement, dated as of February 1, 2020 (the “Pooling and Servicing Agreement”),
entered into between Deutsche Mortgage & Asset Receiving Corporation, as depositor, Midland Loan Services, a Division of PNC
Bank, National Association, as master servicer, KeyBank National Association, as special servicer, Park Bridge Lender Services
LLC, as operating advisor and as asset representations reviewer, and Wells Fargo Bank, National Association, as trustee, as certificate
administrator, as paying agent and as custodian, the undersigned hereby certifies and agrees as follows:

 

		1.	The undersigned is an employee or agent of BlackRock Financial Management, Inc., Moody’s
Analytics, Bloomberg Financial Markets, L.P., RealInsight, CMBS.com, Inc., Intex Solutions, Inc., Trepp, LLC, Interactive Data
Corporation, Markit LLC or Thomson Reuters Corporation, 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-B16 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series
                                         2020-B16

 

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 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 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

 

Deutsche Mortgage & Asset Receiving Corporation

60 Wall Street

New York, New York 10005

Attention: Lainie Kaye

 

with a copy via email to:

 

cmbs.requests@db.com

 

Park Bridge Lender Services LLC

600 Third Avenue, 40th Floor

New York, New York 10016

Attention: BMARK 2020-B16 – Surveillance Manager

with a copy sent contemporaneously via email to: cmbs.notices@parkbridgefinancial.com

 

Wells Fargo Bank, National Association

9062 Old Annapolis Road

Columbia, Maryland 21045-1951

Attention: Corporate Trust Services (CMBS) – Benchmark 2020-B16

 

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

 

    M-2

     

    

 

KeyBank National Association 

11501 Outlook Street, Suite 300 

Overland Park, Kansas 66211 

Attention: Alan Williams 

Email: keybank_notices@keybank.com

with a copy to:

Polsinelli 

900 West 48th Place, Suite 900 

Kansas City, Missouri 64112 

Attention: Kraig Kohring 

Email: kkohring@polsinelli.com

 

For so long as no Consultation Termination Event is continuing:

 

ECMBS LLC 

53 Forest Avenue, 3rd Floor 

Old Greenwich, Connecticut 06870 

Attention: Leo Huang 

E-mail: lhuang@ellington.com

 

with a copy via email to:

 

DCHconsents@ellington.com

To the applicable Mortgage Loan Seller: 

[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]

 

[Citi Real Estate Funding Inc. 

390 Greenwich Street, 6th Floor 

New York, New York 10013 

Attention: Richard Simpson 

Fax Number: (646) 328-2943 

with a copy to:

 

Citi Real Estate Funding Inc. 

390 Greenwich Street, 5th Floor

 

    M-3

     

    

 

New York, New York 10013 

Attention: Ryan O’Connor 

Fax Number: (347) 394-0898

 

with a copy to:

 

Citi Real Estate Funding Inc. 

388 Greenwich Street, 17th Floor 

New York, New York 10013 

Attention: Ryan M. O’Connor 

Fax Number: (646) 862-8988

 

with copies by electronic mail to:

 

Richard Simpson at Richard.simpson@citi.com, Ryan M. O’Connor
at ryan.m.oconnor@citi.com]

 

[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: Bianca A. Russo, Esq.

Email: US_CMBS_Notice@jpmorgan.com]

  

    M-4

     

    

 

DEFECT SCHEDULE

TO FORM OF NOTIFICATION FROM CUSTODIAN

 

    M-5

     

    

 

EXHIBIT N-1

 

FORM OF CLOSING DATE CUSTODIAN CERTIFICATION

[Date]

 

[                 ]

[                 ]

[                 ]

Attention: [                 ]

 

		Re:	Pooling
                                         and Servicing Agreement (“Pooling and Servicing Agreement”) relating
                                         to Benchmark 2020-B16 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series
                                         2020-B16 

 

In accordance with Section 2.02
of the Pooling and Servicing Agreement, the Custodian hereby certifies that, with respect to each Mortgage 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, 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 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-B16 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series
                                         2020-B16 

 

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 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 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-B16 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 February 1, 2020 (the
“Pooling and Servicing Agreement”), between Deutsche Mortgage & Asset Receiving Corporation, as depositor,
Midland Loan Services, a Division of PNC Bank, National Association, as master servicer, KeyBank National Association, as special
servicer, Park Bridge Lender Services LLC, as operating advisor and as asset representations reviewer, and Wells Fargo Bank, National
Association, as trustee, as certificate administrator (in such capacity, the “Certificate Administrator”), as
paying agent and as custodian, certifies to [       ], Deutsche Mortgage & Asset
Receiving Corporation 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-B16 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 February 1, 2020
(the “Pooling and Servicing Agreement”), entered into between Deutsche Mortgage & Asset Receiving Corporation,
as depositor, Midland Loan Services, a Division of PNC Bank, National Association, as master servicer, KeyBank National Association,
as special servicer, Park Bridge Lender Services LLC, as operating advisor and as asset representations reviewer, and Wells Fargo
Bank, National Association, as trustee, as certificate administrator, as paying agent and as custodian, certifies to [       ],
Deutsche Mortgage & Asset Receiving Corporation 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-B16 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 February 1, 2020 (the “Pooling and Servicing Agreement”), between Midland
Loan Services, a Division of PNC Bank, National Association, as master servicer (the “Master Servicer”), KeyBank
National Association, as special servicer (the “Special Servicer”), Wells Fargo Bank, National Association,
as trustee (in such capacity, the “Trustee”), as certificate administrator, as custodian and as paying agent,
and Park Bridge Lender Services LLC, as operating advisor (in such capacity, the “Operating Advisor”) and as
asset representations reviewer (in such capacity, the “Asset Representations Reviewer”), certifies to [       ],
Deutsche Mortgage & Asset Receiving Corporation 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

 

    Q-1

     

    

 

Administrator and related attestation report on assessment of compliance with servicing criteria applicable to it required
to be included in the annual report on Form 10-K for the Relevant Period in accordance with Item 1122 of Regulation AB and Exchange
Act Rules 13a-18 and 15d-18 has been provided to the Depositor for inclusion as an exhibit to such Form 10-K. Any material instances
of noncompliance described in such reports have been provided to the Depositor for disclosure in such annual report on Form 10-K.

 

In giving the certifications
above, the Certificate Administrator has reasonably relied on information provided to it by the following unaffiliated persons:
the Master Servicer, the Special Servicer, the Operating Advisor, the Asset Representations Reviewer 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

 

FORM OF OPERATING ADVISOR BACKUP CERTIFICATION

 

Benchmark 2020-B16 Mortgage Trust (the
“Trust”)

 

		1.	Based on my knowledge, with respect to the period ending [December 31, 20__] (the “Relevant
Period”), all information required to be submitted by the Operating Advisor to the Master Servicer, the Depositor, Trustee
or Certificate Administrator, as applicable, pursuant to the Pooling and Servicing Agreement for inclusion in the annual report
on Form 10-K for the Relevant Period and inclusion in all reports on Form 10-D or Form 8-K (the “Operating Advisor Reports”)
have been submitted by the Operating Advisor to the Master Servicer, the Depositor, the Trustee or the Certificate Administrator,
as applicable, for inclusion in these reports;

 

		2.	Based on my knowledge, the operating advisor information contained in the Operating Advisor Reports,
taken as a whole, does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the
statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period
covered by these reports;

 

		3.	The accountants that are to deliver the annual attestation report on assessment of compliance with
the Relevant Servicing Criteria in respect of the Operating Advisor with respect to the Trust’s fiscal year ________ have
been provided all information relating to the Operating Advisor’s assessment of compliance with the Relevant Servicing Criteria,
in order to enable them to conduct a review in compliance with the standards for attestation engagements issued or adopted by the
PCAOB; and

 

		4.	The report on assessment of compliance with servicing criteria applicable to the Operating Advisor
for asset-backed securities with respect to the Operating Advisor or any Servicing Function Participant retained by the Operating
Advisor and related attestation report on assessment of compliance with servicing criteria applicable to it required to be included
in the annual report on Form 10-K for the Relevant Period in accordance with Item 1122 of Regulation AB and Exchange Act Rules
13a-18 and 15d-18 has been provided to the Depositor and to the Certificate Administrator for inclusion as an exhibit to such Form
10-K. Any material instances of noncompliance described in such reports have been provided to the Certificate Administrator and
the Depositor for disclosure in such annual report on Form 10-K.

 

    R-1

     

    

 

Capitalized terms used but not defined
herein have the meanings set forth in the Pooling and Servicing Agreement.

 

 Date: ______________________

 

	 	PARK BRIDGE LENDER SERVICES LLC
	 	 	 
	 	By:	Park Bridge Advisors LLC
	 	 	Its Sole Member
	 	 	 
	 	By:	Park Bridge Financial LLC
	 	 	Its Sole Member
	 	 	 
	 	By:	 
	 	Name:
	 	Title:

   

    R-2

     

    

EXHIBIT S

 

[RESERVED]

 

    S-1

     

    

EXHIBIT T

 

FORM OF MASTER SERVICER BACKUP CERTIFICATION

 

Benchmark 2020-B16
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 February 1, 2020 (the “Pooling and Servicing Agreement”),
between Deutsche Mortgage & Asset Receiving Corporation, as depositor, the Master Servicer, KeyBank National Association, as
special servicer (the “Special Servicer”), Park Bridge Lender Services LLC, as operating advisor and as asset
representations reviewer, 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 

 

    T-1

     

    

 

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;

 

		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-B16 Mortgage Trust (the
“Trust”)

 

I, [identify the certifying
individual], a [_______________ ] of KeyBank National Association, as special servicer (the “Special Servicer”)
under that certain Pooling and Servicing Agreement dated as of February 1, 2020 (the “Pooling and Servicing Agreement”),
between Deutsche Mortgage & Asset Receiving Corporation, as depositor, Park Bridge Lender Services LLC, as operating advisor
and as asset representations reviewer, Wells Fargo Bank, National Association, as trustee, as certificate administrator (in such
capacity, the “Certificate Administrator”), as paying agent and as custodian, Midland Loan Services, a Division
of PNC Bank, National Association, as master servicer (the “Master Servicer”) and KeyBank National Association,
as 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 

 

    U-1

     

    

 

respect to the Trust’s fiscal year _____ have been
provided all information relating to the Special Servicer assessment of compliance with the Relevant Servicing Criteria, in order
to enable them to conduct a review in compliance with the standards for attestation engagements issued or adopted by the PCAOB;
and

 

		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: ___________________

	 	 	 
	 	KeyBank
National Association
	 	 	 
	 	By: 	 
	 	 	Name:
	 	 	Title:

 

    U-2

     

    

EXHIBIT V

 

FORM OF SUB-SERVICER BACKUP CERTIFICATION

 

Benchmark 2020-B16
Mortgage Trust (the “Trust”)

 

As contemplated by Section 10.08 of that
certain Pooling and Servicing Agreement dated as of February 1, 2020 (the “Pooling and Servicing Agreement”),
between Deutsche Mortgage & Asset Receiving Corporation, as depositor, Midland Loan Services, a Division of PNC Bank, National
Association, as master servicer (the “Master Servicer”), KeyBank National Association, as special servicer (the
“Special Servicer”), Park Bridge Lender Services LLC, as operating advisor and asset representations reviewer,
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;

 

    V-1

     

    

 

		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 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: ___________________

 

    V-2

     

    

 

	 	 	 
	 	[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-B16 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, KeyBank National Association, Wells Fargo Bank, National Association, Park Bridge Lender Services LLC
and [list any sub-servicers].

 

Dated:____________ 

 

	 	 
	 	[_____]
	 	(Senior officer in charge of securitization of the depositor)

 

    W-2

     

    

EXHIBIT X

 

MORTGAGE LOAN SELLER SUB-SERVICERS

 

 

	Mortgage Loan	

                                                                                 Sub-Servicer Name(s)
	Sub-Servicer’s Duties
	West Road Plaza	Holliday Fenoglio Fowler, L.P.	Non-Cashiering
	Creekside	CBRE Loan Services, Inc.	Non-Cashiering
	300-314 North College Street	Holliday Fenoglio Fowler, L.P.	Non-Cashiering

 

 

 

 

    X-1

     

    

EXHIBIT Y

 

SERVICING FUNCTION PARTICIPANTS

 

None. 

 

    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-B16
Mortgage Trust

 

with copies to:

 

ct.cmbs.bond.admin@wellsfargo.com,
and

trustadministrationgroup@wellsfargo.com

 

		Re:	Benchmark 2020-B16
                                         Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series 2020-B16  

 

In accordance with the
Pooling and Servicing Agreement, dated as of February 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-B16 Mortgage Trust Commercial Mortgage Pass-Through Certificates
(the “Certificates”) pursuant to the Pooling and Servicing Agreement, dated as of February 1, 2020 (the “Pooling
and Servicing Agreement”), between Deutsche Mortgage & Asset Receiving Corporation, as depositor, Midland Loan Services,
a Division of PNC Bank, National Association, as master servicer, KeyBank National Association, as special servicer, Park Bridge
Lender Services LLC, as operating advisor and as asset representations reviewer, and Wells Fargo Bank, National Association, as
trustee, as certificate administrator, as paying agent and as 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

 

    Z-3

     

    

 

		-	is independently developed by the NRSRO without reference to any Confidential Information.

 

		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

 

    Z-4

     

    

 

Information has been made so that the relevant Furnishing Entity may seek an appropriate protective
order or other reasonable assurance that confidential treatment will be accorded the Confidential Information if it so chooses.
Unless otherwise required by a court or other governmental or regulatory authority to do so, and provided that you been informed
by written notice that the related Furnishing Entity is seeking a protective order or other reasonable assurance for confidential
treatment with respect to the requested Confidential Information, you agree not to disclose the Confidential Information while
the Furnishing Entity’s effort to obtain such a protective order or other reasonable assurance for confidential treatment
is pending. You agree to reasonably cooperate with each Furnishing Entity in its efforts to obtain a protective order or other
reasonable assurance that confidential treatment will be accorded to the portion of the Confidential Information that is being
disclosed, at the sole expense of such Furnishing Entity; provided, however, that in no event shall the NRSRO be
required to take a position that such information should be entitled to receive such a protective order or reasonable assurance
as to confidential treatment. If a Furnishing Entity succeeds in obtaining a protective order or other remedy, you agree to comply
with its terms with respect to the disclosure of the Confidential Information, at the sole expense of such Furnishing Entity.
If a protective order or other remedy is not obtained or if the relevant Furnishing Entity waives compliance with the provisions
of this Confidentiality Agreement in writing, you agree to furnish only such information as you are legally required to disclose,
at the sole expense of the relevant Furnishing Entity.

 

		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.

 

    Z-5

     

    

 

		(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 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]

 

Deutsche Mortgage &
Asset Receiving Corporation

60 Wall Street

New York, New York 10005

Attention: Lainie Kaye

 

with a copy via email to:

 

cmbs.requests@db.com

 

		Re:	Deutsche Mortgage & Asset Receiving
                                         Corporation, Benchmark 2020-B16 Mortgage Trust Commercial Mortgage Pass-Through Certificates,
                                         Series 2020-B16 

 

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 February 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 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 

 

    AA-1-1

     

    

 

Excess Servicing Fee Right under the Securities Act of 1933, as amended (the “Securities Act”), or would
render the disposition of the Excess Servicing Fee Right a violation of Section 5 of the Securities Act or any state securities
laws, or would require registration or qualification of the Excess Servicing Fee Right pursuant to the Securities Act or any state
securities laws.

 

	 	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]

 

Deutsche Mortgage &
Asset Receiving Corporation

60 Wall Street

New York, New York 10005

Attention: Lainie Kaye

 

with a copy via email to:

 

cmbs.requests@db.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:	Deutsche Mortgage & Asset Receiving Corporation, Benchmark
2020-B16 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series 2020-B16

 

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 February 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 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.

 

    AA-2-1

     

    

 

2.       The
Transferee understands that (a) the Excess Servicing Fee Right has not been and will not be registered under the Securities Act
or registered or qualified under any applicable state securities laws, (b) none of the Depositor, the Trustee, Certificate Administrator
or the Certificate Registrar is obligated so to register or qualify the Excess Servicing Fee Right, and (c) the Excess Servicing
Fee Right may not be resold or transferred unless it is (i) registered pursuant to the Securities Act and registered or qualified
pursuant to any applicable state securities laws or (ii) sold or transferred in transactions which are exempt from such registration
and qualification and (A) the Depositor has received a certificate from the prospective transferor substantially in the form attached
as Exhibit 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 (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 

 

    AA-2-2

     

    

 

owners come within such paragraphs. The Transferee has such knowledge and experience
in financial and business matters as to be capable of evaluating the merits and risks of an investment in the Excess Servicing
Fee Right; the Transferee has sought such accounting, legal and tax advice as it has considered necessary to make an informed investment
decision; and the Transferee is able to bear the economic risks of such investment and can afford a complete loss of such investment.

 

7.       The
Transferee agrees (i) to keep all information relating to the Trust, the Trust Fund and the parties to the Pooling and Servicing
Agreement, and made available to it, confidential, (ii) not to use or disclose such information in any manner which could result
in a violation of any provision of the Securities Act or would require registration of the Excess Servicing Fee Right or any Certificate
pursuant to the Securities Act, and (iii) not to disclose such information, and to cause its officers, directors, partners, employees,
agents or representatives not to disclose such information, in any manner whatsoever, in whole or in part, to any other Person
other than such holder’s auditors, legal counsel and regulators, except to the extent such disclosure is required by law,
court order or other legal requirement or to the extent such information is of public knowledge at the time of disclosure by such
holder or has become generally available to the public other than as a result of disclosure by such holder; provided, however,
that such holder may provide all or any part of such information to any other Person who is contemplating an acquisition of the
Excess Servicing Fee Right if, and only if, such Person (x) confirms in writing such prospective acquisition and (y) agrees in
writing to keep such information confidential, not to use or disclose such information in any manner which could result in a violation
of any provision of the Securities Act or would require registration of the Excess Servicing Fee Right or any Certificates pursuant
to the Securities Act and not to disclose such information, and to cause its officers, directors, partners, employees, agents or
representatives not to disclose such information, in any manner 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

 

FORM OF OPERATING ADVISOR ANNUAL REPORT1

 

Report Date: If during the prior calendar
year, any Mortgage Loan (other than a Non-Serviced Mortgage Loan) or Serviced Whole Loan was a Specially Serviced Loan at any
time, this report will be delivered no later than [INSERT DATE], pursuant to the terms and conditions of the Pooling and Servicing
Agreement, dated as of February 1, 2020 (the “Pooling and Servicing Agreement”), among Deutsche Mortgage &
Asset Receiving Corporation, as the depositor, Midland Loan Services, a Division of PNC Bank, National Association, as the master
servicer, KeyBank National Association, as the special servicer, Wells Fargo Bank, National Association, as the certificate administrator
and trustee and Park Bridge Lender Services LLC, as the operating advisor and the asset representations reviewer.

Transaction: Benchmark 2020-B16 Mortgage Trust, Commercial Mortgage Pass-Through Certificates, Series 2020-B16

Operating Advisor: Park Bridge Lender Services LLC

Special Servicer for period: KeyBank National Association

Directing Holder: ECMBS LLC

 

		I.	Population of Mortgage Loans that Were Considered in Compiling this Report

 

		I.	The Special Servicer has notified the Operating Advisor that [●] Specially Serviced Loans
were transferred to special servicing in the prior calendar year [INSERT YEAR].

 

		a.	[●] of those Specially Serviced Loans are still being analyzed by the Special Servicer as
part of the development of an Asset Status Report.

 

		b.	Asset Status Reports were issued with respect to [●] of such Specially Serviced Loans. This
report is based only on the Specially Serviced Loans in respect of which an Asset Status Report has been issued. The Asset Status
Reports may not yet be fully implemented.

 

		II.	Executive Summary

 

Based on the requirements
and qualifications set forth in the PSA, as well as the items listed below, the Operating Advisor (in accordance with the Operating
Advisor’s analysis requirements outlined in the PSA) has undertaken a limited review of the Special Servicer’s reported
actions on the loans identified in this report. Based solely on such limited review and subject to the assumptions, limitations
and qualifications set forth herein, the Operating Advisor believes, in its sole discretion exercised in good faith, that the Special
Servicer [is/is not] 

 

 

1
This report is an indicative report and does not reflect the final form of annual report
to be used in any particular year. The Operating Advisor will have the ability to modify or alter the organization and content
of any particular report, subject to the compliance with the terms of the Pooling and Servicing Agreement, including, without
limitation, provisions relating to Privileged Information.

 

    BB-1

     

    

 

operating in compliance with the Servicing Standard with respect to its performance of its duties under the
PSA during the prior calendar year on an “asset-level basis”. [The Operating Advisor believes, in its sole discretion
exercised in good faith, that the Special Servicer has failed to comply with the Servicing Standard as a result of the following
material deviations.]

 

		●	[LIST OF MATERIAL DEVIATION ITEMS]

 

In addition, the Operating
Advisor notes the following: [PROVIDE SUMMARY OF ANY ADDITIONAL MATERIAL INFORMATION].

 

		●	[ADD RECOMMENDATION OF REPLACEMENT OF SPECIAL SERVICER, IF APPLICABLE]

 

In connection with the
assessment set forth in this report, the Operating Advisor:

 

		1.	Reviewed the Asset Status Reports, the Special Servicer’s assessment of compliance report, attestation
report by a third party regarding the Special Servicer’s compliance with its obligations and net present value calculations
and Appraisal Reduction Amount calculations and [LIST OTHER REVIEWED INFORMATION] for the following [●] Specially Serviced
Loans: [List related Mortgage Loans]

 

		2.	Consulted with the Special Servicer as provided under the PSA. The Operating Advisor’s analysis
of the Asset Status Reports (including related net present value calculations, Collateral Deficiency Amount calculations and Appraisal
Reduction Amount calculations) related to the Specially Serviced Loans should be considered a limited investigation and not be
considered a full or limited audit. For instance, we did not re-engineer the quantitative aspects of their net present value calculator,
visit any property, visit the Special Servicer, visit the Directing Holder or interact with any borrower. In addition, our review
of the net present value calculations and Appraisal Reduction Amount calculations is limited to the mathematical accuracy of the
calculations and the corresponding application of the non-discretionary portions of the applicable formulas, and as such, does
not take into account the reasonableness of the discretionary portions of such formulas.

 

		III.	Specific Items of Review

 

		1.	The Operating Advisor reviewed the following items in connection with the generation of this report:
[LIST MATERIAL ITEMS].

 

		2.	During the prior year, the Operating Advisor consulted with the Special Servicer regarding its strategy
plan for a limited number of issues related to the following Specially Serviced Loans: [LIST]. The Operating Advisor participated
in discussions and made strategic observations and recommended alternative courses of action to the extent it deemed such observations
and recommendations appropriate. The Special Servicer [agreed with/did not agree with] the material recommendations made by the
Operating Advisor. Such recommendations generally included the following: [LIST].

 

    BB-2

     

    

 

		3.	Net present value calculations:

 

		4.	The Operating Advisor [received/did not receive] information necessary to recalculate and verify the
accuracy of the mathematical calculations and the corresponding application of the non-discretionary portions of the applicable
formulas required to be utilized in connection with any Appraisal Reduction Amount or net present value calculations used in the
special servicer’s determination of what course of action to take in connection with the workout or liquidation of a Specially
Serviced Loan prior to the utilization by the Special Servicer.

 

		a.	The Operating Advisor [agrees/does not agree] with the [mathematical calculations] [and/or] [the application of the applicable
non-discretionary portions of the formula] required to be utilized for such calculation.

 

		b.	After consultation with the master servicer or special servicer, as applicable, to resolve any inaccuracy
in the mathematical calculations or the application of the non-discretionary portions of the related formula in arriving at those
mathematical calculations, such inaccuracy [has been/ has not been] resolved.

 

		5.	The following is a general discussion of certain concerns raised by the Operating Advisor discussed
in this report: [LIST CONCERNS].

 

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

 

		IV.	Qualifications and Disclaimers Related to the Work Product Undertaken and Opinions Related to this
Report

 

		1.	As provided in the PSA, the Operating Advisor is not required to report on instances of non-compliance
with, or deviations from, the Servicing Standard or the Special Servicer’s obligations under the PSA that the Operating Advisor
determines, in its sole discretion exercised in good faith, to be immaterial.

 

		2.	In rendering our assessment herein, we have assumed that all executed factual statements, instruments,
and other documents that we have relied upon in rendering this assessment have been executed by persons with legal capacity to
execute such documents.

 

		3.	Except as may have been reflected in any Major Decision Reporting Package or any Asset Status Report
that is delivered or made available to the Operating Advisor pursuant to the terms of the Pooling and Servicing Agreement, the
Operating Advisor did not participate in, or have access to, the Special Servicer’s and Directing Holder’s discussion(s)
regarding any Specially Serviced Loan. The Operating Advisor does not have any obligation to speak with the Directing Holder or
borrower directly. As such, the Operating Advisor relied upon the information delivered to it by the Special Servicer as well as
its interaction with the Special Servicer, if any, in gathering the relevant information to generate this report. The services
that we perform are not designed and cannot be relied upon to detect fraud or illegal acts should any exist.

 

    BB-3

     

    

 

		4.	The Special Servicer has the legal authority and responsibility to service any Specially Serviced
Loans pursuant to the Pooling and Servicing Agreement. The Operating Advisor has no responsibility or authority to alter the standards
set forth therein or the actions of the Special Servicer.

 

		5.	Confidentiality and other contractual limitations limit the Operating Advisor’s ability to outline
the details or substance of any communication held between it and the Special Servicer regarding any Specially Serviced Loans and
certain information it reviewed in connection with its duties under the Pooling and Servicing Agreement. As a result, this report
may not reflect all the relevant information that the Operating Advisor is given access to by the Special Servicer.

 

		6.	There are many tasks that the Special Servicer undertakes on an ongoing basis related to Specially
Serviced Loans. These include, but are not limited to, assumptions, ownership changes, collateral substitutions, capital reserve
changes, etc. The Operating Advisor does not participate in any discussions regarding such actions. As such, Operating Advisor
has not assessed the Special Servicer’s operational compliance with respect to those types of actions.

 

		7.	The Operating Advisor is not empowered to speak with any investors directly. If the investors have
questions regarding this report, they should address such questions to the Certificate Administrator through the Certificate Administrator’s
website.

 

		8.	This report does not constitute recommendations to buy, sell or hold any security, nor does the Operating
Advisor take into account market prices of securities or financial markets generally when performing its limited review of the
Special Servicer as described above. The Operating Advisor does not have a fiduciary relationship with any Certificateholder or
any other party or individual. Nothing is intended to or should be construed as creating a fiduciary relationship between the Operating
Advisor and any Certificateholder, party or individual.

 

Terms used but not defined herein have the
meaning set forth in the Pooling and Servicing Agreement.

 

    BB-4

     

    

 

	 	PARK BRIDGE LENDER SERVICES LLC,
	 	as Operating Advisor
	 	 	 	 
	 	By:	Park Bridge Advisors LLC
	 	 	Its Sole Member
	 	 	 	 
	 	 	By:	Park Bridge Financial LLC
	 	 	 	Its Sole Member
	 	 	 	 
	 		By:	 
	 	 	 	Name:
	 	 	 	Title:

 

    BB-5

     

    

 

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-B16 Mortgage Trust

 

with
copies to:

 

ct.cmbs.bond.admin@wellsfargo.com,
and

trustadministrationgroup@wellsfargo.com

 

Deutsche
Mortgage & Asset Receiving Corporation,

as Depositor

60 Wall Street

New York, New York 10005

Attention: Lainie Kaye

 

with
a copy via email to:

cmbs.requests@db.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 February 1, 2020 (the “Pooling
and Servicing Agreement”), between Deutsche Mortgage & Asset Receiving Corporation, as depositor, Midland Loan Services,
a Division of PNC Bank, National Association, as master servicer (the “Master Servicer”), KeyBank National
Association, as special servicer (the “Special Servicer”), Park Bridge Lender Services LLC, as operating advisor,
Park Bridge Lender Services LLC, as asset representations reviewer and Wells Fargo Bank, National Association, as trustee and
as 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

 

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-B16 MORTGAGE TRUST

COMMERCIAL
MORTGAGE PASS-THROUGH CERTIFICATES,

SERIES 2020-B16

 

KNOW
ALL BY THESE PRESENTS:

 

WHEREAS,
Deutsche Mortgage & Asset Receiving Corporation, as Depositor, Midland Loan Services, a division of PNC Bank, National Association,
as Master Servicer (the “Servicer”), KeyBank National Association, as Special Servicer, Wells Fargo Bank, National Association,
as Trustee (the “Trustee”) and Certificate Administrator, and Park Bridge Lender Services LLC, as Operating
Advisor and as Asset Representations Reviewer, entered into a Pooling and Servicing Agreement dated as of February 1, 2020 (the
“PSA”), pertaining to a securitization trust formed for the benefit of the registered holders of Benchmark
2020-B16 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series 2020-B16 (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 

 

    DD-1-1

     

    

 

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.

 

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 

 

    DD-1-2

     

    

 

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.

 

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

 

    DD-1-3

     

    

  

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.

 

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 February 2020.

 

	 	Wells
    Fargo Bank, National Association, as Trustee, for the benefit of the Holders of Benchmark 2020-B16 Mortgage Trust Commercial
    Mortgage Pass- Through Certificates, Series 2020-B16 (and not in its individual capacity)
	 	 	 
	 	(SEAL)	 
	 	 	 	 
	 	 	By:	 	 
	 	 	 	 
	 	 	Name:	 	 
	 	 	 	 
	 	 	Title:	 	 

 

	ATTEST:	 

 

    DD-1-4

     

    

 

	 	 
	 	 
	Witness	 
	 	 
	Witness	 
	 	 
	STATE OF MARYLAND	)
	 	)ss.
	COUNTY OF HOWARD	)

 

On
this_________day of February, 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-B16 Mortgage Trust Commercial Mortgage Pass- Through Certificates, Series 2020-B16 (and not in
its individual capacity).

 

	 	 	 
	 	Notary Public:	 
	 	My Commission expires:	 

 

    DD-1-5

     

    

 

EXHIBIT
DD-2

 

After recording, return to:

KeyBank
National Association

11501
Outlook Street, Suite 300

Overland
Park, Kansas 66211

Attention:
Alan Williams

Email:
keybank_notices@keybank.com

 

LIMITED
POWER OF ATTORNEY TO KEYBANK NATIONAL ASSOCIATION,

FROM
WELLS FARGO BANK, NATIONAL ASSOCIATION,

AS
TRUSTEE, FOR THE BENEFIT OF THE HOLDERS OF

BENCHMARK
2020-B16 MORTGAGE TRUST COMMERCIAL MORTGAGE

PASS-THROUGH
CERTIFICATES, SERIES 2020-B16

 

KNOW
ALL BY THESE PRESENTS:

 

WHEREAS,
Deutsche Mortgage & Asset Receiving Corporation, as Depositor, Midland Loan Services, a division of PNC Bank, National Association,
as Master Servicer, KeyBank National Association, as Special Servicer (the “Special Servicer”), Wells Fargo
Bank, National Association, as Trustee (the “Trustee”) and Certificate Administrator, and Park Bridge Lender
Services LLC, as Operating Advisor and as Asset Representations Reviewer, entered into a Pooling and Servicing Agreement dated
as of February 1, 2020 (the “PSA”), pertaining to a securitization trust formed for the benefit of the registered
holders of Benchmark 2020-B16 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series 2020-B16 (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.

 

NOW,
THEREFORE, KNOW ALL BY THESE PRESENTS:

 

    DD-2-1

     

    

 

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 KeyBank Association, with principal corporate offices at 11501 Outlook Street, Suite 300,
Overland Park, Kansas 66211, 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,

 

    DD-2-2

     

    

 

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.

 

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;

  

    DD-2-3

     

    

 

	(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.

 

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 February 2020.

 

	 	Wells
    Fargo Bank, National Association, as Trustee, for the benefit of the Holders of Benchmark 2020-B16 Mortgage Trust Commercial
    Mortgage Pass- Through Certificates, Series 2020-B16 (and not in its individual capacity)
	 	 	 
	 	(SEAL)	 
	 	 	 	 
	 	 	By:	 	 
	 	 	 	 
	 	 	Name:	 	 
	 	 	 	 
	 	 	Title:	 	 

 

	ATTEST:	 
	 	 
	 	 
	 	 
	Witness	 
	 	 
	Witness	 
	 	 
	STATE OF MARYLAND	)
	 	)ss.
	COUNTY OF HOWARD	)

 

On
this_________day of February, 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 

 

    DD-2-4

     

    

 

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-B16 Mortgage Trust Commercial Mortgage
Pass-Through Certificates, Series 2020-B16 (and not in its individual capacity). 

 

	 	 	 
	 	Notary Public:	 
	 	My Commission expires:	 

 

    DD-2-5

     

    

 

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 February 1, 2020 (the “B16
PSA”), between Deutsche Mortgage & Asset Receiving Corporation, as depositor (the “B16 Depositor”),
Midland Loan Services, a Division of PNC Bank, National Association, as master servicer (the “B16 Master Servicer”),
KeyBank National Association, as special servicer (the “B16 Special Servicer”), Wells Fargo Bank, National
Association, as trustee (in such capacity, the “B16 Trustee”), Wells Fargo Bank, National Association, as certificate
administrator (in such capacity, the “B16 Certificate Administrator”), as paying agent and as custodian, and
Park Bridge Lender Services LLC, as operating advisor (in such capacity, the “B16 Operating Advisor”) and as
asset representations 

 

    EE-1

     

    

 

reviewer (in such capacity, the “B16 Asset Representations Reviewer”), pursuant to which
the Benchmark 2020-B16 Mortgage Trust (the “B16 Trust”) was established and the [Bellagio Hotel and Casino][Kings
Plaza][1633 Broadway][Starwood Industrial Portfolio][650 Madison Avenue][181 West Madison][510 East 14th Street][490-504 Myrtle
Avenue][Giant Anchored Portfolio] Companion Loan was transferred to the B16 Trust as of [_____] [_], 2020 (the “Closing
Date”).

 

The
undersigned hereby notifies you that, as of the Closing Date:

 

1.       Wells
Fargo Bank, National Association, as trustee under the B16 PSA, is the holder of the [Bellagio Hotel and Casino][Kings Plaza][1633
Broadway][Starwood Industrial Portfolio][650 Madison Avenue][181 West Madison][510 East 14th Street][490-504 Myrtle Avenue][Giant
Anchored Portfolio] Companion Loan.

 

2.       The
[Bellagio Hotel and Casino][Kings Plaza][1633 Broadway][Starwood Industrial Portfolio][650 Madison Avenue][181 West Madison][510
East 14th Street][490-504 Myrtle Avenue][Giant Anchored Portfolio] Mortgage Loan [is][is not] a Significant Obligor (as such term
is defined in the B16 PSA) under the B16 PSA.

 

3.       The
contact information for the B16 Depositor, B16 Trustee, the B16 Certificate Administrator, the B16 Master Servicer, the B16 Special
Servicer, the B16 Operating Advisor, the B16 Asset Representations Reviewer, each Rating Agency (as defined in the B16 PSA) and
the Directing Holder (as defined in the B16 PSA) with respect to the [Bellagio Hotel and Casino][Kings Plaza][1633 Broadway][Starwood
Industrial Portfolio][650 Madison Avenue][181 West Madison][510 East 14th Street][490-504 Myrtle Avenue][Giant Anchored Portfolio]
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 B16 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 B16 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 B16 Master Servicer, no later than one (1) Business Day after
each Determination Date (as defined in the B16 PSA) all reports, statements, documents, communications and other information that
are to be forwarded, delivered or otherwise made available to, the holder of the [Bellagio Hotel and Casino][Kings Plaza][1633
Broadway][Starwood Industrial Portfolio][650 Madison Avenue][181 West Madison][510 East 14th Street][490-504 Myrtle Avenue][Giant
Anchored Portfolio] Intercreditor Agreement, as applicable.

 

5.       The
B16 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 B16 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-B16 Mortgage Trust Pass-Through Certificates, Series 2020-B16
	 	 	 
	 	By: 	 
	 	 	[Name]
	 	 	[Title]

  

    EE-3

     

    

 

SCHEDULE
I

 

TO
FORM OF NOTICE FROM THE CERTIFICATE ADMINISTRATOR

REGARDING
[NON-SERVICED WHOLE LOAN]

 

	B16
    Depositor:	Deutsche
                                         Mortgage & Asset Receiving Corporation

                                         60 Wall Street

                                         New York, New York 10005

                                         Attention: Lainie Kaye

        with
        a copy via email to:

        cmbs.requests@db.com

         

	B16
    Trustee:	Wells
                                         Fargo Bank, National Association

                                         9062 Old Annapolis Road

                                         Columbia, Maryland 21045-1951

                                         Attention: Corporate Trust Services (CMBS) – Benchmark 2020-B16

         

        with
        copies to:

         

        cts.cmbs.bond.admin@wellsfargo.com;
        and trustadministrationgroup@wellfargo.com

         

	B16
    Certificate Administrator:	Wells
                                         Fargo Bank, National Association

                                         9062 Old Annapolis Road

                                         Columbia, Maryland 21045-1951

                                         Attention: Corporate Trust Services – Benchmark 2020-B16

         

        with
        copies to:

        

        ct.cmbs.bond.admin@wellsfargo.com; and

        trustadministrationgroup@wellsfargo.com

         

	B16
    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

 

    EE-4

     

    

 

	 	Kansas City, Missouri 64106-2150
Attention:
    Kenda K. Tomes

    Facsimile: (816) 412-9338

    Email: kenda.tomes@stinson.com
	 	 
	B16
    Special Servicer:	KeyBank
                                         National Association

        11501
        Outlook Street, Suite 300

        Overland
        Park, Kansas 66211

        Attention:
        Alan Williams

        Email:
        keybank_notices@keybank.com

        

        with a copy to:

        

        Polsinelli

        900
        West 48th Place, Suite 900

        Kansas
        City, Missouri 64112

        Attention:
        Kraig Kohring

        Email:
        kkohring@polsinelli.com

         

	B16
    Operating Advisor:	Park
                                         Bridge Lender Services LLC

                                         600 Third Avenue, 40th Floor

                                         New York, New York 10016

                                         Attention: BMARK 2020-B16 –
                                         Surveillance Manager

                                         

                                         (with a copy sent contemporaneously
                                         via email to: cmbs.notices@parkbridgefinancial.com)

         

	B16
    Asset Representation Reviewer:	Park
                                         Bridge Lender Services LLC

                                         600 Third Avenue, 40th Floor

                                         New York, New York 10016

                                         Attention: BMARK 2020-B16 –
                                         Surveillance Manager

                                         

                                         (with a copy sent contemporaneously
                                         via email to: cmbs.notices@parkbridgefinancial.com)

         

	B16
    Rating Agencies:	Kroll
                                         Bond Rating Agency, Inc.

        805
        Third Avenue 29th Floor

        New
        York, New York 10022

        Attention:
        CMBS

        Facsimile
        No.: (646) 731-2395

         

        Fitch
        Ratings, Inc.

         

        33
        Whitehall Street

        New
        York, New York 10004

        Attention:
        Commercial Mortgage Surveillance Group

        Facsimile
No.: (212) 635-0295

        

 

    EE-5

     

    

 

	 	Email: info.cmbs@fitchratings.com

Moody’s
    Investors Service, Inc.

    7 World Trade Center

    250 Greenwich Street

    New York, New York 10007

    Attention: Commercial Mortgage Surveillance Group

    E-mail: CMBSSurveillance@moodys.com
	 	 
	B16
    Directing Holder:	ECMBS
                                         LLC

        53
        Forest Avenue, 3rd Floor

        Old
        Greenwich, Connecticut 06870

        Attention:
        Leo Huang

        E-mail:
        lhuang@ellington.com

         

        with
        a copy via email to:

         

        DCHconsents@ellington.com

 

    EE-6

     

    

 

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 Deutsche Mortgage & Asset Receiving Corporation, Benchmark 2020-B16 Mortgage Trust
                                         Commercial Mortgage Pass-Through Certificates, Series 2020-B16 Collection Account

 

		Location:	[___]

 

    EE-7

     

    

 

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-B16

 

with
copies to:

 

ct.cmbs.bond.admin@wellsfargo.com,
and

trustadministrationgroup@wellsfargo.com

 

		Re:	Benchmark
                                         2020-B16 Mortgage Trust – Companion Loan

 

In
accordance with the requirements for obtaining certain information under the Pooling and Servicing Agreement (the “Agreement”),
dated as of February 1, 2020, between Deutsche Mortgage & Asset Receiving Corporation, as depositor, Midland Loan Services,
a Division of PNC Bank, National Association, as master servicer, KeyBank National Association, as special servicer, Park Bridge
Lender Services LLC, as operating advisor and as asset representations reviewer, and Wells Fargo Bank, National Association, as
trustee, as certificate administrator, as paying agent and as 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

 

    FF-1

     

    

 

undersigned or by
its officers, directors, partners, employees, agents or representatives (collectively, the “Representatives”)
in any manner, 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.

 

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 Operating Advisor, the
Underwriters, the Initial Purchasers and the Trust Fund for any loss, liability or expense incurred thereby with respect to any
such breach by the undersigned or any of its Representatives.

 

5.       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

 

FORM
OF ASSET REVIEW REPORT BY THE 

ASSET REPRESENTATIONS REVIEWER2

 

To:
[Addresses of Recipients]

 

		Re:	Benchmark
                                         2020-B16 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series 2020-B16

 

Ladies
and Gentlemen:

 

In
accordance with Section 11.01 of the Pooling and Servicing Agreement, dated as of February 1, 2020 (the “Pooling and
Servicing Agreement”), the undersigned, as asset representations reviewer (the “Asset Representations Reviewer”),
has performed an Asset Review on each Delinquent Mortgage Loan identified by the Certificate Administrator, and is hereby issuing
the following Asset Review Report.

 

		1.	We
                                         have performed an Asset Review on each Delinquent Mortgage Loan identified by the Certificate
                                         Administrator and our conclusion is that there is [no evidence of a failed Test][evidence
                                         of [•] failed Tests as specifically detailed on the scorecard attached hereto as
                                         Exhibit A] with respect to the Delinquent Mortgage Loans.

 

		2.	A
                                         conclusion by the Asset Representations Reviewer of a passed Test or a failed Test shall
                                         not constitute a determination by the Asset Representations Reviewer of (i) the existence
                                         or nonexistence of a Material Defect, or (ii) whether the Trust should enforce any rights
                                         it may have against the applicable Mortgage Loan Seller. In addition, the Tests may not
                                         be sufficient to determine every instance of noncompliance.

 

		3.	The
                                         Asset Representations Reviewer, other than forwarding this report to the persons listed
                                         above, will not be required to take or participate in any other or further action with
                                         respect to the aforementioned Asset Review Report.

 

		4.	Capitalized
                                         words and phrases used herein shall have the respective meanings assigned to them in
                                         the Pooling and Servicing Agreement.

 

 

2
This report is an indicative report, and the Asset Representations Reviewer will have the ability to modify or alter the
organization and content of this report, subject to compliance with the terms of the Pooling and Servicing Agreement, including
without limitation, provisions relating to Privileged Information.

 

    HH-1

     

    

 

	 	 	 
	 	PARK BRIDGE LENDER SERVICES LLC,
    as Asset Representations Reviewer
	 	 	 
	 	By: 	Park Bridge Advisors LLC

    Its Sole Member

	 	 	 
	 	By: 	Park Bridge Financial LLC
	 	Its Sole
    Member

 

	 	By: 	 
	 	 	 

	 	Name: 	 

	 	Title: 	 

   

    HH-2

     

    

 

Exhibit
A

 

Detailed
Scorecard

[Template Example Below]

 

	Test
    Failures
	Loan
    #	Loan
    Name	Mortgage
    Loan Seller	R&W
    #	R&W
    Name	Test
    Description	Findings
	[Insert
    Loan Number]	[Insert
    Loan Name]	[Insert
    Mortgage Loan Seller]	[Insert
    R&W #]	[Insert
    R&W Name]	[Insert
    Test Description]	[Insert
    Test findings]
	[Insert
    R&W #]	[Insert
    R&W Name]	 	 

 

    HH-3

     

    

 

EXHIBIT
II

 

FORM
OF ASSET REVIEW REPORT SUMMARY 

BY THE ASSET REPRESENTATIONS REVIEWER3

 

To:
[Addresses of Recipients]

 

	Re:	Benchmark
                                         2020-B16 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series 2020-B16

 

Ladies
and Gentlemen:

 

In
accordance with Section 11.01 of the Pooling and Servicing Agreement, dated as of February 1, 2020 (the “Pooling and
Servicing Agreement”), the undersigned, as asset representations reviewer (the “Asset Representations Reviewer”),
has performed an Asset Review on each Delinquent Mortgage Loan identified by the Certificate Administrator, and is hereby issuing
the following Asset Review Report Summary.

 

		1.	We
                                         have performed an Asset Review on each Delinquent Mortgage Loan identified by the Certificate
                                         Administrator and our conclusion is that there is [no evidence of a failed Test][evidence
                                         of [•] failed Tests as identified on the summary scorecard attached hereto as Exhibit
                                         A] with respect to the Delinquent Mortgage Loans.

 

		2.	A
                                         conclusion by the Asset Representations Reviewer of a passed Test or a failed Test shall
                                         not constitute a determination by the Asset Representations Reviewer of (i) the existence
                                         or nonexistence of a Material Defect, or (ii) whether the Trust should enforce any rights
                                         it may have against the applicable Mortgage Loan Seller. In addition, the Tests may not
                                         be sufficient to determine every instance of noncompliance.

 

		3.	The
                                         Asset Representations Reviewer, other than forwarding this Asset Review Report Summary
                                         to the parties listed above, will not be required to take or participate in any other
                                         or further action with respect to the aforementioned Asset Review Report Summary.

 

		4.	Capitalized
                                         words and phrases used herein shall have the respective meanings assigned to them in
                                         the Pooling and Servicing Agreement.

 

 

3
This report is an indicative report, and the Asset Representations Reviewer will have the ability to modify or alter the
organization and content of this report, subject to compliance with the terms of the Pooling and Servicing Agreement, including
without limitation, provisions relating to Privileged Information.

 

    II-1

     

    

 

	 	 	 
	 	PARK BRIDGE LENDER SERVICES LLC,
    as Asset Representations Reviewer
	 	 	 
	 	By: 	Park Bridge Advisors LLC

    Its Sole Member

	 	 	 
	 	By: 	Park Bridge Financial LLC
	 	Its Sole
    Member

 

	 	By: 	 
	 	 	 

	 	Name: 	 

	 	Title: 	 

   

    II-2

     

    

 

Exhibit
A

 

Summary
Scorecard

[Template Example Below]

 

	Test
    failures
	Loan
    #	Loan
    Name	Mortgage
    Loan Seller	Representation
    and Warranty #	Representation
    and Warranty Name
	[Insert
    Loan #]	[Insert
    Loan Name]	[Insert
    Mortgage Loan Seller]	[Insert
    Representation and Warranty #]	[Insert
    Representation and Warranty Name]
	[Insert
    Representation and Warranty #]	[Insert
    Representation and Warranty Name]

 

    II-3

     

    
 

EXHIBIT
JJ

 

ASSET REVIEW PROCEDURES

 

Subject to the Pooling
and Servicing Agreement, this Exhibit sets forth Asset Representations Reviewer’s review procedures for each Delinquent Mortgage
Loan based on the information provided for an Asset Review. Capitalized terms used herein and not defined herein shall have the
meanings ascribed to them in the Pooling and Servicing Agreement. In the event of any conflict between this Exhibit JJ and the
terms of the Pooling and Servicing Agreement, the Pooling and Servicing Agreement shall control and govern the Asset Representation
Reviewer’s responsibilities and duties with respect to Asset Reviews.

 

Call for Review and Collection and
Inventory of Review Materials

 

		Step 1	Asset Representations Reviewer (“ARR”)
receives the following items before beginning its review from the parties specified in Section 11.01 of the Pooling and
Servicing Agreement:

 

		■	Notice of Asset Review Trigger (with attachments)

 

		■	Asset Review Vote Election

 

		■	Notice of Affirmative Asset Review Vote

 

		■	List of all Delinquent Mortgage Loans subject to the Asset Review

 

		■	Review Materials for each Delinquent Mortgage Loan via Secure Data Room access, including the Diligence
File

 

		■	Any Unsolicited Information (if applicable)

 

		Step 2	For each Delinquent Mortgage Loan, ARR inventories all
Review Materials to which ARR is provided access in the Secure Data Room to determine what, if any, Review Materials for such
Delinquent Mortgage Loan are missing, using the list of documents in Section 2.01(a) of the Pooling and Servicing Agreement,
any comparable lists included in the related Mortgage Loan Purchase Agreement, and any closing checklist from the origination
of such Delinquent Mortgage Loan, to guide its review and determination

 

    JJ-1

     

    

 

		Step 3	If ARR determines that the information made available
to it in the Secure Data Room with respect to any Delinquent Mortgage Loan is missing any documents required to complete an Asset
Review of such Delinquent Mortgage Loan, ARR shall prepare a list of such missing documents and notify Master Servicer (with respect
to Non-Specially Serviced Loans) and Special Servicer (with respect to Specially Serviced Loans) or applicable Mortgage Loan Seller
of such missing documents. If the Master Servicer or Special Servicer, as applicable, does not provide such document as provided
in the Pooling and Servicing Agreement, the ARR shall notify the related Mortgage Loan Seller of such missing information

 

Analysis and
Testing of Representations and Warranties

 

		Step 4	For each Delinquent Mortgage Loan for which ARR has received
all Review Materials required to complete an Asset Review of such Delinquent Mortgage Loan, ARR tests such Delinquent Mortgage
Loan for compliance with each representation and warranty made by the related Mortgage Loan Seller with respect to such Delinquent
Mortgage Loan as follows:

 

		■	ARR reviews each representation and warranty and each item included in the Review Materials applicable
or related to such representation or warranty to determine whether there is any evidence that such representation or warranty was
not true when made by the related Mortgage Loan Seller

 

		■	For each representation and warranty, ARR lists

 

		●	all items from the Review Materials reviewed or used
in its testing of such representation and warranty

 

		●	whether ARR has determined that there is any evidence
that such representation or warranty was not true when made by the related Mortgage Loan Seller, and

 

		○	if so, stating the aspect of the applicable representation
or warranty that does not appear to have been true when made by the related Mortgage Loan Seller and ARR’s basis for its
conclusion

 

		○	completing the Asset Review Report by setting forth,
for each Delinquent Mortgage Loan, the information contemplated herein with respect to each representation and warranty

 

ARR will not attempt (and has no obligation)
to determine the materiality of any potential breach of a representation or warranty that it discovers evidence of during its review
as contemplated herein.

 

    JJ-2

     

    

EXHIBIT
KK

 

FORM OF CERTIFICATION
TO CERTIFICATE ADMINISTRATOR REQUESTING ACCESS TO SECURE DATA ROOM

 

Wells Fargo Bank, National Association

9062 Old Annapolis Road

Columbia, Maryland 21045-1951

Attention: Corporate Trust Services – Benchmark 2020-B16

Email: trustadministrationgroup@wellsfargo.com

		Attention:	Benchmark 2020-B16 Mortgage Trust Commercial
                                         Mortgage Pass-Through  Certificates, Series 2020-B16

 

In accordance with the
requirements for obtaining access to the Secure Data Room pursuant to the Pooling and Servicing Agreement, dated as of February
1, 2020 (the “Pooling and Servicing Agreement”), between Deutsche Mortgage & Asset Receiving Corporation,
as depositor, Midland Loan Services, a Division of PNC Bank, National Association, as master servicer, KeyBank National Association,
as special servicer, Park Bridge Lender Services LLC, as operating advisor and asset representations reviewer, and Wells Fargo
Bank, National Association, as trustee, as certificate administrator, as paying agent and as custodian, with respect to the certificates
(the “Certificates”), the undersigned hereby certifies and agrees as follows:

 

1.       The
undersigned is an authorized representative of [________________________].

 

2.       The
undersigned acknowledges and agrees that (a) access to the Secure Data Room is being granted to it solely for purposes of the undersigned
carrying out its obligations under the Pooling and Servicing Agreement (b) it will not disseminate or otherwise make information
contained on the Secure Data Room available to any other person except in accordance with the Pooling and Servicing Agreement or
otherwise with the written consent of the Depositor and (c) it will only access information relating to the Mortgage Loans to which
the Asset Review relates.

 

3.       The
undersigned agrees that each time it accesses the Secure Data Room, the undersigned is deemed to have recertified that the representations
above remains true and correct.

 

    KK-1

     

    

 

4.       [The
undersigned is not a Certificateholder, a beneficial owner or a prospective purchaser of any Certificate.]*

 

BY ITS CERTIFICATION
HEREOF, the undersigned has made the representations above and shall have caused, or shall be deemed to have caused its name to
be signed hereto by its duly authorized signatory, as of the date certified.

	 	 	 
	 	[NAME OF PARTY], as [role]
	 	 	 
	 	By: 	 
	 	 	Name:
	 	 	Title:

 

		Dated:	__________________ 

 

[Deutsche
Mortgage & Asset Receiving Corporation]§

	 	 	 
	By: 	 	 
	 	Name:	 
	 	Title:	 

 

 

 

§
   Required to the extent that a party other than the Asset Representations
Reviewer is identified by the Depositor as needing access to the Secure Data Room.

 

    KK-2

     

    

 

EXHIBIT
LL

 

FORM OF NOTICE OF [ADDITIONAL
DELINQUENT MORTGAGE LOAN][CESSATION OF DELINQUENT MORTGAGE LOAN][CESSATION OF ASSET REVIEW TRIGGER]

 

[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
	
        Park Bridge Lender Services LLC

600 Third Avenue, 40th Floor

New York, New York 10016

Attention: BMARK 2020-B16 – Surveillance Manager (with a copy sent contemporaneously via email to: cmbs.notices@parkbridgefinancial.com)

	 	 
	
        KeyBank National Association

        11501 Outlook Street, Suite 300

        Overland Park, Kansas 66211

        Attention: Alan Williams

        Email: keybank_notices@keybank.com
	
        ECMBS LLC

        53 Forest Avenue, 3rd Floor

        Old Greenwich, Connecticut 06870

        Attention: Leo Huang

        E-mail: lhuang@ellington.com

	 	 

		Attention:	Benchmark 2020-B16 Mortgage Trust Commercial
                                         Mortgage Pass-Through Certificates, Series 2020-B16

 

In accordance with Section
11.01(a) of the Pooling and Servicing Agreement, dated as of February 1, 2020 (the “Pooling and Servicing Agreement”),
between Deutsche Mortgage & Asset Receiving Corporation, as depositor, Midland Loan Services, a Division of PNC Bank, National
Association, as master servicer, KeyBank National Association, as special servicer, Park Bridge Lender Services LLC, as operating
advisor and asset representations reviewer, and Wells Fargo Bank, National Association, as trustee, certificate administrator (in
such capacity, the “Certificate Administrator”), paying agent and custodian, the Certificate Administrator hereby
notifies you that as of [RELATED DISTRIBUTION DATE]:

 

1.           _____  An additional
Mortgage Loan has become a Delinquent Mortgage Loan.

 

2.           _____  A Mortgage
Loan has ceased to be a Delinquent Mortgage Loan.

 

3.           _____ An Asset
Review Trigger has ceased to exist.

 

(check all that apply)

 

    LL-1

     

    

 

Capitalized terms used
but not defined herein have the respective meanings given to them in the Pooling and Servicing Agreement.

	 	 	 
	 	Wells Fargo Bank, National Association,
as Certificate Administrator for the Holders of the Benchmark 2020-B16 Mortgage Trust Pass-Through Certificates, Series 2020-B16
	 	 	 
	 	By: 	 
	 	 	[Name]
	 	 	[Title]

 

    LL-2

     

    

EXHIBIT MM

 

Form
of Certificate Administrator Receipt of the retained certificates

 

[Date]

 

[Retaining Party]

 

		Re:	Benchmark 2020-B16
                                         Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series 2020-B16 (Deutsche
                                         Mortgage & Asset Receiving Corporation as Depositor) 

 

In accordance with Section 5.02(m)
of the Pooling and Servicing Agreement, dated as of February 1, 2020 (the “Agreement”), pursuant to which the
captioned series of commercial mortgage pass-through certificates (the “Certificates”) were issued, 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 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

  

     MM-1

     

    

 

	 	By: 	 	 
	 	 	Name:
	 	 	Title:

 

     MM-2

     

    

 

[Wiring Instructions]

 

     MM-3

     

    

 

Schedule I

 

Certificates Registered in the Name of [Retaining Party] 

	
 

	
 

	
 

	
 

	
 

	
Class
(CUSIP)

	
 

	
Certificate
No.

	
 

	
Initial
Certificate Balance

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

    MM-2

     

    
 

EXHIBIT NN

 

[RESERVED]

 

    NN-1

     

    

 

SCHEDULE I

 

DIRECTING HOLDERS

 

	
Mortgage Loan

	
Directing Holder

	
Contact Information

	
All Serviced Mortgage Loans (other than the Kings Plaza Mortgage Loan)

	
ECMBS LLC

	
ECMBS LLC

53 Forest Avenue, 3rd Floor

Old Greenwich, Connecticut 06870

Attention: Leo Huang

E-mail: lhuang@ellington.com

 

with a copy via email to:

 

DCHconsents@ellington.com

	
Kings Plaza Mortgage Loan

	
JPMorgan Chase Bank, National Association

	
JPMorgan Chase Bank, National Association

383 Madison Avenue, 31st 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

    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

	
 

 

    Sch. II-1

     

    
 

	
Relevant Servicing Criteria

	
Applicable 

Party(ies)

	
Reference

	
Criteria

	
 

	
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.

	
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

 

    Sch. II-2

     

    
 

	
Relevant Servicing Criteria

	
Applicable 

Party(ies)

	
Reference

	
Criteria

	
 

	
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

	
 

	
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.
Operating Adv. 
(excluding clauses (C) and (D) in the case of the Operating Adv.)

	
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

	
 

 

    Sch. II-3

     

    
 

	
Relevant Servicing Criteria

	
Applicable 

Party(ies)

	
Reference

	
Criteria

	
 

	
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

	
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
Operating Adv.

 

    Sch. II-4

     

    
 

	
Relevant Servicing Criteria

	
Applicable 

Party(ies)

	
Reference

	
Criteria

	
 

	
1122(d)(4)(viii)

	
Records documenting collection efforts are maintained during the period a mortgage loan is delinquent in accordance with the transaction agreements.  Such records are maintained on at least a monthly basis, or such other period specified in the transaction agreements, and describe the entity’s activities in monitoring delinquent mortgage loans including, for example, phone calls, letters and payment rescheduling plans in cases where delinquency is deemed temporary (e.g., illness or unemployment).

	
Master Servicer
Special Servicer

	
1122(d)(4)(ix)

	
Adjustments to interest rates or rates of return for mortgage loans with variable rates are computed based on the related mortgage loan documents.

	
Master Servicer

	
1122(d)(4)(x)

	
Regarding any funds held in trust for an obligor (such as escrow accounts): (A) such funds are analyzed, in accordance with the obligor’s mortgage loan documents, on at least an annual basis, or such other period specified in the transaction agreements; (B) interest on such funds is paid, or credited, to obligors in accordance with applicable mortgage loan documents and state laws; and (C) such funds are returned to the obligor within 30 calendar days of full repayment of the related mortgage loans, or such other number of days specified in the transaction agreements.

	
Master Servicer

	
1122(d)(4)(xi)

	
Payments made on behalf of an obligor (such as tax or insurance payments) are made on or before the related penalty or expiration dates, as indicated on the appropriate bills or notices for such payments, provided that such support has been received by the servicer at least 30 calendar days prior to these dates, or such other number of days specified in the transaction agreements.

	
Master Servicer

	
1122(d)(4)(xii)

	
Any late payment penalties in connection with any payment to be made on behalf of an obligor are paid from the servicer’s funds and not charged to the obligor, unless the late payment was due to the obligor’s error or omission.

	
Master Servicer

	
1122(d)(4)(xiii)

	
Disbursements made on behalf of an obligor are posted within two business days to the obligor’s records maintained by the servicer, or such other number of days specified in the transaction agreements.

	
Master Servicer

 

    Sch. II-5

     

    
 

	
Relevant Servicing Criteria

	
Applicable 

Party(ies)

	
Reference

	
Criteria

	
 

	
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-6

     

    
 

SCHEDULE III

 

CLASS A-SB PLANNED PRINCIPAL BALANCE SCHEDULE

 

	Period
                                         

	 	Balance($)
                                         

	1

	 	9,800,000.00

	2

	 	9,800,000.00

	3

	 	9,800,000.00

	4

	 	9,800,000.00

	5

	 	9,800,000.00

	6

	 	9,800,000.00

	7

	 	9,800,000.00

	8

	 	9,800,000.00

	9

	 	9,800,000.00

	10

	 	9,800,000.00

	11

	 	9,800,000.00

	12

	 	9,800,000.00

	13

	 	9,800,000.00

	14

	 	9,800,000.00

	15

	 	9,800,000.00

	16

	 	9,800,000.00

	17

	 	9,800,000.00

	18

	 	9,800,000.00

	19

	 	9,800,000.00

	20

	 	9,800,000.00

	21

	 	9,800,000.00

	22

	 	9,800,000.00

	23

	 	9,800,000.00

	24

	 	9,800,000.00

	25

	 	9,800,000.00

	26

	 	9,800,000.00

	27

	 	9,800,000.00

	28

	 	9,800,000.00

	29

	 	9,800,000.00

	30

	 	9,800,000.00

	31

	 	9,800,000.00

	32

	 	9,800,000.00

	33

	 	9,800,000.00

	34

	 	9,800,000.00

	35

	 	9,800,000.00

	36

	 	9,800,000.00

	37

	 	9,800,000.00

	38

	 	9,800,000.00

	39

	 	9,800,000.00

	40

	 	9,800,000.00

	41

	 	9,800,000.00

	42

	 	9,800,000.00

	43

	 	9,800,000.00

	44

	 	9,800,000.00

	45

	 	9,800,000.00

	46

	 	9,800,000.00

	47

	 	9,800,000.00

	48

	 	9,800,000.00

	49

	 	9,800,000.00

	50

	 	9,800,000.00

	51

	 	9,800,000.00

	52

	 	9,800,000.00

	53

	 	9,800,000.00

	54

	 	9,800,000.00

	55

	 	9,800,000.00

	56

	 	9,800,000.00

	57

	 	9,800,000.00

	58

	 	9,799,513.80

	59

	 	9,658,663.90

	Period
                                         

	 	Balance($)
                                         

	60

	 	9,517,308.13

	61

	 	9,343,411.50

	62

	 	9,200,923.23

	63

	 	9,047,282.13

	64

	 	8,903,730.19

	65

	 	8,749,056.03

	66

	 	8,604,432.87

	67

	 	8,459,290.27

	68

	 	8,303,071.22

	69

	 	8,156,846.13

	70

	 	7,999,575.75

	71

	 	7,852,260.49

	72

	 	7,704,416.10

	73

	 	7,524,637.71

	74

	 	7,375,616.34

	75

	 	7,215,630.15

	76

	 	7,065,498.79

	77

	 	6,904,434.55

	78

	 	6,753,185.33

	79

	 	6,601,392.84

	80

	 	6,438,715.27

	81

	 	6,285,793.14

	82

	 	6,121,025.93

	83

	 	5,966,966.16

	84

	 	5,812,353.00

	85

	 	5,626,438.90

	86

	 	5,470,602.34

	87

	 	5,303,997.10

	88

	 	5,147,002.24

	89

	 	4,979,272.02

	90

	 	4,821,110.64

	91

	 	4,662,381.13

	92

	 	4,492,966.17

	93

	 	4,333,057.84

	94

	 	4,162,497.99

	95

	 	4,001,402.49

	96

	 	3,839,728.29

	97

	 	3,657,433.47

	98

	 	3,494,523.52

	99

	 	3,321,048.43

	100

	 	3,156,930.03

	101

	 	2,982,281.26

	102

	 	2,816,945.83

	103

	 	2,651,016.47

	104

	 	2,474,608.85

	105

	 	2,307,449.62

	106

	 	2,129,847.53

	107

	 	1,961,449.71

	108

	 	1,792,446.94

	109

	 	1,593,489.02

	110

	 	1,423,164.18

	111

	 	1,242,487.58

	112

	 	1,070,901.71

	113

	 	889,000.37

	114

	 	716,144.53

	115

	 	542,667.70

	116

	 	358,929.81

	117

	 	184,169.60

	118
                                         and thereafter

	 	0

    Sch. III-1

     

    

 

SCHEDULE IV

 

ADDITIONAL FORM 10-D DISCLOSURE

 

The parties identified in the “Party Responsible” column (with each Servicing Function Participant deemed to be responsible for the following items for which the party that retained such Servicing Function Participant is responsible) are obligated pursuant to Section 10.06 of the Pooling and Servicing Agreement to disclose to the Depositor and the Certificate Administrator 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 and the Special Servicer (in its capacity as such) shall be entitled to rely on the accuracy of the Prospectus (other than information with respect to itself that is set forth in or omitted from the Prospectus), in the absence of specific written notice to the contrary from the Depositor or Mortgage Loan Sellers.  Each of the Certificate Administrator, the Paying Agent, the Trustee, the Master Servicer and the Special Servicer (in its capacity as such) shall be entitled to conclusively assume that there is no “significant obligor” other than a party identified as such in the Prospectus.  For this Benchmark 2020-B16 Mortgage Trust Pooling and Servicing Agreement, each of the Certificate Administrator, the Paying Agent, the Trustee, the Master Servicer and the Special Servicer (in its capacity as such) shall be entitled to assume that there is no provider of credit enhancement, liquidity or derivative instruments within the meaning of Items 1114 or 1115 of Regulation AB other than a party identified as such in the Prospectus.

 

	
Item on Form 10-D

	
Party Responsible

	
Item 1A:  Asset-Level Information

●   Item 1111(h) of Regulation AB

●   Item 1125 of Regulation AB

	
●    Each Mortgage Loan Seller (only with respect to 1121(c)(2))

●    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)

	
Item 1B:  Asset Representations Reviewer and Investor Communication:

●   Item 1121(d) of Regulation AB

●   Item 1121(e) of Regulation AB

	
●    Depositor

●    Certificate Administrator

●    Asset Representations Reviewer

	
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)

●    Certificate Administrator (as to itself)

    Sch. IV-1

     

    
 

	
 

	
●    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: Change in Sponsor Interest in the Securities:
Item 1124 of Regulation AB

	
●    Each Mortgage Loan Seller

	
Item 8:  Significant Enhancement Provider Information

	
●    N/A

	
Item 9:  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 10:  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

 

The parties identified in the “Party Responsible” column (with each Servicing Function Participant deemed to be responsible for the following items for which the party that retained such Servicing Function Participant is responsible) are obligated pursuant to Section 10.07 of the Pooling and Servicing Agreement to disclose to the Depositor and the Certificate Administrator any information described in the corresponding Form 10-K Item described in the “Item on Form 10-K” column to the extent such party has actual knowledge (and in the case of financial statements required to be provided in connection with 1112(b) below, possession) of such information (other than information as to itself).  Each of the Certificate Administrator, the Paying Agent, the Trustee, the Master Servicer and the Special Servicer (in its capacity as such) shall be entitled to rely on the accuracy of the Prospectus (other than information with respect to itself that is set forth in or omitted from the Prospectus), in the absence of specific written notice to the contrary from the Depositor or Mortgage Loan Sellers.  Each of the Certificate Administrator, the Paying Agent, the Trustee, the Master Servicer and the Special Servicer (in its capacity as such) shall be entitled to conclusively assume that there is no “significant obligor” other than a party identified as such in the Prospectus.  For this Benchmark 2020-B16 Mortgage Trust Pooling and Servicing Agreement, each of the Certificate Administrator, the Paying Agent, the Trustee, the Master Servicer and the Special Servicer (in its capacity as such) shall be entitled to assume that there is no provider of credit enhancement, liquidity or derivative instruments within the meaning of Items 1114 or 1115 of Regulation AB other than a party identified as such in the Prospectus.

 

	
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)

●   Operating Advisor (as to itself)

●   Asset Representations Reviewer (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)

    Sch. V-2

     

    

	
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

●   Operating Advisor (as to itself)

●   Asset Representations Reviewer (as to itself)

●   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-3

     

    
 

SCHEDULE VI

 

FORM 8-K DISCLOSURE INFORMATION

 

The parties identified in the “Party Responsible” column (with each Servicing Function Participant deemed to be responsible for the following items for which the party that retained such Servicing Function Participant is responsible) are obligated pursuant to Section 10.09 of the Pooling and Servicing Agreement to report to the Depositor and the Certificate Administrator the occurrence of any event described in the corresponding Form 8-K Item described in the “Item on Form 8-K” column to the extent such party has actual knowledge of such information (other than information as to itself).  Each of the Certificate Administrator, the Paying Agent, the Trustee, the Master Servicer and the Special Servicer (in its capacity as such) shall be entitled to rely on the accuracy of the Prospectus (other than information with respect to itself that is set forth in or omitted from the Prospectus), in the absence of specific written notice to the contrary from the Depositor or Mortgage Loan Sellers.  Each of the Certificate Administrator, the Paying Agent, the Trustee, the Master Servicer and the Special Servicer (in its capacity as such) shall be entitled to conclusively assume that there is no “significant obligor” other than a party identified as such in the Prospectus.  For this Benchmark 2020-B16 Mortgage Trust Pooling and Servicing Agreement, each of the Certificate Administrator, the Paying Agent, the Trustee, the Master Servicer and the Special Servicer (in its capacity as such) shall be entitled to assume that there is no provider of credit enhancement, liquidity or derivative instruments within the meaning of Items 1114 or 1115 of Regulation AB other than a party identified as such in the Prospectus.

 

	
Item on Form 8-K

	
Party Responsible 

	
Item 1.01- Entry into a Material Definitive Agreement

 

Disclosure is required regarding entry into or amendment of any definitive agreement that is material to the securitization, even if depositor is not a party.

 

Examples: servicing agreement, custodial agreement.

 

Note: disclosure not required as to definitive agreements that are fully disclosed in the prospectus

	
●   Trustee/Certificate Administrator/Master Servicer/Depositor/Special Servicer as to the Trust (only as to the agreements such entity is a party to or entered into on behalf of the Trust)

	
Item 1.02- Termination of a Material Definitive Agreement

 

Disclosure is required regarding termination of  any definitive agreement that is material to the securitization (other than expiration in accordance with its terms), even if depositor is not a party.  

	
●    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 

	
Examples: servicing agreement, custodial agreement.

	
 

	
Item 1.03- Bankruptcy or Receivership

	
●    Depositor

●    Each Mortgage Loan Seller

	
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 material servicers or trustee.

	
●    Master Servicer (as to itself or a servicer retained by it)

●    Special Servicer (as to itself or a servicer retained by it)

●    Certificate Administrator (as to itself or an entity retained by it)

●    Trustee

    Sch. VI-2

     

    
 

	
Item on Form 8-K

	
Party Responsible 

	
 

	
●    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

 

If any material pool characteristic differs by 5% or more at the time of issuance of the securities from the description in the final prospectus, provide updated Reg AB disclosure about the actual asset pool.

 

If there are any new servicers or originators required to be disclosed under Regulation AB as a result of the foregoing, provide the information called for in Items 1108 and 1110 respectively.

	
●    Depositor

	
Item 7.01- Regulation FD Disclosure

	
●    Depositor

	
Item 8.01 – Other Events

 

Any event, with respect to which information is not otherwise called for in Form 8-K, that the registrant deems of importance to certificateholders.

	
●    Depositor

	
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

 

	
Serviced Companion Loan

	
Initial Noteholders

	
Address

	
Kings Plaza

	
JPMorgan Chase Bank, National Association (Note A-1-1 Holder, Note A-1-3 Holder and Note A-1-4 Holder)

	
Note A-1-1 Holder, Note A-1-3 Holder and Note A-1-4 Holder:

 

JPMorgan Chase Bank, National Association

383 Madison Avenue, 31st Floor

New York, New York 10179

Attention: Kunal K. Singh

Email:  US_CMBS_Notice@jpmorgan.com

 

with a copy to:

 

JPMorgan Chase Bank, National Association

4 New York Plaza, 21st Floor

New York, NY 10004-2413

Attention: SPG Legal

Email: US_CMBS_Notice@jpmorgan.com

 

with a copy to:

 

Cadwalader Wickersham & Taft LLP

227 West Trade Street

Charlotte, North Carolina 28202

Attention: David Burkholder

Email: David.Burkholder@cwt.com

    Sch. VII-1

     

    

	
 

	
Societe Generale Financial Corporation (Note A-2-1 Holder, Note A-2-2 Holder, Note A-2-3 Holder and Note A-2-4 Holder)

	
Note A-2-1 Holder, Note A-2-2 Holder, Note A-2-3 Holder and Note A-2-4 Holder:

 

Societe Generale Financial Corporation
245 Park Avenue
New York, New York 10167
Attention: CMBS COO
Facsimile No.: 1-201-839-8150

    Sch. VII-2

     

    

	
 

	
BANK 2020-BNK25 Mortgage Trust (Note A-3-1 Holder and Note A-3-4 Holder)

	
Note A-3-1 and Note A-3-4 Holder:

 

Wells Fargo Bank, National Association

Commercial Mortgage Servicing

Three Wells Fargo

MAC D1050 084

401 South Tryon Street, 8th Floor

Charlotte, North Carolina  28202

Attention:  BANK 2020-BNK25 Asset Manager

Email: commercial.servicing@wellsfargo.com

with a copy to:

 

K&L Gates LLP

Hearst Tower, 47th Floor

214 North Tryon Street

Charlotte, North Carolina  28202

Attention:  Stacy G. Ackermann

Facsimile Number:  (704) 353-3190

    Sch. VII-3

     

    

	
 

	
Wells Fargo Bank, National Association (Note A-3-2 Holder and Note A-3-3 Holder)

	
Note A-3-2 Holder and Note A-3-3 Holder:

 

Wells Fargo Bank, National Association

375 Park Avenue, 2nd Floor

J0127-023

New York, New York 10152

Attention: A.J. Sfarra

Email:  Anthony.sfarra@wellsfargo.com

 

with a copy to:

 

Troy Stoddard, Esq.

Senior Counsel

Wells Fargo Legal Department, D1086-341

550 S. Tryon St., 34th Floor

Charlotte, North Carolina 28202

Email:  troy.stoddard@wellsfargo.com

 

and

 

Alston & Bird LLP

2200 Ross Ave., Ste. 2300

Dallas, Texas 75201

Attn: Mike Jewesson

Email: mike.jewesson@alston.com

    Sch. VII-4

     

    

	
3500 Lacey

	
JPMorgan Chase Bank, National Association (Note A-2 Holder)

	
Note A-2 Holder:

JPMorgan Chase Bank, National Association 
383 Madison Avenue, 8th Floor 
New York, New York 10179
Email: US_CMBS_Notice@jpmorgan.com  
Attention:  Kunal K. Singh

-and- 

JPMorgan Chase Bank, National Association 
4 New York Plaza, 21st Floor
New York, New York 10004-2413
Attention: SPG Legal

Email: US_CMBS_Notice@jpmorgan.com

with a copy to:

Cadwalader, Wickersham & Taft LLP

227 West Trade Street
Charlotte, NC 28202
Attention:  David Burkholder
Facsimile No.: (704) 348-5309

    Sch. VII-5

     

    

	
560 Mission Street

	
GSMS 2020-GC45 Mortgage Trust (Note A-1 Holder)

	
Note A-1 Holder:

Midland Loan Services, a Division of PNC Bank, National Association
10851 Mastin Street

Building 82, Suite 300
Overland Park, Kansas 66210
Attention:  Executive Vice President – Division Head 
Facsimile:  (888) 706-3565

Email: NoticeAdmin@midlandls.com

with a copy to:

Stinson LLP
1201 Walnut Street
Suite 2900
Kansas City, Missouri 64106-2150
Fax Number: (816) 412-9338
Attention: Kenda K. Tomes
Email: kenda.tomes@stinson.com

 

	
DBR Investments Co. Limited (Note A-1-2-B Holder and Note A-1-3 Holder)

	
Note A-1-2-B Holder and Note A-1-3 Holder:

DBR Investments Co. Limited
60 Wall Street
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

    Sch. VII-6

     

    

	
 

	
BANK 2020-BNK25  Mortgage Trust (Note A-2-1 Holder)

 

	
Note A-2-1 Holder:

 

Wells Fargo Bank, National Association

Commercial Mortgage Servicing

Three Wells Fargo

MAC D1050 084

401 South Tryon Street, 8th Floor

Charlotte, North Carolina  28202

Attention:  BANK 2020-BNK25 Asset Manager

Email: commercial.servicing@wellsfargo.com

with a copy to:

 

K&L Gates LLP

Hearst Tower, 47th Floor

214 North Tryon Street

Charlotte, North Carolina  28202

Attention:  Stacy G. Ackermann

Facsimile Number:  (704) 353-3190

 

	
 

	
Bank of America, N.A. (Note A-2-2 Holder)

	
Note A-2-2 Holder:

 

Bank of America, N.A.

c/o Capital Markets Servicing Group

900 West Trade Street, Suite 650

Mail Code: NC1-026-06-01

Charlotte, North Carolina 28255

Attention: Servicing Manager

Telephone No.: (866) 531-0957

Facsimile No.: (704) 317-4501

 

with a copy to:

 

Cadwalader, Wickersham & Taft LLP

One World Financial Center

New York, New York 10281

Attention: Bonnie Neuman, Esq.

Facsimile No. (212) 504-6666

    Sch. VII-7

     

    
 

SCHEDULE VIII

 

CONTACT INFORMATION FOR THE OTHER 17G-5 INFORMATION PROVIDER

 

	
Other 17g-5 
Information Provider

	
Transaction

	
Contact Information

	
Wells Fargo Bank, National Association

	
GSMS 2020-GC45

	
17g5informationprovider@wellsfargo.com, specifically with a subject reference of “GSMS 2020-GC45” 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

	
Wells Fargo Bank, National Association

	
BANK 2020-BNK25

	
17g5informationprovider@wellsfargo.com, specifically with a subject reference of “BANK 2020-BNK25” 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

    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
	12	Landing Square	Upfront Capital Expenditure Reserve	$2,000,000
	26	Fairfield Inn & Suites Spokane	Upfront Replacement Reserve	$1,822,346

 

 

 

    Sch. IX-1Exhibit 4.2 

 

EXECUTION
VERSION

 

 

 

MORGAN
STANLEY CAPITAL I INC.,

as Depositor,

 

KEYBANK
NATIONAL ASSOCIATION,

as Servicer

 

SITUS
HOLDINGS, LLC,

 

as
Special Servicer,

 

WELLS
FARGO BANK, NATIONAL ASSOCIATION,

as Certificate Administrator, Custodian and Trustee,

 

and

 

PARK
BRIDGE LENDER SERVICES LLC,

as Operating Advisor

 

TRUST
AND SERVICING AGREEMENT

Dated as of December 1, 2019 

 

 

 

BX
Trust 2019-OC11
Commercial Mortgage Pass-Through Certificates, Series 2019-OC11

 

 

 

     

     

    
 

TABLE
OF CONTENTS

 

	 

	 

	 

	Page

	 

	 

	 

	1.

	DEFINITIONS

	12

	 

	 

	 

	 

	 

	1.1.

	Definitions

	12

	 

	1.2.

	Interpretation

	74

	 

	1.3.

	Certain
Calculations in Respect of the Mortgage Loan

	75

	 

	 

	 

	2.

	DECLARATION
OF TRUST; ORIGINAL ISSUANCE OF CERTIFICATES

	79

	 

	 

	 

	 

	 

	2.1.

	Creation
and Declaration of Trust; Conveyance of the Mortgage Loan

	79

	 

	2.2.

	Acceptance
by the Trustee and Custodian

	83

	 

	2.3.

	Representations
and Warranties of the Trustee

	84

	 

	2.4.

	Representations
and Warranties of the Certificate Administrator

	86

	 

	2.5.

	Representations
and Warranties of the Operating Advisor

	87

	 

	2.6.

	Representations
and Warranties of the Servicer

	88

	 

	2.7.

	Representations
and Warranties of the Special Servicer

	89

	 

	2.8.

	Representations
and Warranties of the Depositor

	90

	 

	2.9.

	Representations
and Warranties Contained in the Mortgage Loan Purchase Agreements

	92

	 

	2.10.

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

	96

	 

	2.11.

	Miscellaneous
REMIC Provisions

	96

	 

	 

	 

	3.

	ADMINISTRATION
AND SERVICING OF THE MORTGAGE LOAN

	97

	 

	 

	 

	 

	 

	3.1.

	Servicer
to Act as the Servicer; Special Servicer to Act as the Special Servicer

	97

	 

	3.2.

	Sub-Servicing
Agreements

	99

	 

	3.3.

	Cash
Collateral Account

	101

	 

	3.4.

	Collection
Account

	101

	 

	3.5.

	Distribution
Account

	107

	 

	3.6.

	Foreclosed
Property Account

	108

	 

	3.7.

	Appraisal
Reductions

	108

	 

	3.8.

	Investment
of Funds in the Collection Account and Any Foreclosed Property Account

	111

	 

	3.9.

	Payment
of Taxes, Assessments, etc

	112

	 

	3.10.

	Appointment
of Special Servicer

	113

	 

	3.11.

	Maintenance
of Insurance and Errors and Omissions and Fidelity Coverage

	119

	 

	3.12.

	Procedures
with Respect to Mortgage Loan; Realization upon the Property

	122

	 

	3.13.

	Custodian
and Trustee to Cooperate; Release of Items in the Mortgage File

	126

 

    -i-

     

    
 

		3.14.

	Title
and Management of Foreclosed Property

	126

	 

	3.15.

	Sale
of Foreclosed Property

	129

	 

	3.16.

	Sale
of the Mortgage Loan and the Companion Loans

	131

	 

	3.17.

	Servicing
Compensation

	133

	 

	3.18.

	Reports
to the Certificate Administrator; Account Statements

	137

	 

	3.19.

	Certain
Matters Relating to the Intercreditor Agreement

	138

	 

	3.20.

	[Reserved]

	139

	 

	3.21.

	Access
to Certain Documentation Regarding the Mortgage Loan and Other Information

	139

	 

	3.22.

	Inspections

	140

	 

	3.23.

	Advances

	140

	 

	3.24.

	Modifications
of Loan Documents

	146

	 

	3.25.

	Servicer
and Special Servicer May Own Certificates

	150

	 

	3.26.

	Rating
Agency Confirmations; Companion Loan Rating Agency Confirmations

	150

	 

	3.27.

	Other
Asset Representations Reviewer

	153

	 

	3.28.

	Horizontal
Credit Risk Retention

	153

	 

	3.29.

	Resignation
Upon Prohibited Credit Risk Retention Affiliation

	153

	 

	 

	 

	4.

	PAYMENTS
AND STATEMENTS TO CERTIFICATEHOLDERS

	154

	 

	 

	 

	 

	 

	4.1.

	Distributions

	154

	 

	4.2.

	Withholding
Tax

	158

	 

	4.3.

	Allocation
and Distribution of Yield Maintenance Premiums

	158

	 

	4.4.

	Statements
to Certificateholders

	159

	 

	4.5.

	Investor
Q&A Forum and Investor Registry

	162

	 

	 

	 

	5.

	THE
CERTIFICATES

	165

	 

	 

	 

	 

	 

	5.1.

	The
Certificates

	165

	 

	5.2.

	Form
and Registration

	165

	 

	5.3.

	Registration
of Transfer and Exchange of Certificates

	168

	 

	5.4.

	Mutilated,
Destroyed, Lost or Stolen Certificates

	175

	 

	5.5.

	Persons
Deemed Owners

	175

	 

	5.6.

	Access
to List of Certificateholders’ Names and Addresses; Special Notices

	176

	 

	5.7.

	Maintenance
of Office or Agency

	176

	 

	 

	 

	6.

	THE
DEPOSITOR, THE SERVICER, THE SPECIAL SERVICER AND THE OPERATING ADVISOR

	177

	 

	 

	 

	 

	 

	6.1.

	Respective
Liabilities of the Depositor, the Servicer, the Special Servicer and the Operating Advisor

	177

	 

	6.2.

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

	177

 

    -ii-

     

    
 

	 

	6.3.

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

	177

	 

	6.4.

	Servicer
and Special Servicer Not to Resign

	179

	 

	6.5.

	Indemnification
by the Servicer, the Special Servicer, the Operating Advisor and the Depositor

	180

	 

	 

	 

	7.

	SERVICER
TERMINATION EVENTS; SPECIAL SERVICER TERMINATION EVENTS; TERMINATION OF SPECIAL SERVICER WITHOUT CAUSE

	181

	 

	 

	 

	 

	 

	7.1.

	Servicer
Termination Events; Special Servicer Termination Events

	181

	 

	7.2.

	Trustee
to Act; Appointment of Successor.

	189

	 

	7.3.

	Notification
to Certificateholders, the Depositor and the Rating Agencies

	191

	 

	7.4.

	Other
Remedies of Trustee

	192

	 

	7.5.

	Waiver
of Past Servicer Termination Events and Special Servicer Termination Events

	192

	 

	7.6.

	Trustee
as Maker of Advances

	193

	 

	 

	 

	8.

	THE
TRUSTEE, THE CUSTODIAN AND THE CERTIFICATE ADMINISTRATOR

	193

	 

	 

	 

	 

	 

	8.1.

	Duties
of the Trustee, the Custodian and the Certificate Administrator.

	193

	 

	8.2.

	Certain
Matters Affecting the Trustee, the Custodian and the Certificate Administrator

	196

	 

	8.3.

	None
of the Trustee, the Custodian or the Certificate Administrator is Liable for Certificates or the Mortgage Loan

	198

	 

	8.4.

	Trustee,
Custodian and Certificate Administrator May Own Certificates

	201

	 

	8.5.

	Trustee’s,
Custodian’s and Certificate Administrator’s Fees and Expenses

	201

	 

	8.6.

	Eligibility
Requirements for the Trustee, the Custodian and the Certificate Administrator; Errors and Omissions Insurance

	202

	 

	8.7.

	Resignation
and Removal of the Trustee, the Custodian or the Certificate Administrator

	203

	 

	8.8.

	Successor
Trustee, Successor Custodian or Successor Certificate Administrator

	204

	 

	8.9.

	Merger
or Consolidation of the Trustee, the Custodian or the Certificate Administrator

	205

	 

	8.10.

	Appointment
of Co-Trustee or Separate Trustee

	205

	 

	8.11.

	Appointment
of Authenticating Agent

	207

	 

	8.12.

	Indemnification
by Trustee, Custodian and the Certificate Administrator

	208

	 

	8.13.

	Certificate
Administrator and Servicer Not Responsible for Inconsistent Payment Information

	208

	 

	8.14.

	Access
to Certain Information

	208

	 

	 

	 

	9.

	Certain
                                         matters relating to the controlling class representative and the OPERATING ADVISOR

	213

	 

	 

	 

	 

	 

	9.1.

	Selection
and Removal of the Controlling Class Representative

	213

 

    -iii-

     

    
 

	 

	9.2.

	Limitation
on Liability of Controlling Class Representative; Acknowledgements of the Certificateholders

	215

	 

	9.3.

	Rights
and Powers of the Controlling Class Representative

	216

	 

	9.4.

	Controlling
Class Representative Contact with Servicer and Special Servicer

	219

	 

	9.5.

	The
Operating Advisor

	219

	 

	 

	 

	10.

	EXCHANGE
ACT REPORTING AND REGULATION AB COMPLIANCE

	226

	 

	 

	 

	 

	 

	10.1.

	Intent
of the Parties; Reasonableness

	226

	 

	10.2.

	Information
to be Provided by the Servicer, the Special Servicer, any Primary Servicer and the Certificate Administrator

	226

	 

	10.3.

	Filing
Obligations

	229

	 

	10.4.

	Form
10-D Disclosure

	229

	 

	10.5.

	Form
10-K Disclosure

	229

	 

	10.6.

	Sarbanes-Oxley
Certification

	230

	 

	10.7.

	Form
8-K Disclosure

	230

	 

	10.8.

	Annual
Compliance Statements

	231

	 

	10.9.

	Annual
Reports on Assessment of Compliance with Servicing Criteria

	231

	 

	10.10.

	Annual
Independent Public Accountants’ Servicing Report

	233

	 

	10.11.

	Indemnification

	234

	 

	10.12.

	Amendments

	238

	 

	10.13.

	Significant
Obligors

	238

	 

	10.14.

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

	239

	 

	 

	 

	11.

	Termination

	240

	 

	 

	 

	 

	 

	11.1.

	Termination

	240

	 

	11.2.

	Additional
Termination Requirements

	241

	 

	11.3.

	Trusts
Irrevocable

	241

	 

	 

	 

	12.

	MISCELLANEOUS
PROVISIONS

	241

	 

	 

	 

	 

	 

	12.1.

	Amendment

	241

	 

	12.2.

	Recordation
of Agreement; Counterparts

	245

	 

	12.3.

	Governing
Law; Submission to Jurisdiction

	245

	 

	12.4.

	Waiver
of Jury Trial

	246

	 

	12.5.

	Notices

	246

	 

	12.6.

	Notices
to the Rating Agencies

	251

	 

	12.7.

	Severability
of Provisions

	251

	 

	12.8.

	Limitation
on Rights of Certificateholders

	252

	 

	12.9.

	Certificates
Nonassessable and Fully Paid

	252

	 

	12.10.

	Reproduction
of Documents

	253

	 

	12.11.

	No
Partnership

	253

	 

	12.12.

	Actions
of Certificateholders

	253

 

    -iv-

     

    
 

	 

	12.13.

	Successors
and Assigns

	253

	 

	12.14.

	Acceptance
by Authenticating Agent, Certificate Registrar

	254

	 

	12.15.

	Streit
Act

	254

	 

	12.16.

	Assumption
by Trust of Duties and Obligations of the Mortgage Loan Sellers Under the Loan Documents

	254

	 

	12.17.

	Notice
to the 17g-5 Information Provider and Each Rating Agency

	255

	 

	12.18.

	Exchange
Act Rule 17g-5 Procedures

	255

	 

	12.19.

	Wells
Fargo Bank

	260

	 

	 

	 

	13.

	REMIC
ADMINISTRATION

	261

	 

	 

	 

	 

	 

	13.1.

	REMIC
Administration

	261

	 

	13.2.

	Foreclosed
Property

	264

	 

	13.3.

	Prohibited
Transactions and Activities

	266

	 

	13.4.

	Indemnification
with Respect to Certain Taxes and Loss of REMIC Status

	267

 

EXHIBITS

 

	Exhibit
A-1

	Form
of Class A Certificates

	 

	 

	Exhibit
A-2

	Form
of Class X-A Certificates

	 

	 

	Exhibit
A-3

	Form
of Class X-B Certificates

	 

	 

	Exhibit
A-4

	Form
of Class B Certificates

	 

	 

	Exhibit
A-5

	Form
of Class C Certificates

	 

	 

	Exhibit
A-6

	Form
of Class D Certificates

	 

	 

	Exhibit
A-7

	Form
of Class E Certificates

	 

	 

	Exhibit
A-8

	Form
of Class HRR Certificates

	 

	 

	Exhibit
A-9

	Form
of Class R Certificates

	 

	 

	Exhibit
B

	Form
of Request for Release

	 

	 

	Exhibit
C

	Form
of Transfer Certificate for Rule 144A Global Certificate to Temporary Regulation S Global Certificate

	 

	 

	Exhibit
D

	Form
of Transfer Certificate for Rule 144A Global Certificate to Regulation S Global Certificate

	 

	 

	Exhibit
E

	Form
of Transfer Certificate for Temporary Regulation S Global Certificate to Rule 144A Global Certificate during Restricted Period

	 

	 

	Exhibit
F

	Form
of Certification to be given by Beneficial Owner of Temporary Regulation S Global Certificate

	 

	 

	Exhibit
G

	Form
of Transfer Certificate for Non-Book Entry Certificate to Temporary Regulation S Global Certificate

 

    -v-

     

    
 

	Exhibit
H

	Form
of Transfer Certificate for Non-Book Entry Certificate to Regulation S Global Certificate

	 

	 

	Exhibit
I

	Form
of Transfer Certificate for Non-Book Entry Certificate to Rule 144A Global Certificate

	 

	 

	Exhibit
J-1

	Form
of Affidavit Pursuant to Section 860E(e) of the Internal Revenue Code of 1986

	 

	 

	Exhibit
J-2

	Form
of Transferor Letter

	 

	 

	Exhibit
J-3

	Form
of Transferee Certificate for Transfers of Class HRR Certificates

	 

	 

	Exhibit
J-4

	Form
of Transferor Certificate for Transfers of Class HRR Certificates

	 

	 

	Exhibit
J-5

	Form
of ERISA Representation Letter

	 

	 

	Exhibit
K-1

	Form
of Investor Certification

	 

	 

	Exhibit
K-2

	Form
of Investor Certification For Borrower, any Borrower Parties, Guarantor, Sponsor and Property Manager (and their respective Affiliates)

	 

	 

	Exhibit
K-3

	Form
of Certification of the Controlling Class Representative

	 

	 

	Exhibit
K-4

	Form
of Financial Market Publisher Certification

	 

	 

	Exhibit
L

	Applicable
Servicing Criteria

	 

	 

	Exhibit
M

	Form
of NRSRO Certification

	 

	 

	Exhibit
N

	Form
of Power of Attorney

	 

	 

	Exhibit
O

	Additional
Form 10-D Disclosure

	 

	 

	Exhibit
P

	Additional
Form 10-K Disclosure

	 

	 

	Exhibit
Q

	Form
8-K Disclosure Information

	 

	 

	Exhibit
R

	Additional
Disclosure Notification

	 

	 

	Exhibit
S

	Reporting
Servicer Form of Performance Certification

	 

	 

	Exhibit
T-1

	Form
of Transferor Certificate for Transfer of the Excess Servicing Fee Rights

	 

	 

	Exhibit
T-2

	Form
of Transferee Certificate for Transfer of the Excess Servicing Fee Rights

	 

	 

	Exhibit
U-1

	Form
of Closing Date Custodian Report

	 

	 

	Exhibit
U-2

	Form
of Initial Custodian Report

	 

	 

	Exhibit
U-3

	Form
of Final Custodian Report

	 

	 

	Exhibit
V

	Form
of Operating Advisor Annual Report

	 

	 

	Exhibit
W

	Form
of Notice from Operating Advisor Recommending Replacement of Special Servicer

 

    -vi-

     

    
 

	Exhibit
X

	Form
of Certificate Administrator Receipt of Class HRR Certificates

	 

	 

	Exhibit
Y

	Form
of Notice to Parties of a Borrower Affiliation

	 

	 

	Exhibit
Z

	Form
of Confidentiality Agreement

 

    -vii-

     

    
 

THIS
TRUST AND SERVICING AGREEMENT (this “Agreement”) is dated as of December
1, 2019, between Morgan Stanley Capital I Inc., as Depositor, KeyBank National Association, as Servicer, Situs Holdings, LLC,
as Special Servicer, Wells Fargo Bank, National Association, as Certificate Administrator, Custodian and Trustee, and Park Bridge
Lender Services LLC, as Operating Advisor.

 

INTRODUCTORY
STATEMENT

 

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

 

Reference
is made to that certain fixed-rate loan with a ten-year initial term with an aggregate outstanding principal balance as of the
Cut-off Date of $3,010,000,000 (the “Whole Loan”), evidenced by 33 separate
promissory notes (collectively, the “Notes”), as follows:

 

	Note

	Cut-off
Date Principal Balance

	“Trust
Notes” 

	Note
A-1-S1

	$258,000,000

	Note
A-1-S2

	$100,000,000

	Note
A-2-S1

	$129,000,000

	Note
A-2-S2

	$50,000,000

	Note
A-3-S1

	$129,000,000

	Note
A-3-S2

	$50,000,000

	Note
B-1-S

	$255,350,000

	Note
B-2-S

	$127,675,000

	Note
B-3-S

	$127,675,000

	Note
C-1-S

	$341,650,000

	Note
C-2-S

	$170,825,000

	Note
C-3-S

	$170,825,000

	“Non-Trust
Notes”

	Note
A-1-C1

	$100,000,000

	Note
A-1-C2

	$65,000,000

	Note
A-1-C3

	$65,000,000

	Note
A-1-C4

	$35,000,000

	Note
A-1-C5

	$35,000,000

	Note
A-2-C1

	$50,000,000

	Note
A-2-C2

	$37,500,000

	Note
A-2-C3

	$25,000,000

	Note
A-2-C4

	$18,750,000

	Note
A-2-C5

	$18,750,000

	Note
A-3-C1

	$50,000,000

	Note
A-3-C2

	$37,500,000

	Note
A-3-C3

	$25,000,000

	Note
A-3-C4

	$18,750,000

	Note
A-3-C5

	$18,750,000

 

    8

     

    
 

	Note
A-1-RL

	$180,100,000

	Note
A-2-RL

	$90,050,000

	Note
A-3-RL

	$90,050,000

	Note
B-1-RL

	$69,900,000

	Note
B-2-RL

	$34,950,000

	Note
B-3-RL

	$34,950,000

 

The
Whole Loan was co-originated by Morgan Stanley Bank, N.A. (“MSBNA”), Citi Real Estate Funding Inc. (“CREFI”)
and JPMorgan Chase Bank, National Association (“JPMCB” and, together with MSBNA and CREFI, the “Originators”),
pursuant to that certain Loan Agreement, dated as of November 15, 2019 (as amended, modified or otherwise supplemented, the “Loan
Agreement”), between the Originators, as lenders, and BCORE Paradise LLC, as borrower (the “Borrower”).

 

The
Whole Loan consists of (a) the Trust Notes (as defined in the table above), which have an aggregate unpaid principal balance as
of the Cut-off Date of $1,910,000,000 (collectively, the “Mortgage Loan”), and (b) the Non-Trust Notes (as
defined in the table above), which have an aggregate unpaid principal balance as of the Cut-off Date of $1,100,000,000 (the “Companion
Loans”).  As used  herein, (i) “Senior Trust Notes“ refers to Note A-1-S1, Note A-1-S2,
Note A-2-S1, Note A-2-S2, Note A-3-S1 and Note A-3-S2, (ii) “Senior Non-Trust Notes” refers to Notes A-1-C1,
A-1-C2, A-1-C3, A-1-C4, A-1-C5, A-2-C1, A-2-C2, A-2-C3, A-2-C4, A-2-C5, A-3-C1, A-3-C2, A-3-C3, A-3-C4 and A-3-C5, A-1-RL, A-2-RL
and A-3-RL, (iii) “Junior A Trust Notes” means Note B-1-S, Note B-2-S and Note B-3-S, (iv) “Junior
A Non-Trust Notes” means Notes B-1-RL, B-2-RL and B-3-RL, and (v)”Junior B Trust Notes” or means
Note C-1-S, Note C-2-S and Note C-3-S. 

 

On
or prior to the Closing Date, MSBNA will sell Note A-1-S1, Note A-1-S2, Note B-1-S and Note C-1-S to Morgan Stanley Mortgage Capital
Holdings LLC (“MSMCH” and, together with CREFI and JPMCB, the “Mortgage Loan Sellers”). 
On or prior to the Closing Date, MSMCH will sell Note A-1-S1, Note A-1-S2, Note B-1-S and Note C-1-S to the Depositor, CREFI will
sell Note A-2-S1, Note A-2-S2, Note B-2-S and Note C-2-S to the Depositor, and JPMCB will sell Note A-3-S1, Note A-3-S2, Note
B-3-S and Note C-3-S to the Depositor pursuant to three separate Mortgage Loan Purchase and Sale Agreements, each dated December
6, 2019, by and between the respective Mortgage Loan Seller and the Depositor (collectively, the “Mortgage
Loan Purchase Agreements”).  As of the Closing Date, the Companion Loans will be held by MSBNA, CREFI and
JPMCB.  The relative rights of the holders of each of the Notes in respect of the Whole Loan are set forth in an agreement
between note holders dated as of the Closing Date (as amended, restated, supplemented or otherwise modified from time to time,
the “Intercreditor Agreement”), between MSBNA, CREFI and JPMCB.  From and after the Closing Date, the
Whole Loan will be serviced and administered in accordance with this Agreement and the Intercreditor Agreement.

 

As
provided for herein, the Trustee shall elect or shall cause elections to be made to treat designated portions of the Trust Fund
for federal income tax purposes as two separate real estate mortgage investment conduits (the “Upper-Tier REMIC“
and the “Lower-Tier REMIC” and, each, a “REMIC”).  The Class A, Class X-A, Class
X-B, Class B, Class C, Class D, Class E and Class HRR Certificates will represent “regular interests” in the Upper-Tier

 

    9

     

    
 

REMIC. 
The Class LA, Class LB, Class LC, Class LD, Class LE and Class LHRR Uncertificated Interests will represent “regular interests”
in the Lower-Tier REMIC.  The Class R Certificates will evidence the sole Class of “residual interests” in
each of the Upper-Tier REMIC and Lower-Tier REMIC for purposes of the REMIC Provisions under federal income tax law.

 

In
exchange for the Mortgage Loan, the Trust shall issue to the Depositor all the Class A, Class X-A, Class X-B, Class B, Class C,
Class D, Class E and Class HRR and Class R Certificates (collectively, the “Certificates”), which Certificates
in the aggregate shall evidence the entire beneficial interest in the Trust Fund.  The Trust Fund consists principally of
the Trust Notes, the Mortgage (to the extent of the Trust’s interest therein) and related Loan Documents (to the extent
of the Trust’s interest therein).  The Companion Loans and all amounts attributable thereto will not be assets of
the Trust Fund or any REMIC described herein and will be owned by the Companion Loan Holders.

 

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

 

CERTIFICATES

 

The
Class UT-R Interest will constitute the sole Class of “REMIC residual interests” in the Upper-Tier REMIC created
hereunder, and will be evidenced by the Class R Certificates.  The Upper-Tier REMIC will also issue the “REMIC regular
interests”, which will be represented by certificates having the same characteristics and the same designation.  The
following table sets forth the class designation, the approximate initial Pass-Through Rate and the aggregate initial Certificate
Balance (the “Original Certificate Balance”) or aggregate initial Notional Amount (the “Original
Notional Amount”), as applicable, for each Class of Certificates:

 

	Class
Designation
                                         

	 

	Approximate
                                         Initial Pass-Through Rate (per annum) 

	 

	Original
Certificate
                                         Balance or Original Notional Amount 

	Class
A

	 

	3.20200%

	 

	$561,200,000

	Class X-A

	 

	Variable
IO(1)

	 

	$561,200,000
(1)

	Class
X-B

	 

	Variable
IO(2)

	 

	$402,500,000
(2)

	Class B

	 

	3.60500%

	 

	$154,800,000

	Class C

	 

	3.85600%

	 

	$247,700,000

	Class
D

	 

	4.07545%

	 

	$263,000,000

	Class
E

	 

	4.07545%

	 

	$563,730,000

	Class
HRR

	 

	4.07545%

	 

	$119,570,000

	Class
R

	 

	N/A(2)

	 

	N/A(2)

  

 

 

	(1)

	The
                 Class X-A Certificates will not have a Certificate Balance and will not be entitled to receive distributions
                 of principal. Interest will accrue on such Class at the Pass-Through Rate thereof on the Notional Amount thereof.
                 The Notional Amount of the Class X-A Certificates for any Distribution Date shall be equal to the Certificate
                 Balance of the Class A Certificates.

 

	(1)

	The
                                    Class X-B Certificates will not have a Certificate Balance and will not be entitled to receive
                                    distributions of principal. Interest will accrue on such Class at the Pass-Through Rate thereof
                                    on the Notional Amount thereof. 

 

    10

     

    
 

	 

	The
                 Notional Amount of the Class X-B Certificates for any Distribution Date shall be equal to the aggregate Certificate
                 Balance of the Class B and Class C Certificates.

 

	(3)

	The
                 Class R Certificates will represent the Class UT-R Interest and the Class LT-R Interest.  The Class UT-R
                 Interest and Class LT-R Interest will not have Certificate Balances or Notional Amounts, will not bear interest
                 and will not be entitled to distributions of Yield Maintenance Premiums.  Any Available Funds constituting
                 assets remaining in the Lower-Tier Distribution Account after distributing the Lower-Tier Distribution Amount
                 shall be distributed to the Holders of the Class R Certificates in respect of the Class LT-R Interest (but
                 only to the extent of the Available Funds for such Distribution Date, if any, remaining in the Lower-Tier Distribution
                 Account).  Any Available Funds remaining in the Upper-Tier Distribution Account, after all required distributions
                 under this Agreement have been made to each other Class of Certificates and the Class LT-R Interest, will be
                 distributed to the Holders of the Class R Certificates in respect of the Class UT-R Interest.

 

UNCERTIFICATED
LOWER-TIER INTERESTS

 

The
following table sets forth the initial Lower-Tier Principal Amounts and Pass-Through Rates for the Uncertificated Lower-Tier Interests
comprising the regular interests in the Lower-Tier REMIC created hereunder:

 

	Class
Designation
                                         

	 

	Pass-Through
                                         Rate 

	 

	Original
                                         Lower-Tier
Principal
                                         Amount 

	Class LA

	 

	(1)

	 

	$561,200,000

	Class LB

	 

	(1)

	 

	$154,800,000

	Class LC

	 

	(1)

	 

	$247,700,000

	Class LD

	 

	(1)

	 

	$263,000,000

	Class LE

	 

	(1)

	 

	$563,730,000

	Class
LHRR

	 

	(1)

	 

	$119,570,000

 

 

 

	(1)

	The
                 Pass-Through Rate for each Interest Accrual Period and each of the Class LA, Class LB, Class LC, Class LD, Class
                 LE and Class LHRR Uncertificated Interests will be the Net Mortgage Rate.

 

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

 

The
foregoing REMIC structure is intended to cause all of the cash from the Mortgage Loan to flow through to the Upper-Tier REMIC
as cash flow on a REMIC regular interest, without creating any shortfall, actual or potential (other than for credit losses),
to any REMIC regular interest.  To the extent that the structure is believed to diverge from such intention, the parties
identifying such ambiguity shall notify the other parties hereto and the parties involved will resolve such ambiguities to accomplish
the intended result and will to the extent necessary rectify any drafting errors or seek clarification to the structure without
Certificateholder approval (but with guidance of counsel) to accomplish such intention, including, to the extent necessary, making
any amendments in accordance with Section 12.1 of this Agreement.

 

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

 

    11

     

    
 

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

 

1.        
DEFINITIONS

 

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

 

“17g-5
Indemnifying Party” means each of the 17g-5 Information Provider, the Special Servicer, the Trustee, the Operating
Advisor and the Servicer.

 

“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 of the respective transaction, access to which is limited to the
Depositor, the Rating Agencies and other NRSROs who have provided an NRSRO Certification.

 

“AB
Modified Loan”:  The Whole Loan (1) if it became a Corrected Mortgage Loan 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 Whole Loan and (2) as to which an Appraisal Reduction Amount is not in effect.

 

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

 

“Acceptable
Insurance Default”:  Any default arising when the Loan Documents require that the Borrower maintain all risk casualty
insurance or other insurance that covers damages or losses arising from acts of terrorism and the Special Servicer has determined,
in its reasonable judgment in accordance with Accepted Servicing Practices, that (i) such insurance is not available at commercially
reasonable rates and the subject hazards are not commonly insured against by prudent owners of similar real properties located
in or near the geographic region in which the applicable Property is located (but only by reference to such insurance that has
been obtained by such owners at current market rates), or (ii) such insurance is not available at any rate.  In making this
determination, the Special Servicer, to the extent consistent with Accepted Servicing Practices, may rely on the opinion of an
insurance consultant at the expense of the Trust.

 

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

 

    12

     

    
 

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

 

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

 

“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 with is attached to this Agreement as Exhibit R.

 

“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 Exhibit O.

 

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

 

“Additional
Servicer”:  Each Affiliate of the Servicer, the Special Servicer, any Mortgage Loan Seller, the Certificate
Administrator, the Trustee, the Custodian, the Depositor or any of the Initial Purchasers that services the Whole Loan and each
Person, other than the Special Servicer, who is not an Affiliate of the Servicer, any Mortgage Loan Seller, the Certificate Administrator,
the Trustee, the Custodian, the Depositor or any Initial Purchaser who Services the Whole Loan as of any date of determination.

 

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

 

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

 

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

 

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

 

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

 

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

 

    13

     

    
 

“Affiliate
Ethical Wall”:  Reasonable policies and procedures to be maintained by an Affiliate of the Depositor, the Servicer,
the Special Servicer, the Trustee, the Certificate Administrator or the Custodian, as applicable, taking into account the nature
of its business, to ensure (1) that such Affiliate will not obtain Confidential Information from the Depositor, the Servicer,
the Special Servicer, the Trustee, the Certificate Administrator or the Custodian, as applicable in a manner that violates this
Agreement or any applicable law, including, but not limited to, any securities laws, except if such disclosure is required by
a court or administrative order or lawful discovery demand, provided the disclosing Person shall use reasonable efforts to obtain
confidential treatment thereof, and (2) that such Affiliate will not provide to the Depositor, the Servicer, the Special
Servicer, the Trustee, the Certificate Administrator or the Custodian, as applicable, information regarding its decisions relating
to Investments in the Certificates.  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 Servicer, the Special Servicer, the Trustee, the Certificate Administrator or the Custodian, 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 Servicer,
the Special Servicer, the Trustee, the Certificate Administrator or the Custodian, as applicable, to such Affiliate, except (x)
as such disclosure is expressly allowed under this Agreement to or by such Affiliate in its capacity as a Controlling Class Certificateholder
or a Controlling Class Representative or otherwise or (y) if such disclosure is required by a court or administrative order or
lawful discovery demand, provided the disclosing Person shall use reasonable efforts to obtain confidential treatment thereof,
and (b) policies and procedures against the disclosure by such Affiliate of information regarding its decisions relating
to Investments in Certificates to the Depositor, the Servicer, the Special Servicer, the Trustee, the Certificate Administrator
or the Custodian, as applicable; (iii) the senior management personnel of such Affiliate who have obtained Confidential Information
in the course of their exercise of general managerial responsibilities may not participate in or use that information to influence
Investment Decisions with respect to the Certificates, nor may they pass that information to others for use in such activities;
and (iv) such senior management personnel who have obtained information regarding Investments in the course of their exercise
of general managerial responsibilities may not use that information to influence servicing recommendations.

 

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

 

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

 

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

 

    14

     

    
 

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

 

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

 

“Appraisal
Reduction Amount”:  For the Whole Loan, as of any date of determination, an amount equal to the excess
of (i) the outstanding principal balance of the Whole Loan on such date plus the sum of (A) all accrued and unpaid interest
on the Whole Loan at the Weighted Average Note Rate, (B) all unreimbursed Administrative Advances in respect of the Mortgage
Loan and all unreimbursed Property Protection Advances in respect of the Whole Loan or the Property and interest on all such Advances
at the Advance Rate, (C) the amount of any Advances and interest thereon previously reimbursed from principal collections
on the Whole Loan that have not otherwise been recovered from the Borrower, (D) all currently due and unpaid real estate
taxes and assessments and insurance premiums and all other amounts due and unpaid in respect of the Property (which taxes, premiums
and other amounts have not been the subject of an Advance) and (E) to the extent not duplicative of amounts in clauses (B),
(C) or (D), all unpaid Trust Fund Expenses then due under the Loan Agreement over (ii) the sum of (A)(x) 90% of the
appraised value (as determined by an updated Appraisal) of the Property or (y) if the events described in clauses (i)
through (iii) in Section 3.7(e) occur with respect to the Property, the Assumed Appraised Value of the Property, in
each case, less the amount of any liens (exclusive of Permitted Encumbrances) on the Property senior to the lien of the Mortgage
plus (B) any escrows with respect to the Whole Loan, including for taxes and insurance premiums; provided, that the
Appraisal Reduction Amount will be reduced to zero as of the date the Mortgage Loan becomes a Corrected Mortgage Loan and no Appraisal
Reduction Amount will exist as to the Mortgage Loan after it has been paid in full, liquidated, repurchased or otherwise disposed
of. Appraisal Reduction Amounts with respect to the Whole Loan shall be allocated, first, to the Junior B Notes, on a Pro Rata
and Pari Passu Basis (based on the principal balance of the Junior B Notes) until the aggregate principal balance of the Junior
B Notes has been notionally reduced to zero, second, to the Junior A Notes, on a Pro Rata and Pari Passu Basis (based on the principal
balance of the Junior A Notes) until the aggregate principal balance of the Junior A Notes has been notionally reduced to zero,
and third, to the Senior Notes, on a

 

    15

     

    
 

Pro
Rata and Pari Passu Basis (based on the principal balance of each Senior Note) until the aggregate principal balance of the Senior
Notes has been notionally reduced to zero. 

 

“Appraisal
Reduction Event”:  The earliest of (i) 60 days after an uncured payment delinquency (other than a
delinquency in respect of the Balloon Payment) occurs in respect of the Mortgage Loan or the Whole Loan, (ii) 90 days after
an uncured delinquency occurs in respect of the Balloon Payment for the Mortgage Loan or the Whole Loan (or 120 days after an
uncured delinquency occurs in respect of the Balloon Payment for the Mortgage Loan or the Whole Loan if a refinancing or sale
is anticipated within 120 days after the Maturity Date of the Whole Loan (as evidenced by a written refinancing commitment, letter
of intent or otherwise binding application from an acceptable lender or a signed purchase agreement and reasonably satisfactory
in form and substance to the Servicer that provides that such refinancing or sale shall occur within 120 days after the Maturity
Date)), (iii) 60 days after a reduction in Monthly Payments for the Mortgage Loan or the Whole Loan, (iv) 60 days after
an extension of the Maturity Date of the Whole Loan, (v) the appointment of a receiver in respect of the Property on behalf
of the Trust or any other creditor, (vi) the Borrower declaring, or becoming the subject of, bankruptcy, insolvency or similar
proceedings, admitting in writing the inability to pay its debts as they come due or making an assignment for the benefit of creditors,
or (vii) the Property becoming a Foreclosed Property.

 

“Asset
Review”:  Any review of representations and warranties conducted by an Other Asset Representations Reviewer, as
contemplated by Item 1101(m) of Regulation AB.

 

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

 

“Assignment
of Leases”:  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 the 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; provided, that none of the Trustee, the Certificate
Administrator, the Custodian, the Operating Advisor, the Servicer or the Special Servicer shall be responsible for determining
whether any such assignment is legally sufficient or in recordable form.

 

“Assignment
of Mortgage”:  An assignment of the Mortgage without recourse, notice of transfer or equivalent instrument,
in recordable form, which is sufficient under the laws of the jurisdiction in which the applicable Property is located to reflect
of record the assignment of the Mortgage to the Trustee on behalf of the Trust Fund; provided, that none of the Trustee,
the Certificate Administrator, the Custodian, the Operating Advisor, the Servicer or the Special Servicer shall be responsible
for determining whether any such assignment is legally sufficient or in recordable form.

 

“Assumed
Appraised Value”:  As defined in Section 3.7(e).

 

“Assumed
Loan Payment Date”:  With respect to the Whole Loan for any calendar month following a delinquency in the
payment of the Balloon Payment or the foreclosure of the Whole Loan or acceptance by the Special Servicer on behalf of the Trust
Fund

 

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and
the Companion Loan Holders of a deed-in-lieu of foreclosure or comparable conversion of the Whole Loan, the date that would have
been the Loan Payment Date in such calendar month if the Maturity Date or the foreclosure of the Whole Loan or acceptance by the
Special Servicer on behalf of the Trust Fund and the Companion Loan Holders of a deed-in-lieu of foreclosure or comparable conversion
of the Whole Loan had not occurred.

 

“Assumed
Monthly Payment”:  With respect to any Distribution Date (following the Maturity Date or the foreclosure of the
Whole Loan or acceptance by the Special Servicer on behalf of the Trust Fund and the Companion Loan Holders of a deed-in-lieu
of foreclosure), the scheduled monthly payment of interest and/or principal that would have been due in respect of the Mortgage
Loan on its Maturity Date and each subsequent Loan Payment Date (or Assumed Loan Payment Date) if the Mortgage Loan had been required
to continue to accrue interest and amortize principal in accordance with its terms in effect immediately prior to, and without
regard to the occurrence of the Maturity Date (or after the occurrence of a foreclosure, in whole or in part, of the Whole Loan
or acceptance by the Special Servicer on behalf of the Trust Fund and the Companion Loan Holders of a deed-in-lieu of foreclosure
or comparable conversion of the Whole Loan or a portion thereof, in respect of the Mortgage Loan on the last Loan Payment Date
(or Assumed Loan Payment Date) prior to its foreclosure or acceptance of a deed-in-lieu of foreclosure), in each case as such
terms may have been modified, and such Maturity Date may have been extended, in connection with a bankruptcy or similar proceeding
involving the parties under the Whole Loan or a modification, waiver or amendment granted or agreed to by the Servicer or Special
Servicer.

 

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

 

“Available
Funds”:  On each Distribution Date shall be equal to (i) all amounts received in respect of the Mortgage
Loan pursuant to the terms of the Intercreditor Agreement (and exclusive of any amounts allocable to any Companion Loan pursuant
to the terms of the Intercreditor Agreement) during the related Collection Period or advanced in respect of interest and/or principal
with respect to such Distribution Date (including, without limitation, any Repurchase Price, Liquidation Proceeds, Condemnation
Proceeds and Insurance Proceeds (to the extent not made available for the repair or restoration of the affected portion of the
Property) received by the Trust and allocable to the Mortgage Loan), excluding (A) payments received that are due on a subsequent
Loan Payment Date (which shall be deemed received in the Collection Period in which such subsequent Loan Payment Date occurs)
and (B) Yield Maintenance Premiums (which are separately distributable on the Certificates pursuant to Section 4.3), plus
(ii) if such Distribution Date is the Distribution Date occurring in March of each year after 2019 (or February, if such Distribution
Date is the final Distribution Date), Withheld Amounts to be withdrawn from the Interest Reserve Account for such Distribution
Date, reduced by (A) an amount equal to the applicable Withheld Amount in the case of any January Distribution Date occurring
in a year that is not a leap year and (unless such February Distribution Date is the final Distribution Date) each February Distribution
Date, (B) the Available Funds Reduction Amount, and (C) any amount advanced to cover the Certificate Administrator Fee (including
the portion that is the Trustee Fee), the Operating Advisor Fee and/or the CREFC® Intellectual Property Royalty
License Fee.

 

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“Available
Funds Reduction Amount”:  As of each Distribution Date, all amounts withdrawn on the related Remittance Date or
during the related Collection Period from the Collection Account pursuant to Section 3.4(c), to the extent such amounts
are allocable to the Mortgage Loan.

 

“Balloon
Payment”:  The payment of the outstanding principal balance of the Whole Loan, Mortgage Loan or any Companion
Loan, as applicable, together with all unpaid interest, due and payable on the Maturity Date.

 

“Base
Interest Fraction”: With respect to any principal prepayment on the Mortgage Loan and with respect to any Class of
Certificates is:

 

(i)
for any Class of Certificates with a Pass-Through Rate equal to the Net Mortgage Rate or the Net Mortgage Rate less a specified
percentage, a fraction (A) whose numerator is the greater of (x) zero and (y) the amount, if any, by which (i) the Pass-Through
Rate on such Class of Certificates exceeds (ii) the Treasury rate used in calculating the Yield Maintenance Premium with respect
to such principal prepayment and (B) whose denominator is the amount, if any, by which (i) the Mortgage Rate exceeds (ii) the
Treasury rate described in clause (A)(y)(ii) above; provided, that under no circumstances will the Base Interest Fraction be greater
than one.  If the Treasury rate referred to above is greater than or equal to the Mortgage Rate, then the Base Interest Fraction
will equal zero.  If the Treasury rate is greater than or equal to the Mortgage Rate, but is less than the Pass-Through Rate
on the subject Class, then the Base Interest Fraction will equal 1.0; and

 

(ii)
for any Class of Certificates with a Pass-Through Rate equal to a fixed per annum rate, a fraction (A) whose numerator is the
greater of (x) zero and (y) the amount, if any, by which (i) the Pass-Through Rate on such Class of Certificates exceeds (ii)
the Treasury rate used in calculating the Yield Maintenance Premium with respect to such principal prepayment and (B) whose denominator
is the amount, if any, by which (i) the Mortgage Rate multiplied by 365/360 exceeds (ii) the Treasury rate described in clause
(A)(y)(ii) above; provided, that under no circumstances will the Base Interest Fraction be greater than 1.0. If the Treasury rate
referred to above is greater than or equal to the Mortgage Rate multiplied by 365/360, then the Base Interest Fraction will equal
zero. If the Treasury rate is greater than or equal to the Mortgage Rate multiplied by 365/360, but is less than the Pass-Through
Rate on the subject Class, then the Base Interest Fraction will equal 1.0.

 

“Bellagio
Lease”:  As defined in the Loan Agreement.

 

“Bellagio
Lease Guaranty”:  As defined in the Loan Agreement.

 

“Bellagio
Tenant”:  As defined in the Loan Agreement.

 

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

 

    18

     

    
 

acknowledging
the status of any Person as a Beneficial Owner under this Agreement, that such Person provide an Investor Certification, and each
of Depositor, the Trustee, the Certificate Administrator, the Operating Advisor, the Special Servicer and the Servicer shall be
entitled to rely conclusively on such Investor Certification.

 

“Benefit
Plan”:  As defined in Section 5.3(m).

 

“Borrower”: 
As defined in the Introductory Statement.

 

“Borrower
Party”:  The Borrower, the Guarantor, the Property Manager, an Accelerated Mezzanine Loan Lender or any Borrower
Party Affiliate.  The Trustee and/or the Certificate Administrator may request and rely upon an officer’s certificate
to determine whether any person is a Borrower Party.

 

“Borrower
Party Affiliate”:  With respect to the Borrower, the Guarantor, the Property Manager or an Accelerated Mezzanine
Loan Lender, (a) any other Person or entity controlling or controlled by or under common control with such Borrower, Guarantor,
Property Manager or Accelerated Mezzanine Loan Lender, as applicable, or (b) any other Person or entity owning, directly or indirectly,
10% or more of the beneficial interests in such Borrower, Guarantor, Property Manager or Accelerated Mezzanine Loan Lender, as
applicable.  For the purposes of this definition, “control” when used with respect to any specified Person
or entity means the power to direct the management and policies of such Person or entity, directly or indirectly, whether through
the ownership of voting securities, by contract or otherwise and the terms “controlling” and “controlled”
have meanings correlative to the foregoing.  The Trustee and/or Certificate Administrator may request and rely upon an Officer’s
Certificate to determine whether any Person is a Borrower Party Affiliate.

 

“Borrower
Reimbursable Trust Fund Expenses”: All reasonable costs and expenses (including reasonable actually incurred attorneys’
fees, disbursements and expenses) actually incurred by the Issuing Entity in connection with (i) the Borrower’s and the
other Loan Parties’ ongoing performance of and compliance with the Borrower’s and the other Loan Parties’
agreements and covenants contained in the Mortgage Loan Agreement and the other Loan Documents on its part to be performed or
complied with after the Origination Date, including, without limitation, confirming compliance with environmental and insurance
requirements; and (ii) enforcing any obligations of or collecting any payments due from the Borrower or any other Loan Party under
the Mortgage Loan Agreement, the other Loan Documents or with respect to the Property (including any fees and expenses reasonably
incurred by or payable to the Servicer, Special Servicer or Trustee, as applicable, in connection with the transfer of the Whole
Loan to special servicing upon the Servicer’s anticipation of a default or Event of Default, Liquidation Fees, Workout
Fees, Special Servicing Fees, operating advisor fees or any other similar fees and interest payable on advances made by the Servicer
with respect to delinquent debt service payments or expenses of curing the Borrower’s or any other Loan Parties’
defaults under the Loan Documents) or in connection with any refinancing or restructuring of the credit arrangements provided
under the Mortgage Loan Agreement in the nature of a “work out” or of any insolvency or bankruptcy proceedings or
any other amounts required under the Mortgage Loan Agreement; provided, that the Borrower will not be liable for the payment
of any such costs and expenses to the extent the same arise by reason of the gross negligence, illegal acts,

 

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fraud
or willful misconduct of the Lender; provided, further, that the aforementioned costs, expenses and fees shall only
constitute “Borrower Reimbursable Trust Fund Expenses” to the extent they are reimbursable by the Borrower under
the Loan Documents.

 

“Breach”: 
As defined in Section 2.9(a).

 

“Business
Day”:  Any day other than (i) a Saturday and a Sunday and (ii) a day on which federally insured depository
institutions in the State of New York or any of the states in which the Corporate Trust Office of the Trustee and the offices
of the Certificate Administrator, the Custodian, the Servicer, the Special Servicer, or the Servicer’s or the Special Servicer’s
collection account are located or the Federal Reserve System of the United States of America are authorized or obligated by law,
governmental decree or executive order to be closed.

 

“Cash
Collateral Account”:  The Lockbox Account as defined in the Loan Agreement.

 

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

 

“Certificate”: 
Any Class A, Class X-A, Class X-B, Class B, Class C, Class D, Class E, Class HRR or Class R Certificate.

 

“Certificate
Administrator”:  Wells Fargo Bank, National Association, or any successor Certificate Administrator appointed
as herein provided.  Wells Fargo Bank, National Association will perform its duties as Certificate Administrator through
its Corporate Trust Services division.

 

“Certificate
Administrator Fee”:  With respect to the Mortgage Loan and for any Distribution Date, a fee payable monthly
to the Certificate Administrator pursuant to Section 8.5 which will accrue at the Certificate Administrator Fee Rate,
computed on the basis of the same principal amount, in the same manner, and for the same Interest Accrual Period for the Mortgage
Loan respecting which any related interest payment on the Mortgage Loan is computed.  A portion of the Certificate Administrator
Fee shall be payable to the Trustee as the Trustee Fee.  For the avoidance of doubt, the Certificate Administrator Fee shall
be deemed to be payable from the Lower-Tier REMIC.

 

“Certificate
Administrator Fee Rate”:  With respect to the Mortgage Loan, a rate equal to 0.0019% (0.19 basis points)
per annum, calculated on the same interest accrual basis as the Mortgage Loan as of the preceding Distribution Date. 
The Certificate Administrator Fee Rate includes the per annum rate applicable to the calculation of the Trustee Fee.

 

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

 

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

 

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“Certificate
Balance”:  With respect to any outstanding Class of Sequential Pay Certificates at any date, an amount
equal to the aggregate initial Certificate Balance of such Class as set forth in the Introductory Statement less
the sum of (a) all amounts distributed to Holders of Certificates of such Class on all previous Distribution Dates and treated
under this Agreement as allocable to principal and (b) the aggregate amount of Realized Losses allocated to such Class of
Certificates, if any, pursuant to Section 4.1(h).  With respect to any individual Certificate in any such Class,
the product of (x) the Percentage Interest represented by such Certificate multiplied by (y) the Certificate Balance
of such Class. 

 

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

 

“Certificateholder”
or “Holder”:  With respect to any Certificate, the Person in whose
name a Certificate is registered in the Certificate Register; provided, that solely for the purposes of providing, distributing
or otherwise making available any reports, statements, communications, or other information required or permitted to be provided
or distributed or made available to a Certificateholder under this Agreement, a Certificateholder shall include any Beneficial
Owner to the extent that the Person providing, distributing or making available such reports, statements, communications, or other
information has received from such Beneficial Owner an Investor Certification; provided, further
that, solely for the purposes of giving any consent, waiver, request or demand pursuant to this Agreement (except as set forth
in the following sentence), any Certificate beneficially owned by the Servicer, the Special Servicer, the Operating Advisor, the
Certificate Administrator, the Custodian, the Trustee, the Borrower, the Property Manager, the Sponsor or any Person known to
a Responsible Officer of the Depositor, the Certificate Administrator, the Custodian or the Trustee to be a sub-servicer, or any
of their respective Affiliates, or any Borrower Party or any agent of the foregoing, shall be deemed not to be outstanding and
the Voting Rights to which it is entitled shall not be taken into account in determining whether the requisite percentage of Voting
Rights necessary to take any such action or effect any such consent, waiver, request or demand has been obtained.  For purposes
of obtaining the consent of Certificateholders to an amendment of this Agreement, any Certificate beneficially owned by the Trustee,
the Certificate Administrator, the Custodian, the Servicer, the Special Servicer, the Operating Advisor or any Affiliates thereof
shall be deemed to be outstanding, provided, that such amendment
does not relate to the termination, increase in compensation or material reduction of obligations of the Trustee, the Certificate
Administrator, the Custodian, the Servicer, the Special Servicer or the Operating Advisor in its capacity as such or any Affiliates
thereof (other than solely in the capacity as a Certificateholder) in any material respect, in which case such Certificate shall
be deemed not to be outstanding; provided, further, if an Affiliate of the Trustee, the Certificate Administrator,
the Custodian, the Servicer, the Special Servicer or the Operating Advisor has provided an Investor Certification in which it
has certified as to the existence of an Affiliate Ethical Wall between such Affiliate and the Trustee, the Certificate Administrator,
the Custodian, the Servicer, the Special Servicer or the Operating Advisor, as applicable, then any Certificates beneficially
owned by such Affiliate shall be deemed to be outstanding.  The restrictions above shall not apply to the exercise of the
rights of the Servicer, the Special Servicer or an Affiliate of the Servicer or the Special Servicer, if any, as a member of the
Controlling Class, as applicable, so long as the Servicer or the Special Servicer or such Affiliate is not also an Affiliate of
another person (other than the Certificate Administrator, so long as it is also the Servicer or the Special Servicer) whose Certificates
are

 

    21

     

    
 

deemed
not outstanding pursuant to such restrictions.  The Trustee and the Certificate Registrar may obtain and conclusively rely
upon an Officer’s Certificate of the Servicer, the Special Servicer, the Certificate Administrator (in the case of the
Trustee), the Trustee (in the case of the Certificate Administrator), the Custodian, the Property Manager, the Guarantor, the
Sponsor, any sub-servicer or the Borrower to determine whether a Certificate is beneficially owned by an Affiliate of any of them
or a Borrower Party, as applicable.

 

“Certificateholder
Quorum”: With respect to any solicitation of votes in connection with the replacement of the Special Servicer as set
forth in Section 7.1(g), the Holders of Sequential Pay Certificates evidencing at least 66 2/3% of the aggregate Voting
Rights (taking into account the application of any Realized Losses and any Appraisal Reduction Amounts and Collateral Deficiency
Amounts allocated to the Mortgage Loan to reduce or notionally reduce the Certificate Balance of the Certificates) of all Sequential
Pay Certificates on an aggregate basis.

 

“Certification
Parties”:  As defined in Section 10.6.

 

“Certifying
Servicer”:  As defined in Section 10.8.

 

“Class”: 
With respect to the Certificates, all of the Certificates bearing the same alphabetical and numerical designation and each Uncertificated
Lower-Tier Interest.

 

“Class
A Certificate”:  A Certificate executed and authenticated by the Certificate Administrator in substantially
the form set forth in Exhibit A-1 hereto and designated as a Class A Certificate.

 

“Class
A Pass-Through Rate”:  For any Distribution Date, a fixed rate per annum equal to 3.20200%.

 

“Class
B Certificate”:  A Certificate executed and authenticated by the Certificate Administrator in substantially
the form set forth in Exhibit A-4 hereto and designated as a Class B Certificate.

 

“Class
B Pass-Through Rate”:  For any Distribution Date, a fixed rate per annum equal to 3.60500%.

 

“Class
C Certificate”:  A Certificate executed and authenticated by the Certificate Administrator in substantially
the form set forth in Exhibit A-5 hereto and designated as a Class C Certificate.

 

“Class
C Pass-Through Rate”:  For any Distribution Date, a fixed rate per annum equal to 3.85600%.

 

“Class
D Certificate”:  A Certificate executed and authenticated by the Certificate Administrator in substantially
the form set forth in Exhibit A-6 hereto and designated as a Class D Certificate.

 

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“Class
D Pass-Through Rate”:  For any Distribution Date, a variable rate per annum equal to the Net Mortgage
Rate for such Distribution Date.

 

“Class
E Certificate”:  A Certificate executed and authenticated by the Certificate Administrator in substantially
the form set forth in Exhibit A-7 hereto and designated as a Class E Certificate.

 

“Class
E Pass-Through Rate”:  For any Distribution Date, a variable rate per annum equal to the Net Mortgage
Rate for such Distribution Date.

 

“Class
HRR Certificate”:  A Certificate executed and authenticated by the Certificate Administrator in substantially
the form set forth in Exhibit A-8 hereto and designated as a Class HRR Certificate.

 

“Class
HRR Certificate Transfer Restriction Period”: The period from the Closing Date to the earliest of (i) the latest of
(A) the date on which the aggregate unpaid principal balance of the Mortgage Loan has been reduced to 33% of the Cut-off Date
Balance of the Mortgage Loan; (B) the date on which the aggregate outstanding Certificate Balance of the Sequential Pay Certificates
has been reduced to 33% of the aggregate outstanding Certificate Balance of the Sequential Pay Certificates as of the Closing
Date; or (C) two years after the Closing Date; or (ii) the date on which the Credit Risk Retention Rules (or the applicable portions
thereof) are repealed or determined by applicable regulatory agencies to be no longer applicable to this transaction.

 

“Class
HRR Pass-Through Rate”:  For any Distribution Date, a variable rate per annum equal to the Net Mortgage
Rate for such Distribution Date.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

“Class
X Strip Rate”: For each Class of the Class A, Class B and Class C Certificates for any Distribution Date, a per annum
rate equal to the excess of (i) the Net Mortgage Rate for such Distribution Date over (ii) the Pass-Through Rate of such Class
of Certificates.

 

“Class
X-A Certificate”: A Certificate executed and authenticated by the Certificate Administrator, in substantially the form
set forth in Exhibit A-2 and designated as a Class X-A Certificate.

 

“Class
X-A Notional Amount”: An amount equal to the Certificate Balance of the Class A Certificates.

 

“Class
X-A Pass-Through Rate”: A variable rate that for each Distribution Date equal to the Class X Strip Rate for the Class
A Certificates outstanding immediately prior to the related Distribution Date.

 

“Class
X-B Certificate”: A Certificate executed and authenticated by the Certificate Administrator, in substantially the form
set forth in Exhibit A-3 and designated as a Class X-B Certificate.

 

“Class
X-B Notional Amount”: An amount equal to the aggregate Certificate Balance of the Class B and Class C Certificates.

 

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“Class
X-B Pass-Through Rate”: A variable rate that for each Distribution Date equal to the weighted average of the Class
X Strip Rates for the Class B and Class C Certificates outstanding immediately prior to the related Distribution Date, weighted
on the basis of the Certificate Balances of the Class B and Class C Certificates immediately prior to that Distribution Date.

 

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

 

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

 

“Closing
Date”:  December 12, 2019.

 

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

 

“Collateral”: 
The Property securing the Mortgage Loan, the Reserve Accounts (and all sums held, deposited or invested therein and all proceeds
thereof) with respect to the Mortgage Loan and all other collateral which is subject to security interests and liens granted to
secure the Mortgage Loan.

 

“Collateral
Deficiency Amount” means, with respect to any AB Modified Loan as of any date of determination, the excess of (i) the
outstanding principal balance of such AB Modified Loan (taking into account the related junior note(s) and any pari passu notes
included therein, as well as any equity interests or other obligations senior thereto), over (ii) the sum of (solely to the extent
allocable to the Mortgage Loan) (x) the most recent appraised value for the Property, 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 Mortgage
Loan Lender as of the date of such determination, any capital or additional collateral contributed by the Borrower at the time
the Whole Loan became (and as part of the modification related to) such AB Modified Loan for the benefit of the Property, plus
(z) any other escrows or reserves (in addition to any amounts set forth in the immediately preceding clause (y)) held by the Mortgage
Loan Lender in respect of such AB Modified Loan as of the date of such determination.  The Servicer and the Certificate Administrator
shall be entitled to conclusively rely on the Special Servicer’s calculation or determination of any Collateral Deficiency
Amount. Collateral Deficiency Amounts with respect to the Whole Loan shall be allocated, first, to the Junior B Notes, on a Pro
Rata and Pari Passu Basis (based on the principal balance of the Junior B Notes) until the aggregate principal balance of the
Junior B Notes has been notionally reduced to zero, second, to the Junior A Notes, on a Pro Rata and Pari Passu Basis (based on
the principal balance of the Junior A Notes) until the aggregate principal balance of the Junior A Notes has been notionally reduced
to zero, and third, to the Senior Notes, on a Pro Rata and Pari Passu Basis (based on the principal balance of each Senior Note)
until the aggregate principal balance of the Senior Notes has been notionally reduced to zero.

 

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

 

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

 

“Collection
Period”:  With respect to any Distribution Date, the period commencing immediately following the Determination
Date in the calendar month preceding the calendar month in which such Distribution Date occurs and ending on and including the
Determination Date in the calendar month in which such Distribution Date occurs; provided, that the first Collection Period
shall commence immediately following the Cut-off Date and end on and include the Determination Date in January 2020.  Any
periodic payments received with respect to the Mortgage Loan during any grace period and relating to the immediately preceding
Collection Period will be deemed to have been received during that immediately preceding Collection Period and not during the
Collection Period during which such grace period ends.

 

“Commission”: 
The Securities and Exchange Commission.

 

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

 

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

 

“Companion
Loan Holders”:  Collectively, the holder or holders of the Companion Loans or a portion of the Companion Loans.

 

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

 

“Companion
Loan Rating Agency Confirmation”:  With respect to any matter involving a Companion Loan with respect to which
any Companion Loan Securities exist, confirmation in writing (which may be in the form of electronic mail, facsimile, press release,
posting to its internet website or such other means then considered industry standard as determined by each applicable Companion
Loan Rating Agency) by each applicable Companion Loan Rating Agency that a proposed action, failure to act or other event so specified
will not, in and of itself, result in the downgrade, withdrawal or qualification of the then-current rating assigned to any class
of Companion Loan Securities (if then rated by the Companion Loan Rating Agency); provided, that if a written waiver or
other acknowledgment (or such time for a response has lapsed) from the Companion Loan Rating Agency indicating its decision not
to review or to decline to review the matter for which the Companion Loan Rating Agency Confirmation is sought is received (such
written notice, a “Companion Loan Rating Agency Declination”), the requirement to receive a Companion Loan
Rating Agency Confirmation from the Companion Loan Rating Agency with respect to such matter will not apply; provided,
further that any Companion Loan Rating Agency Confirmation is subject to the terms set forth in Section 3.26.

 

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“Companion
Loan Securities”:  Any class of securities backed, wholly or partially, by a Companion Loan.

 

“Condemnation”: 
As defined in the Loan Agreement.

 

“Condemnation
Proceeds”:  As defined in the Loan Agreement.

 

“Confidential
Information”:  With respect to the Depositor, the Servicer, the Special Servicer, the Operating Advisor,
the Trustee, the Certificate Administrator and the Custodian, as applicable, all material non-public information obtained in the
course of and as a result of such Person’s performance of its duties under this Agreement as the Depositor, the Servicer,
the Special Servicer, the Operating Advisor, the Trustee, the Certificate Administrator or the Custodian, as applicable, with
respect to the Mortgage Loan, the Companion Loans, the Whole Loan, the Borrower, the Guarantor, the Sponsor and the 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 Servicer, the Special Servicer,
the Operating Advisor, the Trustee, the Certificate Administrator or the Custodian, as applicable, or (iii) is or becomes
generally available to the Certificate Administrator, the Servicer, the Special Servicer, the Operating Advisor or the public
other than, with respect to the Certificate Administrator, the Servicer or the Special Servicer, as a result of a disclosure by
Certificate Administrator Personnel, Servicer Servicing Personnel or Special Servicer Servicing Personnel, respectively.

 

“Control
Eligible Certificates”:  The Class HRR Certificates. No other Class of Certificates shall be eligible to act as
the Controlling Class or appoint a Controlling Class Representative.

 

“Controlling
Class”:  As of any time of determination, the most subordinate Class of the Control Eligible Certificates then
outstanding that has an outstanding Certificate Balance (as reduced or notionally reduced by any principal payments, Realized
Losses and Appraisal Reduction Amounts and Collateral Deficiency Amounts allocated to the Mortgage Loan and allocable to such
Class) that is equal to or greater than 25% of the initial Certificate Balance of that Class; provided, that if no Class of Control
Eligible Certificates has a Certificate Balance (as reduced or notionally reduced by any principal payments, Realized Losses and
Appraisal Reduction Amounts and Collateral Deficiency Amounts allocated to the Mortgage Loan and allocable to such Class) at least
equal to 25% of the initial Certificate Balance of such Class, then the Controlling Class will be the most senior Class of Control
Eligible Certificates.  The Controlling Class as of the Closing Date will be the Class HRR Certificates. 

 

“Controlling
Class Certificateholder”:  Each Holder (or Beneficial Owner, if applicable) of a Certificate of the Controlling
Class as determined by the Certificate Registrar from time to time based solely upon the Certificate Register (or with respect
to a Beneficial Owner, the Beneficial Owner’s Investor Certification).  Notwithstanding the foregoing, for purposes
of determining the Controlling Class Representative, exercising any rights of the Controlling Class or receiving Asset Status
Reports or any other information under this Agreement other than Distribution Date Statements, if the Guarantor, the Sponsor,
the Property Manager, an Affiliate of the Guarantor, the Sponsor, the Property Manager, the Borrower or a

 

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Borrower
Party or any agent of the foregoing is a Holder or Beneficial Owner of any interest in a Controlling Class Certificate, such Controlling
Class Certificate shall be deemed not outstanding and such Holder or Beneficial Owner shall be deemed not to be a Holder (or Beneficial
Owner) of the related Controlling Class and shall not be entitled to exercise such rights or receive such information.  If,
as a result of the preceding sentence, no holder of Controlling Class Certificates would be eligible to exercise such rights,
there shall be no Controlling Class Representative.

 

“Controlling
Class Representative”:  The representative selected or designated, as applicable, in accordance with Section
9.1.

 

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

 

“Corporate
Trust Office”:  The principal corporate trust offices with respect to (a) the Trustee are located at 9062
Old Annapolis Road, Columbia, Maryland 21045, Attention: Corporate Trust Services BX 2019-OC11 or the principal trust office of
any successor trustee qualified and appointed pursuant to this Agreement, and (b) the Certificate Administrator are located at
(i) with respect to Certificate transfers and surrenders, 600 South 4th Street, 7th Floor, MAC: N9300-070, Minneapolis, Minnesota
55479, Attention: Certificate Transfer Services – CTS (CMBS) – BX 2019-OC11 and (ii) for all other purposes, 9062
Old Annapolis Road, Columbia, Maryland 21045, Attention: Corporate Trust Services (CMBS) – BX 2019-OC11.  The Trustee
and the Certificate Administrator may designate any other location as their respective corporate trust office(s) from time to
time by notice to the Certificateholders, the Depositor, the Servicer, the Special Servicer, the Operating Advisor and each other
party hereto.

 

“Corrected
Mortgage Loan”:  As defined in the definition of “Special Servicing Loan Event.”

 

“Credit
Risk Retention Affiliate” or “Credit Risk
Retention Affiliated”: As “affiliate of” or “affiliated with” are defined in Section §
__.2 of the Credit Risk Retention Rules.

 

“Credit
Risk Retention Compliance Agreement”: As defined in Section
3.27(a).

 

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

 

“CREFC®”: 
CRE Finance Council® or any successor thereto.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

“CREFC®
Historical Bond/Collateral Realized Loss Reconciliation”: 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”
available as of the Closing Date on the CREFC® Website, or such other form for the presentation of such information
and containing such additional information as may from time to time be recommended by the CREFC® for commercial
mortgage securities transactions generally and is reasonably acceptable to the Servicer and the Special Servicer.

 

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

 

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

 

“CREFC®
Intellectual Property Royalty License Fee”:  For any Interest Accrual Period with respect to the Mortgage
Loan, the amount of interest accrued during such related Interest Accrual Period at the CREFC® Intellectual Property
Royalty License Fee Rate (adjusted to a monthly rate) on the same balance, in the same manner and for the same number of days
as interest at the applicable Mortgage Rate accrued with respect to the Mortgage Loan during such related Interest Accrual Period. 
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 Servicer in writing at least two Business Days prior to the 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

 

For
the avoidance of doubt, the CREFC® Intellectual Property Royalty License Fee shall be deemed to be payable from
the Lower-Tier REMIC.

 

“CREFC®
Intellectual Property Royalty License Fee Rate”:  0.0005% per annum.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

“CREFC®
Reports”:  Collectively refers to the following reports as may be amended, updated or supplemented
from time to time as part of the CREFC® “Investor Reporting Package®”:

 

(i)   
the following seven electronic files:  (a) CREFC® Loan Setup File, (b) CREFC® Loan Periodic
Update File, (c) CREFC® Property File, (d) CREFC® Financial File, (e) CREFC® Special
Servicer Loan File, (f) CREFC® Bond Level File and (g) CREFC® Collateral Summary File;

 

(ii)  
The following ten supplemental reports:  (a) CREFC® Servicer Watch List, (b) CREFC® Delinquent
Loan Status Report, (c) CREFC® REO Status Report, (d) CREFC® Comparative Financial Status Report,
(e) CREFC® Historical Loan Modification/Forbearance and Corrected Mortgage Loan Report, (f) CREFC®
Loan Level Reserve/LOC Report, (g) CREFC® Advance Recovery Report, (h) CREFC® Total Loan Report,
(i) CREFC® Operating Statement Analysis Report and (j) CREFC® NOI Adjustment Worksheet;

 

(iii) 
the following eleven templates:  (a) CREFC® Appraisal Reduction Template, (b) CREFC® Servicer
Realized Loss Template, (c) CREFC®

 

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Reconciliation
of Funds Template, (d) CREFC® Historical Bond/Collateral Realized Loss Reconciliation Template, (e) CREFC®
Historical Liquidation Loss Template, (f) CREFC® Interest Shortfall Reconciliation Template, (g) CREFC®
Servicer Remittance to Certificate Administrator Template, (h) CREFC® Significant Insurance Event Template,
(i) CREFC® Loan Modification Report, (j) CREFC® Loan Liquidation Report and (k) CREFC®
REO Liquidation Report; and

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

“CREFI”:
As defined in the Introductory Statement.

 

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“Current
Interest Distribution Amount”:  With respect to any Distribution Date for any Class of Regular Certificates or
Uncertificated Lower-Tier Interests, the interest accruing during the related applicable Interest Accrual Period at the Pass-Through
Rate applicable to such Class for such Interest Accrual Period on the Certificate Balance, Notional Amount or Lower-Tier Principal
Amount of such Class of Certificates or Uncertificated Lower-Tier Interest, as applicable, for such Distribution Date (before
giving effect to distributions of principal on such Distribution Date).

 

“Custodian”: 
Initially, the Certificate Administrator, and thereafter, any Custodian appointed pursuant to Section 8.10(a) of this Agreement. 
Wells Fargo Bank, National Association will perform its obligations as Custodian through its Document Custody Group.

 

“Cut-off
Date”:  December 1, 2019. 

 

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

 

“Default
Interest”:  During the continuance of an Event of Default under the Loan Agreement, the amount by which
interest accrued on the Whole Loan (exclusive of late payment charges) at the Default Rate exceeds the amount of interest that
would have accrued on the Whole Loan at the Mortgage Rate. 

 

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

 

“Defect”: 
As defined in Section 2.9(a).

 

“Deficient
Exchange Act Deliverable”:  With respect to the Servicer, the Special Servicer, the Certificate Administrator,
the Custodian, the Trustee and each Servicing Function Participant and Sub-Servicer retained by it, any item (x) regarding such
party, (y) prepared by such party or any registered public accounting firm, attorney or other agent retained by such party to
prepare such item and (z) delivered by or on behalf of such party pursuant to the delivery requirements under Article 10
of this Agreement that does not conform to the express provisions of the applicable reporting requirements under the Act, the
Exchange Act, the Sarbanes-Oxley Act and the rules and regulations promulgated thereunder.

 

“Definitive
Certificate”:  Any Certificate in fully registered certificated form.  For the avoidance of doubt,
the Class HRR Certificates shall at all times during the Class HRR Certificate Transfer Restriction Period be Definitive Certificates.

 

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

 

“Depositor”: 
Morgan Stanley Capital I Inc., a Delaware corporation, and its successors in interest.

 

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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.

 

“Designated
Expense Reimbursement Section”:  Collectively, Section 9.5 and Section 10.13 of the Loan Agreement.

 

“Determination
Date”:  With respect to each Distribution Date, the 5th day of the calendar month in which such Distribution Date
occurs or, if such day is not a Business Day, the immediately preceding Business Day, beginning in January 2020.

 

“Directly
Operate”:  With respect to any Foreclosed Property, the furnishing or rendering of services to the tenants thereof,
that are not customarily provided to tenants in connection with the rental of space “for occupancy only” within
the meaning of Treasury Regulations Section 1.512(b)-1(c)(5), the management or operation of such Foreclosed Property, the
holding of such Foreclosed Property primarily for sale to customers, the use of such Foreclosed Property in a trade or business
conducted by the Trust Fund or the performance of any construction work on the Foreclosed Property (other than the completion
of a building or improvement, where more than 10% of the construction of such building or improvement was completed before default
became imminent), other than through an Independent Contractor; provided, that a Foreclosed Property shall not be considered to
be Directly Operated solely because the Trustee (or the Special Servicer on behalf of the Trustee) establishes rental terms, chooses
tenants, enters into or renews leases, deals with taxes and insurance or makes decisions as to repairs or capital expenditures
with respect to such Foreclosed Property or takes other actions consistent with Treasury Regulations Section 1.856-4(b)(5)(ii).

 

“Disclosable
Special Servicer Fees”:  With respect to the Mortgage Loan, the Companion Loans or Foreclosed Property, any compensation
and other remuneration (including, without limitation, in the form of commissions, brokerage fees, rebates and as a result of
any other fee-sharing arrangement (including any such amount paid under any fee sharing arrangement whereby the Special Servicer
shares fees to which it is entitled with any Certificateholder or any Companion Loan Holder) received or retained by the Special
Servicer or any of its Affiliates that is paid by any Person (including, without limitation, the Trust, the Borrower, any manager,
any guarantor or indemnitor in respect of the Mortgage Loan, a Companion Loan or Foreclosed Property and any purchaser of the
Mortgage Loan, a Companion Loan or Foreclosed Property)) in connection with the disposition, workout or foreclosure of the Mortgage,
the management or disposition of Foreclosed Property or the performance by the Special Servicer or any such Affiliate of any other
special servicing duties under this Agreement other than (i) Permitted Special Servicer/Affiliate Fees, (ii) any compensation
and other remuneration that the Special Servicer is entitled to pursuant to Section
3.17 of this Agreement and (iii) any compensation and other
remuneration that the Servicer or the Certificate Administrator is permitted to receive or retain in connection with its duties
as Servicer or Certificate Administrator hereunder.

 

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

 

“Disqualified
Organization”:  Either (a) the United States, a State, or any agency or instrumentality of any of the foregoing
(other than an instrumentality that is a corporation if all of its activities are subject to tax and, except in the case of FHLMC,
a majority of its board of directors is not selected by any such governmental unit), (b) a foreign government, International
Organization or agency or instrumentality of either of the foregoing, (c) an organization that is exempt from tax imposed
by Chapter 1 of the Code (including the tax imposed by Section 511 of the Code on unrelated business taxable income) on any
excess inclusions (as defined in Section 860E(c)(1)) of the Code with respect to the Class R Certificates (except certain
farmers’ cooperatives described in Section 521 of the Code), (d) rural electric and telephone cooperatives described
in Section 1381(a)(2) of the Code or (e) any other Person so designated by the Certificate Registrar based upon an Opinion
of Counsel to the effect that any transfer of a Class R Certificate to such Person may cause the Upper-Tier REMIC or the Lower-Tier
REMIC to fail to qualify as a REMIC at any time that the Certificates are outstanding.  The terms “United States,”
“State” and “International Organization” have the meanings set forth in Section 7701 of the Code
or successor provisions.

 

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

 

“Distribution
Date”:  The fourth (4th) Business Day after each Determination Date, commencing in January 2020.

 

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

 

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

 

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“Eligible
Institution”:  A depository institution or trust company insured by the Federal Deposit Insurance Corporation,
(a) the short term unsecured debt obligations, deposits, accounts or commercial paper of which are rated at least “P-1”
by Moody’s (or, in the case of accounts in which funds are held for more than 30 days, the long-term unsecured debt obligations,
deposits, accounts or commercial paper of which are rated at least “A2” by Moody’s) or (b) with respect to
which a Rating Agency Confirmation has been obtained from each Rating Agency in respect of the ratings of such depository institution
or trust company.

 

“Environmental
Indemnity”:  As defined in the Loan Agreement.

 

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

 

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

 

“ERISA
Restricted Certificates”:  The Class R Certificates. 

 

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

 

“Event
of Default”:  An “Event of Default” as defined under the Loan Documents.

 

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

 

“Excess
Servicing Fee Rate”: With respect to the Mortgage Loan and the Companion Loans (and any successor Foreclosed Property
with respect thereto), a rate per annum equal to the Servicing Fee Rate minus the Retained Fee Rate; provided, that
the Excess Servicing Fee Rate shall be subject to reduction in accordance with Section 3.17 of this Agreement at any time
following any resignation of the Servicer pursuant to Section 6.4 of this Agreement (if no successor is appointed in accordance
with such Section) or any termination of the Servicer pursuant to Section 7.1 of this Agreement, to the extent reasonably
necessary (in the sole discretion of the Trustee) for the Trustee to appoint a qualified successor Servicer (which successor may
include the Trustee) that meets the requirements of Section 6.4 of this Agreement.

 

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

 

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

 

“FHLMC”: 
The Federal Home Loan Mortgage Corporation and its successors in interest.

 

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“Final
Asset Status Report”:  An Asset Status Report that is labeled or otherwise communicated as being “final”,
together with such other data or supporting information provided by the Special Servicer to the Controlling Class Representative
which does not include any communications (other than the Final Asset Status Report itself) between the Special Servicer and the
Controlling Class Representative with respect to the Whole Loan; provided, that no Asset Status Report shall be considered
a Final Asset Status Report unless (i) the Controlling Class Representative (during any Subordinate Control Period) has either
finally approved of and consented to the actions proposed to be taken in connection therewith, or has exhausted all of its rights
of approval or consent, or has been deemed to approve or consent to such action or (ii) the Asset Status Report is otherwise implemented
by the Special Servicer in accordance with the terms of this Agreement.

 

“Fitch”: 
Fitch Ratings, Inc., and its successors-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 Ratings, Inc. herein referenced shall be deemed to refer to the equivalent ratings of the party so designated.

 

“FNMA”: 
The Federal National Mortgage Association and its successors in interest.

 

“Foreclosed
Property”:  Any portion of the Property, title to which has been acquired by the Special Servicer on behalf
of the Trust through foreclosure, deed-in-lieu of foreclosure or otherwise in the name of the Trustee or its nominee for the benefit
of the Trust and the Companion Loan Holders.

 

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

 

“Foreclosure”: 
Any foreclosure, the taking of a deed-in-lieu of foreclosure, or the completion of any judicial or non-judicial foreclosure or
termination, cancellation or rescission of any such foreclosure of the Mortgage.

 

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

 

“Form
8-K Disclosure”:  The information described in the Form 8-K items set forth under the “Item on Form 8-K”
column on Exhibit Q hereto.

 

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

 

“Guarantor”: 
Any guarantor with respect to the Mortgage Loan. 

 

“Impermissible
Credit Risk Retention Affiliate”: As defined in Section 3.29.

 

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“Impermissible
Operating Advisor Affiliate”: As defined in Section 3.29.

 

“Impermissible
TPP Affiliate”: As defined in Section 3.29.

 

“Independent”: 
When used with respect to any specified Person, such a Person who (i) does not have any direct financial interest or any
material indirect financial interest in the Depositor, the Borrower, the Guarantor, any Companion Loan Holder, the Sponsor, the
Property Manager, the Trustee, the Certificate Administrator, the Custodian, the Servicer, the Special Servicer, the Operating
Advisor, the Controlling Class Representative or any of their respective Affiliates and (ii) is not connected with the Depositor,
the Borrower, the Sponsor, the Property Manager, any Companion Loan Holder, the Trustee, the Certificate Administrator, the Custodian,
the Servicer, the Special Servicer, the Operating Advisor, the Controlling Class Representative or any of their respective Affiliates
as an officer, employee, promoter, underwriter, trustee, partner, director or person performing similar functions.

 

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

 

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

 

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“Initial
Purchasers”:  Morgan Stanley & Co. LLC, Citigroup Global Markets Inc. and J.P. Morgan Securities LLC, and
their respective successors in interest.

 

“Inquiries”: 
As defined in Section 4.5.

 

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

 

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

 

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

 

“Interest
Accrual Period”:  With respect to (i) the Whole Loan and any Loan Payment Date, the period commencing on
the 6th calendar day of the calendar month immediately preceding the calendar month in which such Loan Payment Date occurs to
and including the 5th calendar day of the month in which such Loan Payment Date occurs, and (ii) the Certificates and any Distribution
Date, the calendar month immediately preceding the calendar month in which such Distribution Date occurs.

 

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

 

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

 

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

 

“Interested
Person”:  The Depositor, the Certificate Administrator, the Custodian, the Servicer, the Operating Advisor, the
Special Servicer, any Majority Controlling Class Certificateholder, the Controlling Class Representative, the Borrower, the Guarantor,
the Sponsor, the Property Manager, a mezzanine lender, any independent contractor engaged by the Special Servicer, any Other Depositor,
any Other Servicer, any Other Special Servicer (or any independent contractor engaged by such Other Special Servicer), any Other
Trustee or any Other

 

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Certificate
Administrator for an Other Securitization Trust, any Companion Loan Holder, or any of their respective known Affiliates.

 

“Investment”: 
Any direct or indirect ownership interest in any security, note or other financial instrument issued or executed by the Borrower
or any Affiliate of 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 3.8(a).

 

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

 

“Investor
Certification”:  A certificate, substantially in the form of Exhibit K-1 and Exhibit K-2 to
this Agreement, or in the form of an electronic certification contained on the Certificate Administrator’s Website, representing
that the Person executing such certificate is a Certificateholder (or representative thereof), a Beneficial Owner or a prospective
purchaser of a Certificate, any Companion Loan Holder (or a party to an Other Pooling and Servicing Agreement on its behalf) or
any Mortgage Loan Seller if it has repurchased its respective Mortgage Loan Seller Percentage Interest in the Mortgage Loan (or
applicable portion thereof) pursuant to Section 8 of the related Mortgage Loan Purchase Agreement, and that (i) for purposes
of obtaining information (including the Distribution Date Statements) and notices (including access to information and notices
on the Certificate Administrator’s Website) pursuant to this Agreement, such Person is (a) as evidenced by Exhibit K-2,
the Guarantor, the Sponsor, the Property Manager, a foreclosing mezzanine lender or an Affiliate of any of the foregoing, a Borrower
Party, or any agent of any of the foregoing, in which case such Person shall only be given access to the Distribution Date Statements
or (b) as evidenced by Exhibit K-1, not the Guarantor, the Sponsor, the Property Manager, a foreclosing mezzanine lender
or an Affiliate of any of the foregoing, a Borrower Party, or an agent of any of the foregoing, in which case such Person shall
be given access to all such information; (ii) for purposes of exercising Voting Rights as evidenced by Exhibit K-1
(A) such Person is not the Depositor, the Trustee, the Certificate Administrator, the Custodian, the Guarantor, the Sponsor,
the Property Manager, a foreclosing mezzanine lender or an Affiliate of any of the foregoing, a Borrower Party, or an agent of
any of the foregoing and (B) such Person is or is not the Servicer, the Special Servicer, or an Affiliate of any of the foregoing;
provided that, for purposes of clause (ii), if such Person is an Affiliate of the Depositor, the Servicer, the Special
Servicer, the Certificate Administrator, the Trustee or the Custodian, such certification shall indicate whether an Affiliate
Ethical Wall exists between it and the Depositor, the Servicer, the Special Servicer, the Certificate Administrator, the Trustee
or the Custodian, as applicable; and/or (iii) for purposes of determining the Controlling Class Representative, exercising any
rights of the Controlling Class or receiving Asset Status Reports or any other information under this Agreement other than Distribution
Date Statements, such Person is not the Guarantor, the Sponsor, the Property Manager, a foreclosing mezzanine lender or any Affiliate
of any of the foregoing, a Borrower Party, or an agent of any

 

    41

     

    
 

of
the foregoing.  The Certificate Administrator may require that Investor Certifications be resubmitted from time to time in
accordance with its policies and procedures. 

 

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

 

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

 

“IRS”: 
The Internal Revenue Service.

 

“JPMCB”:
As defined in the Introductory Statement.

 

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

 

“Junior
A Notes”:  Collectively, the Junior A Trust Notes and the Junior A Non-Trust Notes.

 

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

 

“Junior
B Notes”:  The Junior B Trust Notes.

 

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

 

“Junior
Notes”:  Collectively, the Junior A Notes and the Junior B Notes. 

 

“KBRA”: 
Kroll Bond Rating Agency, Inc., and its successors-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.

 

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

 

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

 

“Liquidation
Fee”:  A fee payable to the Special Servicer with respect to the Liquidated Property, or any full, partial
or discounted payoff of the Whole Loan, the Mortgage

 

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Loan
or a Companion Loan or the liquidation of the Whole Loan, the Mortgage Loan or a Companion Loan as to which the Special Servicer
receives any Liquidation Proceeds, equal to the product of the Liquidation Fee Rate and the Net Liquidation Proceeds related to
such Liquidated Property, Whole Loan, Mortgage Loan or Companion Loan, provided that in no event shall the Liquidation Fee payable
in respect of the Whole Loan or Foreclosed Property exceed $2,500,000.  The Special Servicer shall not be entitled to receive
a Liquidation Fee in connection with (i) a repurchase by a Mortgage Loan Seller of (or an indemnity payment in respect of)
its respective Mortgage Loan Seller Percentage Interest in the Mortgage Loan pursuant to the applicable Mortgage Loan Purchase
Agreement; (ii) a sale of the Whole Loan, the Mortgage Loan or a Companion Loan by the Special Servicer to an Interested
Person in accordance with Section 3.16; or (iii) a purchase of the Mortgage Loan or a Companion Loan by a mezzanine
lender pursuant to any purchase option granted in the related mezzanine intercreditor agreement (so long as such purchase occurs
within 90 days after the first delivered notice of the applicable purchase option event is delivered to such mezzanine lender). 
For the avoidance of doubt, the intent of the Designated Expense Reimbursement Section is to require the Borrower to be responsible
for the payment of Liquidation Fees and the Special Servicer shall be entitled to, and may collect, any Liquidation Fees payable
to it from the Borrower pursuant to the Designated Expense Reimbursement Section as would be calculated hereunder.  The Liquidation
Fee with respect to the Specially Serviced Mortgage Loan or Foreclosed Property shall be reduced by the amount of any Modification
Fees paid by or on behalf of the Borrower with respect to the Specially Serviced Mortgage Loan or Foreclosed Property and received
by the Special Servicer as compensation, but only to the extent those fees have not previously been deducted from a Workout
Fee or Liquidation Fee.  Notwithstanding the foregoing, if the Whole Loan becomes a Specially Serviced Mortgage Loan solely
due to an event described in clause (iii) of the definition of “Special Servicing Loan Event” and the related Liquidation
Proceeds are received within 4 months following the related maturity date as a result of the Mortgage Loan or a Companion Loan
being refinanced, the Special Servicer shall not be entitled to deduct a Liquidation Fee from amounts due to the Certificateholders
(or the Companion Loan Holders, if applicable) but may collect and retain appropriate fees from the Borrower in connection with
such liquidation. 

 

“Liquidation
Fee Rate”:  A rate equal to 0.50% (50 basis points).

 

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

 

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

 

“Loan
Documents”:  All documents executed or delivered by the Borrower or any other party evidencing or securing
the Whole Loan and any amendment thereof or thereafter or subsequently added to the Mortgage File, including without limitation
the Loan Agreement.

 

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“Loan
Party”:  As defined in the Loan Agreement.

 

“Loan
Payment Date”:  The fifth (5th) day of each calendar month (or if such date is not a Business
Day (as such term is defined the Loan Agreement), the immediately preceding Business Day).

 

“Lock
Box Agreement”:  The Lockbox Agreement as defined in the Loan Agreement.

 

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

 

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

 

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

 

“Lower-Tier
REMIC”:  One of two separate REMICs comprising the Trust Fund, the assets of which consist of all of the assets
of the Trust Fund other than the assets of the Upper-Tier REMIC.

 

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

 

“Major
Decision”:  Any of the following:

 

(i)        
any proposed or actual foreclosure upon or comparable conversion (which may include acquisitions of any Foreclosed Property by
deed in lieu of foreclosure) of the ownership of the Property if the Whole Loan comes into and continues in default;

 

(ii)       
any amendment or modification, consent to a modification or waiver of a monetary term of the Whole Loan (other than late fees
and Default Interest, but including the timing of payments and acceptance of discounted payoffs) or material non-monetary term
of the Whole Loan or any extension of the maturity date thereof;

 

(iii)      
following a default or an Event of Default with respect to the Whole Loan, any exercise of remedies, including any acceleration
of the Whole Loan or initiation of judicial, bankruptcy or similar proceedings under the Loan Documents;

 

(iv)      
any sale of the Whole Loan if it is in default for less than the Repurchase Price or any sale of any Foreclosed Property;

 

    44

     

    

 

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

 

(vi) 
    any release of collateral or any acceptance of substitute or additional collateral for the Whole Loan or any consent
to either of the foregoing, unless required or permitted pursuant to the specific terms of the Loan Documents and for which there
is no material lender discretion;

 

(vii)     
any waiver of a “due-on-sale” or “due-on-encumbrance” clause with respect to the Whole Loan or, if
lender consent is required, any consent to such waiver or consent to a transfer of the Property or interests in the Borrower,
other than any such transfer or incurrence of debt as may be effected without the consent of the lender under the Loan Documents;

 

(viii)    
any incurrence of additional debt by the Borrower or of any mezzanine financing by any beneficial owner of the Borrower (to the
extent that the lender has consent rights pursuant to the Loan Documents (for purposes of the determination whether the lender
has such consent rights pursuant to the Loan Documents, any provision in the Loan Documents that requires that an intercreditor
agreement be reasonably or otherwise acceptable to the lender will constitute such consent rights));

 

(ix)      
any material modification, waiver or amendment of an intercreditor agreement, co-lender agreement, participation agreement or
similar agreement with any mezzanine lender or subordinate debt holder related to the Whole Loan, or an action to enforce rights
with respect thereto or decision not to enforce such rights;

 

(x) 
       any material property management company changes, including approval of the termination of a manager
and appointment of a new property manager;

 

(xi)      
any requests for the funding or disbursement of “performance,” “earn-out,” “holdback”
or similar escrows and reserves (including those evidenced by letters of credit) for the Whole Loan if such escrows and reserves
(a) exceed, at the related origination date, in the aggregate, 10% of the initial principal balance of the Whole Loan (regardless
of whether such funding or disbursement may be characterized as routine and/or customary and regardless of whether the Whole Loan
has a primary servicer other than the Servicer) or (b) are not routine and/or customary escrow and reserve fundings or disbursements
unless there is no material lender discretion;

 

(xii)     
any acceptance of an assumption agreement or any other agreement permitting a transfer of interests in the Borrower, a guarantor
or other obligor, or releasing the Borrower, a guarantor or other obligor from liability under the Whole Loan, or modifying any
of the Borrower, the guarantor or other obligor’s monetary liability under the Whole Loan other than pursuant to the specific
terms of the Whole Loan and for which there is no lender discretion;

 

(xiii)    
any cancellations or material modifications to the PLL Policy;

 

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(xiv) 
    any transferee of the Bellagio Tenant’s leasehold estate in connection with the foreclosure of a leasehold
mortgage;

 

(xv) 
     any determination of an Acceptable Insurance Default;

 

(xvi)    
the modification, waiver, amendment, execution, termination or renewal of any lease, to the extent lender approval is required
under the Loan Documents and if such lease falls within the definition of “Major Lease” (or analogous term) under
the Loan Documents, in each case, subject to any deemed approval expressly set forth in the related lease;

 

(xvii)   
any adoption or implementation of a budget submitted by the Borrower with respect to the Whole Loan (to the extent lender approval
is required under the Loan Documents), if (a) the Whole Loan is on the CREFC® servicer watch list or (b) such
budget includes material (more than 25%) increases in operating expenses or payments to entities actually known by the Servicer
to be Affiliates of the Borrower (excluding affiliated managers paid at fee rates agreed to at the origination of the Whole Loan),
subject in each case to any deemed approval expressly set forth in the Loan Documents; and

 

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

 

(xix) 
    with respect to the Bellagio Lease, in each case solely to the extent Borrower consent is required under the Bellagio
Lease: (a) a change in form of the Bellagio Lease Guaranty, (b) the use of the Property other than for its “Primary Intended
Use” (as defined in the Bellagio Lease), (c) the Bellagio Tenant encumbering the Property, (d) the Bellagio Tenant ceasing
to operate the Property under the “Bellagio” brand, (e) the Bellagio Tenant entering into an agreement with affiliates
other than the “Permitted Affiliate Agreements” specifically enumerated in the Bellagio Lease, (f) a change in zoning
or permitted use of the Property, (g) any capital improvements, (h) the incurrence of liens or other encumbrances on the Bellagio
Tenant’s gaming license, (i) a cancellation or material modification to the Bellagio Tenant’s environmental insurance
policy, (j) an adjustment or settlement of an insurance claim with respect to the Property, (k) approval of the transferee of
the Bellagio Tenant’s leasehold estate in connection with a foreclosure of the leasehold mortgage on such leasehold estate,
(l) any assignment or sublease of the Bellagio Lease by the Bellagio Tenant, (m) entering into a management agreement with respect
to the Property and (n) the Borrower’s appointment of an expert in connection with the determination of fair market rent
and the determination of such fair market rent.

 

As
used above, “material lender discretion” and “lender discretion” require mortgagee discretion in making
the relevant decision regarding the release of collateral or the acceptance of substitute or additional collateral, as applicable,
and such decision need not be based upon the satisfaction of specified objective conditions, the satisfactory delivery of certain
factual evidence or opinions or the satisfaction of any other specified objective criteria that is set forth in the Loan Documents.

 

    46

     

    
 

“Majority
Controlling Class Certificateholders”:  The Holder(s) of Certificates representing more than 50% of the Certificate
Balance of the Controlling Class, as determined by the Certificate Registrar from time to time.

 

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

 

“Master
Servicing Fee”:  A component of the Servicing Fee payable to the Servicer pursuant to Section 3.17, which
will accrue at the Master Servicing Fee Rate, computed on the basis of the same principal amount, in the same manner, and for
the same Interest Accrual Period for the Mortgage Loan respecting which any related interest payment on the Whole Loan is computed. 
Notwithstanding anything in Section 2.9 to the contrary, for so long as the Whole Loan is serviced pursuant to this Agreement,
the Master Servicing Fee will at all times accrue on the Trust Notes.  For the avoidance of doubt, the Master Servicing Fee
shall be deemed to be payable from the Lower-Tier REMIC.

 

“Master
Servicing Fee Rate”:  0.00125% (0.125 basis points) per annum.

 

“Material
Breach”:  As defined in Section 2.9(a).

 

“Material
Document Defect”:  As defined in Section 2.9(a).

 

“Maturity
Date”:  December 5th, 2029, or such other date on which the final payment of principal under the Whole Loan becomes
due and payable as provided under the Loan Agreement, whether at such stated maturity date, by declaration of acceleration, or
otherwise.

 

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

 

“Monthly
Payment”:  With respect to the Mortgage Loan and any Distribution Date, the scheduled payment of interest
on the Mortgage Loan pursuant to the Loan Agreement and the related Balloon Payment, in each case which is due and payable on
the immediately preceding Loan Payment Date.

 

“Monthly
Payment Advance”:  Any advance made by the Servicer pursuant to Section 3.23(a) or, in the
case of a failure by the Servicer to make such Advance, by the Trustee pursuant to Section 3.23(c).  Each reference
to the reimbursement or payment of a Monthly Payment Advance shall be deemed to include, whether or not specifically referred
to, payment or reimbursement of interest thereon at the Advance Rate through the date of payment or reimbursement.

 

“Moody’s”: 
Moody’s Investors Service, Inc., and its successors-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

 

    47

     

    
 

reasonably
designated by the Depositor, notice of which designation shall be given to the other parties hereto, and specific ratings of Moody’s
herein referenced shall be deemed to refer to the equivalent ratings of the party so designated.

 

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

 

“Mortgage”: 
The security instrument securing the Whole Loan, as described in the Loan Agreement.

 

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

 

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

 

“Mortgage
Loan Lender”:  Lender as defined in the Loan Agreement.

 

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

 

“Mortgage
Loan Seller Percentage Interest”:  With respect to MSMCH, CREFI and JPMCB, 50.0%, 25.0% and 25.0%, respectively.

 

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

 

“Mortgage
Rate”:  With respect to any Interest Accrual Period and the Whole Loan, the per annum rate at which
interest (but not Default Interest) accrues thereon for such Interest Accrual Period as specified in the Loan Agreement.

 

“MSBNA”: 
As defined in the Introductory Statement.

 

“MSMCH”: 
As defined in the Introductory Statement.

 

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

 

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

 

“Net
Mortgage Rate”:  With respect to any Distribution Date, the annualized rate at which interest would have to accrue
in respect of the Mortgage Loan on the basis of a 360-day

 

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year
consisting of twelve 30-day months in each Interest Accrual Period in order to produce the aggregate amount of interest (net of
the Servicing Fee Rate, the Certificate Administrator Fee Rate, the Operating Advisor Fee Rate and the CREFC®
Intellectual Property Royalty License Fee Rate and exclusive of Default Interest) actually accrued on the Mortgage Loan during
the related Interest Accrual Period; provided, that (i) except with respect to the final Distribution Date, the Net Mortgage
Rate that would otherwise be in effect for purposes of the scheduled Mortgage Loan payment due in January of each year (other
than a leap year and commencing in 2021) and February of each year (commencing in 2020) will be adjusted to take into account
the applicable Withheld Amounts to be deposited in the Interest Reserve Account; and (ii) the Net Mortgage Rate that would otherwise
be in effect for purposes of the scheduled Mortgage Loan payment due in March of each year (or February, if the related Distribution
Date is the final Distribution Date) commencing in 2020, will be adjusted to take into account the related withdrawal from the
Interest Reserve Account of the Withheld Amounts for the preceding January and, if applicable, February (or only January, if the
related Distribution Date in February is the final Distribution Date).  For purposes of calculating the Pass-Through Rate,
the Net Mortgage Rate shall be determined without regard to any modification, waiver or amendment of the terms of the Mortgage
Loan or the Whole Loan, whether agreed to by the Servicer, the Special Servicer or resulting from a bankruptcy, insolvency or
similar proceeding involving the Borrower or otherwise, and without regard to the Property becoming a Foreclosed Property.

 

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

 

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

 

“Nonrecoverable
Advance”:  Any Advance or portion of an Advance previously made and not previously reimbursed, or proposed
to be made, including interest on such Advance, which, the Servicer, the Special Servicer or the Trustee determines in accordance
with Accepted Servicing Practices (in the case of the Servicer or the Special Servicer) or good faith business judgment (in the
case of the Trustee) would not be ultimately recoverable from subsequent payments or collections (including Foreclosure Proceeds,
Liquidation Proceeds, Condemnation Proceeds (to the extent not made available for the repair or restoration of the affected portion
of the Property) and Insurance Proceeds) in respect of the Mortgage Loan (or, in the case of Property Protection Advances made
on the Whole Loan, out of collections on the Whole Loan) or the Property or from funds on deposit in the Collection Account pursuant
to Section 3.4(c).  In making such recoverability determination, the Servicer, Special Servicer or Trustee, as
applicable, will be entitled (a) to consider (among other things) (i) the obligations of the Borrower under the terms
of the Loan Documents as they may have been modified and (ii) the Property in its “as is” or then-current condition
and occupancy, as modified by such party’s assumptions (consistent with Accepted Servicing Practices in the case of the
Servicer or the Special Servicer or in its good faith business judgment in the case of the Trustee) regarding the possibility
and effects of future adverse change with respect to the Property, (b) to estimate and consider (among other things) future
expenses (c) to estimate and consider (consistent with

 

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Accepted
Servicing Practices in the case of the Servicer or the Special Servicer or in its good faith business judgment in the case of
the Trustee) (among other things) the timing of recoveries and (d) to give due regard to the existence of any Nonrecoverable Advances,
the recovery of which, at the time of such consideration, is being deferred or delayed by the Servicer, in light of the fact that
related proceeds are a source of recovery not only for the Advance under consideration but also a potential source of recovery
for such delayed or deferred Advance.  The Trustee will be entitled to rely conclusively on the Servicer’s determination
that an Advance is a Nonrecoverable Advance, and the Trustee and the Servicer will be entitled to rely conclusively on the Special
Servicer’s determination that an Advance is a Nonrecoverable Advance.  If the Special Servicer requests that the Servicer
make an Advance, the Trustee and the Servicer may (but shall not be obligated to) conclusively rely on such request as evidence
that such advance is not a Nonrecoverable Advance.

 

No
Companion Loan Advance shall constitute a “Nonrecoverable Advance” hereunder.

 

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

 

“Non-Reduced
Certificates”:  As of any date of determination, any Class of Sequential Pay Certificates then outstanding for
which (a)(1) the initial Certificate Balance of such Class of Certificates minus (2) the sum (without duplication) of, as of such
date of determination, (x) the aggregate payments of principal (whether as principal prepayments or otherwise) previously distributed
to the Holders of such Class of Certificates, (y) any Appraisal Reduction Amount and Collateral Deficiency Amount allocated to
the Mortgage Loan then allocable to such Class of Certificates and (z) any Realized Losses previously allocated to such Class
of Certificates, is equal to or greater than (b) 25% of the remainder of (1) the initial Certificate Balance of such Class of
Certificates less (2) any payments of principal (whether as principal prepayments or otherwise) previously distributed to the
Holders of such Class of Certificates as of such date of determination.

 

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

 

“Non-U.S.
Person”:  A Person other than a U.S. Person.

 

“Note”: 
As defined in the Introductory Statement.

 

“Note
Rate”:  With respect to any Interest Accrual Period and any Note, the per annum rate at which interest
(but not Default Interest) accrues thereon for such Interest Accrual Period as specified in the Loan Agreement and the related
Note.  As of the Closing Date, the Note Rate with respect to each Note (other than the Junior B Notes) is a per annum
rate equal to 3.1701530% and the Note Rate with respect to each Junior B Note is a per annum rate equal to 5.3500000%.

 

“Note
Reverse Sequential Order”: As defined in, and applied under, the Intercreditor Agreement.

 

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

 

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“NRSRO”: 
Any nationally recognized statistical ratings organization under the Exchange Act, including the Rating Agencies and any Companion
Loan Rating Agency; provided that, when referred to in connection with the 17g-5 Information Provider’s Website,
“NRSRO” shall mean a nationally recognized statistical rating organization that has delivered an NRSRO Certification.

 

“NRSRO
Certification”:  A certification substantially in the form of Exhibit M executed by an NRSRO in favor
of the 17g-5 Information Provider. 

 

“Offering
Circular”:  That certain Confidential Offering Circular, dated December 9, 2019, relating to the offering of the
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), the Treasurer, the Secretary, one of the Assistant Treasurers or Assistant Secretaries,
any Servicing Officer, Responsible Officer or other officer of the Servicer, the Special Servicer, the Depositor, any Mortgage
Loan Seller or any other entity referred to herein, as the case may be, customarily performing functions similar to those performed
by any of the above designated officers and also with respect to a particular matter, any other officer to whom such matter is
referred because of such officer’s knowledge of and familiarity with the particular subject and whose signatures and incumbency
shall have been certified to the Certificate Administrator, the Trustee or the Custodian, as applicable.

 

“Operating
Advisor”:  Park Bridge Lender Services LLC, in its capacity as operating advisor, and its successors-in-interest,
or any successor operating advisor appointed as herein provided.

 

“Operating
Advisor Annual Report”:  As defined in Section 9.5(b).

 

“Operating
Advisor Consultation Period”: Any period when either (i) the Certificate Balance of the Class HRR Certificates (taking
into account the application of any Appraisal Reduction Amounts and Collateral Deficiency Amounts to notionally reduce the Certificate
Balance of such Class) is less than 25% of the initial Certificate Balance of such Class or (ii) a Subordinate Control Period
is not in effect.

 

“Operating
Advisor Consulting Fee”:  A fee for each Major Decision on which the Operating Advisor has consulting obligations
and performed its duties with respect to such Major Decision equal to $10,000 (or such lesser amount that the Borrower have agreed
to pay), payable pursuant to Section 3.4(c) of this Agreement; provided, that no such fee shall be payable unless
specifically paid by the Borrower as a separately identifiable fee; provided, further, that the Operating Advisor may in its sole
discretion reduce the Operating Advisor Consulting Fee with respect to any Major Decision.

 

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

 

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“Operating
Advisor Fee”:  The fee payable to the Operating Advisor pursuant to Section 9.5(i).

 

“Operating
Advisor Fee Rate”:  With respect to each Interest Accrual Period related to any Distribution Date, a rate equal
to 0.0011% (0.11 basis points) per annum.

 

“Operating
Advisor Standard”:  The requirement that the Operating Advisor must act solely on behalf of the Trust and in the
best interest of and for the benefit of the Certificateholders (as a collective whole as if such Certificateholders constituted
a single lender) and not for the benefit of any particular Class of Certificateholders (as determined by the Operating Advisor
in the exercise of its good faith and reasonable judgment), but without regard to any conflict of interest arising from any relationship
that the Operating Advisor or any of its Affiliates may have with any of the Borrower, the Sponsor, the Property Manager, any
Mortgage Loan Seller, the Depositor, the Servicer, the Special Servicer, any Controlling Class Certificateholder, the Controlling
Class Representative or any of their respective Affiliates.

 

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

 

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

 

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

 

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

 

(d)      
a decree or order of a court or agency or supervisory authority having jurisdiction in the premises in an involuntary case under
any present or future federal or state bankruptcy, insolvency or similar law for the appointment of a

 

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conservator
or receiver or liquidator in any insolvency, readjustment of debt, marshaling of assets and liabilities or similar proceedings,
or for the winding up or liquidation of its affairs, shall have been entered against the Operating Advisor, and such decree or
order shall have remained in force undischarged or unstayed for a period of 60 days;

 

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

 

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

 

“Opinion
of Counsel”:  A written opinion of counsel (which counsel, in the case of any such opinion of counsel relating
to the taxation of the Trust Fund or any portion thereof, qualification of either REMIC formed hereunder as a REMIC or the imposition
of tax under the REMIC Provisions on any income or property of either such REMIC, compliance with the REMIC Provisions (including
application of the definition of “Independent Contractor”), shall be Independent of the Depositor, the Servicer, the
Special Servicer, the Operating Advisor, the Certificate Administrator, the Trustee and the Custodian), who may, without limitation,
be counsel for the Depositor, the Servicer or the Special Servicer, reasonably acceptable to the Trustee, the Certificate Administrator
and the Custodian, as applicable.

 

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

 

“Origination
Date”:  November 15, 2019.

 

“Originator”: 
As defined in the Introductory Statement.

 

“Other
Asset Representations Reviewer”:  The party acting as “asset representations reviewer” (within the
meaning of Item 1101(m) of Regulation AB) under any Other Pooling and Servicing Agreement.

 

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

 

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

 

“Other
Exchange Act Reporting Party”:  With respect to any Other Securitization Trust (a) that is subject to the reporting
requirements of the Exchange Act, the Other Depositor, Other Trustee, Other Certificate Administrator, Other Servicer and Other
Special Servicer under the related Other Pooling and Servicing Agreement that is responsible for the preparation and/or

 

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filing
of Form 8-K, Form 10-D and Form 10-K with respect to such Other Securitization Trust, as identified in writing to the parties
to this Agreement, and (b) that is not the subject of the reporting requirements of the Exchange Act, and solely for purposes
of Sections 10.7, 10.8, and 10.9, the Other Trustee, Other Certificate Administrator, Other Servicer, Other
Special Servicer or Other Depositor that is responsible for the preparation and/or dissemination of periodic distribution date
statements or similar reports, as identified in writing to the parties to this Agreement.

 

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

 

“Other
Securitization Trust”:  Any commercial mortgage securitization trust that holds the Companion Loan (or any portion
thereof or interest therein).

 

“Other
Servicer”:  Any “master servicer” or analogous term under an Other Pooling and Servicing Agreement.

 

“Other
Special Servicer”:  Any “special servicer” or analogous term under an Other Pooling and Servicing Agreement.

 

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

 

“PACE
Loan”:  Any (x) “Property-Assessed Clean Energy loan” or (y) other indebtedness, without regard to
the name given to such indebtedness, which is (i) incurred for improvements to the Property for the purpose of increasing energy
efficiency, increasing use of renewable energy sources, resource conservation, or a combination of the foregoing, and (ii) repaid
through multi-year assessments against the Property.

 

“Pass-Through
Rate”:  With respect to (i) the Class A Certificates, the Class A Pass-Through Rate; (ii)
the Class X-A Certificates, the Class X-A Pass-Through Rate; (iii) the Class X-B Certificates, the Class X-B
Pass-Through Rate; (iv) the Class C Certificates, the Class C Pass-Through Rate; (v) the Class D Certificates,
the Class D Pass-Through Rate; (vi) the Class E Certificates, the Class E Pass-Through Rate; (vii) the Class HRR
Certificates, the Class HRR Pass-Through Rate; and (viii) each Uncertificated Lower-Tier Interest, the Net Mortgage Rate.

 

“PCAOB”: 
The Public Company Accounting Oversight Board.

 

“Percentage
Interest”:  As to any Certificate, the percentage interest evidenced thereby in distributions required to
be made with respect to the related Class.  With respect to any Certificate (other than the Class R Certificates), such “percentage
interest” is equal to the initial Certificate Balance or Notional Amount, as applicable, of such Certificate divided by
the initial aggregate Certificate Balance or Notional Amount, as applicable, of all of the Certificates of the related Class. 
With respect to the Class R Certificates, the percentage specified on the Certificate held by the Holder of such Certificate.

 

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

 

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

 

(i)        
obligations of, or obligations fully guaranteed as to payment of principal and interest by, the United States or an agency or
instrumentality thereof provided such obligations are backed by the full faith and credit of the United States of America and
shall be limited to the following: (i) U.S. Treasury obligations (all direct or fully guaranteed obligations), (ii) Federal Housing
Administration (debentures), (iii) Government National Mortgage Association guaranteed mortgage-backed securities or participation
certificates, (iv) the Small Business Administration (guaranteed participation certificates and guaranteed pool certificates),
(v) the U.S. Department of Housing and Urban Development public housing agency bonds (previously referred to as local authority
bonds), (vi) RefCorp obligations, (vii) Farm Credit System consolidated systemwide bonds and notes, (viii) Federal Home Loan Banks’
consolidated debt obligations, (ix) Federal Home Loan Mortgage Corp. debt obligations and (x) Federal National Mortgage Association
debt obligations; provided, with respect to any investment set forth in clauses (vii), (viii), (ix) and (x), if such investment
has a maturity of (A) 30 days or less, the short-term obligations of which are rated at least “P-1” by Moody’s
or the long-term obligations of which are rated at least “A2” by Moody’s, (B) three months or less, but more
than 30 days, the short-term obligations of which are rated in the highest short-term debt rating category by Moody’s and
the long-term obligations of which are rated at least “A2” by Moody’s, (C) six months or less, but more than
three months, the short-term obligations of which are rated in the highest short-term debt rating category by Moody’s and
the long-term obligations of which are rated at least “Aa3” by Moody’s, and (D) more than six months, the short-term
obligations of which are rated in the highest short-term debt rating category by Moody’s and the long-term obligations
of which are rated “Aaa” by Moody’s;

 

(ii)       
repurchase agreements on obligations specified in clause (i) of this definition, with a party agreeing to repurchase such obligations
(A) in the case of such investments with maturities of 30 days or less, the short-term obligations of which are rated at least
“P-1” by Moody’s and are rated in the highest short term debt rating category by KBRA, if then rated by KBRA
(or, in the case of either Rating Agency, such lower rating as is the subject of a Rating Agency Confirmation relating to the
Certificates), (B) in the case of such investments with maturities of three months or less, but more than 30 days, the short-term
obligations of which are rated at least “P-1” by Moody’s (or the long-term obligations of which are rated at
least “A2” by Moody’s) and are rated in the highest short-term debt rating category by KBRA, if then rated
by KBRA (or, in the case of any such Rating Agency, such lower rating as is the subject of a Rating Agency Confirmation relating
to the Certificates), (C) in the case of such investments with maturities of six months or less, but more than three months, (x)
the short-term obligations of which are rated at least “P-1” by Moody’s and the long-term obligations of which
are rated at least “A2” by Moody’s, and (y) the short-term obligations of which are rated in the highest short-term
debt rating category by KBRA, if then rated by KBRA,

 

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and
the long-term obligations of which are rated at least “AA-” by KBRA, if then rated by KBRA (or, in the case of any
such Rating Agency, such lower rating as is the subject of a Rating Agency Confirmation relating to the Certificates), and (D)
in the case of such investments with maturities of more than six months (but less than 365 days), the short-term obligations of
which are rated at least “P-1” by Moody’s and the long-term obligations of which are rated at least “A2”
by Moody’s (or, in the case of any such Rating Agency, such lower rating as is the subject of a Rating Agency Confirmation
relating to the Certificates);

 

(iii)      
federal funds, unsecured uncertificated certificates of deposit, time deposits, demand deposits and bankers’ acceptances
of any bank or trust company organized under the laws of the United States or any state thereof, (A) in the case of such investments
with maturities of 30 days or less, (x) the short-term obligations of which are rated at least “P-1” by Moody’s
or the long-term obligations of which are rated at least “A2” by Moody’s, and (y) the short-term obligations
of which are rated in the highest short-term debt rating category by KBRA (if then rated by KBRA) (or, in the case of any such
Rating Agency, such lower rating as is the subject of a Rating Agency Confirmation relating to the Certificates), (B) in
the case of such investments with maturities of three months or less, but more than 30 days, the short-term obligations of which
are rated at least “P-1” by Moody’s and the long-term obligations of which are rated at least “A2”
by Moody’s (or, in the case of any such Rating Agency, such lower rating as is the subject of a Rating Agency Confirmation
relating to the Certificates), (C) in the case of such investments with maturities of six months or less, but more than three
months, (x) the short-term obligations of which are rated at least “P-1” by Moody’s and the long-term obligations
of which are rated at least “A2” by Moody’s, and (y) the short-term obligations of which are then rated the
highest short-term debt rating of KBRA, if then rated by KBRA (or, in the case of any such Rating Agency, such lower rating as
is the subject of a Rating Agency Confirmation relating to the Certificates), and (D) in the case of such investments with maturities
of more than six months (but less than 365 days), the short-term obligations of which are rated at least “P-1” by
Moody’s and the long-term obligations of which are rated at least “A2” by Moody’s, or otherwise acceptable
to such Rating Agency (or, in the case of any such Rating Agency, such lower rating as is the subject of a Rating Agency Confirmation
relating to the Certificates);

 

(iv)      
commercial paper of any corporation incorporated under the laws of the United States or any state thereof (or of any corporation
not so incorporated, provided that the commercial paper is United States Dollar denominated and amounts payable thereunder are
not subject to any withholding imposed by any non-United States jurisdiction) (A) in the case of such investments with maturities
of 30 days or less, the short-term obligations of which are rated at least “P-1” by Moody’s or the long-term
obligations of which are rated at least “A2” by Moody’s (or, in the case of any such Rating Agency, such lower
rating as is the subject of a Rating Agency Confirmation relating to the Certificates), (B) in the case of such investments with
maturities of three months or less, but more than 30 days, the short-term obligations of which are rated at least “P-1”
by Moody’s and the long-term obligations of which are rated at least “A2” by Moody’s (or, in the case
of any such Rating Agency, such lower rating as is the subject of a Rating Agency Confirmation relating to the Certificates),
(C) in the case of such

 

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investments
with maturities of six months or less, but more than three months, the short-term obligations of which are rated at least “P-1”
by Moody’s and the long-term obligations of which are rated at least “A2” by Moody’s (or, in the case
of any such Rating Agency, such lower rating as is the subject of a Rating Agency Confirmation relating to the Certificates) and
(D) in the case of such investments with maturities of more than six months (but less than 365 days), the long-term obligations
of which are rated at least “A2” by Moody’s or the short-term obligations of which are rated at least “P-1”
by Moody’s (or such lower rating as is the subject of Rating Agency Confirmation relating to the Certificates);

 

(v)       
units of taxable money market mutual funds, issued by regulated investment companies, which seek to maintain a constant net asset
value per share (including the Federated Prime Obligation Money Market Fund, US Bank Long Term Eurodollar Sweep or Wells Fargo
Money Market Funds) so long as any such fund is rated at least “Aaa-mf” by Moody’s and in the highest category
by KBRA (or, if not rated by KBRA, an equivalent rating by at least two (2) NRSROs (which may include S&P, DBRS, Fitch and/or
Moody’s) or otherwise acceptable to such Rating Agency, in any such case, as confirmed in a Rating Agency Confirmation
relating to the Certificates); and

 

(vi)      
any other demand, money market or time deposit, demand obligation or any other obligation, security or investment, provided that
the Servicer, Special Servicer or Certificate Administrator, as applicable, has received a Rating Agency Confirmation relating
to the Certificates.

 

Notwithstanding
the foregoing, “Permitted Investments” (i) shall be limited to those instruments that have a predetermined fixed
dollar of principal due at maturity that cannot vary or change and cannot include any embedded options (i.e., it is not callable
putable or convertible) unless full payment of principal is paid in cash upon the exercise of the option; (ii) shall only
include instruments that qualify as “cash flow investments” (within the meaning of Section 860G(a)(6) of the
Code); and (iii) shall exclude any investment where the right to receive principal and interest derived from the underlying
investment provides a yield to maturity in excess of 120% of the yield to maturity at par of such underlying investment. 
Interest may either be fixed or variable, and any variable interest must be tied to a single interest rate index plus a single
fixed spread (if any), and move proportionately with that index.  No investment shall be made that requires a payment above
par for an obligation.  All investments (a) shall mature or be redeemable upon the option of the holder thereof on or prior
to the earlier of (x) three months from the date of their purchase and (y) the Business Day preceding the day before
the date such amounts are required to be applied hereunder and (b) shall not have a maturity in excess of one year.

 

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

 

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

 

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

 

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

 

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

 

“PLL
Policy”:  As defined in the Loan Agreement.

 

 “Primary
Servicing Fee”:  A component of the Servicing Fee payable to the Servicer pursuant to Section 3.17, which
will accrue at the Primary Servicing Fee Rate, computed on the basis of the same principal amount, in the same manner, and for
the same Interest Accrual Period for the Whole Loan respecting which any related interest payment on the Whole Loan is computed. 
For the avoidance of doubt, the Primary Servicing Fee shall be deemed to be payable from the Lower-Tier REMIC.

 

“Primary
Servicing Fee Rate”:  0.00125% (0.125 basis points) per annum.

 

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

 

“Principal
Distribution Amount”:  For each Distribution Date, the sum of (i) the Regular Principal Distribution
Amount for such Distribution Date and (ii) the aggregate unpaid Principal Shortfalls in respect of prior Distribution Dates.

 

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

 

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“Privileged
Information”:  Any (i) correspondence or other communications between any of the Controlling Class Representative
or the Operating Advisor on the one hand, and the Special Servicer (or the Servicer and/or the Trustee), on the other hand, related
to the Mortgage Loan, the Companion Loans or the Whole Loan following a Special Servicing Loan Event or the exercise of the consent
or consultation rights of the Controlling Class Representative; (ii) strategically sensitive information that the Special Servicer
has reasonably determined could compromise the Trust’s position in any ongoing or future negotiations with the Borrower
or other interested party; and (iii) legally privileged information, in each case, as identified to the 17g-5 Information Provider
or the Operating Advisor, as applicable; provided that a summary of any Final Asset Status Report prepared by the Special
Servicer pursuant to the terms of this Agreement is deemed not to be Privileged Information (although no such summary shall be
made available to the Guarantor, the Sponsor, the Property Manager, any foreclosing mezzanine lender or any Affiliate thereof,
the Borrower or any Borrower Party, or any agent of the foregoing).

 

“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 is (in the case of the Servicer, the Special
Servicer, the Operating Advisor, the Certificate Administrator and the Trustee, based on written legal advice), required by law,
rule, regulation, order, judgment or decree to disclose such information.

 

“Privileged
Person”:  The Depositor and its designees, the Initial Purchasers, the Servicer, the Special Servicer, the
Operating Advisor, the Certificate Administrator, the Trustee, the Custodian, any Companion Loan Holder, any party to an Other
Pooling and Servicing Agreement, Controlling Class Representative (but only during any Subordinate Control Period or Subordinate
Consultation Period), any NRSRO who provides an NRSRO Certification, or any Person who provides the Certificate Administrator
with an Investor Certification in the form of Exhibit K-1 (but not the Guarantor, the Sponsor, the Property Manager, any
foreclosing mezzanine lender or any of their respective Affiliates, any Borrower Party, or any agent of the foregoing, which shall
only be entitled to access the Distribution Date Statements).

 

“Pro
Rata and Pari Passu Basis”:  As defined in the Intercreditor Agreement.

 

“Property”: 
As defined in the Loan Agreement.

 

“Property
Manager”: “Manager” as defined in the Loan Agreement.

 

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

 

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

 

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“Qualified
Insurer Ratings”:  With respect to an insurance company or security or bonding company qualified to write the related
insurance policy in the relevant jurisdiction and with respect to any fidelity bond or errors and omissions insurance, a rating
with respect to its claims paying ability of at least (a) ”A-” by S&P, (b) ”A(low)” by DBRS
(or, if not rated by DBRS, an equivalent rating by at least two NRSROs (which may include S&P, Fitch and/or Moody’s)),
(c) “A3” by Moody’s, (d) ”A-” by Fitch or (e) ”A-:X” by A.M. Best Company,
Inc.; provided, that an insurance carrier shall be deemed to have the applicable claims-paying ability ratings set forth
above if the obligations of such insurance carrier under the related insurance policy are guaranteed or backed in writing by an
entity that has long term unsecured debt obligations that are rated not lower than the ratings set forth above or claims-paying
ability ratings that are not lower than the ratings set forth above.

 

“Qualified
Operating Advisor”: An entity (a) that is a special servicer or operating advisor on a commercial mortgage-backed securities
transaction rated by the Rating Agencies (including, in the case of the Operating Advisor, this transaction) but has not been
a special servicer or operating advisor on a transaction for which any Rating Agency has qualified, downgraded or withdrawn its
rating or ratings of one or more classes of certificates for such transaction citing servicing or other relevant concerns with
the special servicer or operating advisor, as applicable, as the sole or a material factor in such rating action; (b) that can
and will make the representations and warranties of the Operating Advisor set forth in Section 2.5 of this Agreement, including
to the effect that it possesses sufficient financial strength to fulfill its duties and responsibilities pursuant to this Agreement
over the life of the Trust; (c) that is not (and is not Credit Risk Retention Affiliated with) the Depositor, the Trustee, the
Third Party Purchaser, the Certificate Administrator, the Servicer, the Special Servicer, any Mortgage Loan Seller, any Controlling
Class Certificateholder, the Controlling Class Representative or any of their respective Credit Risk Retention Affiliates; (d)
that has not been paid by the Special Servicer or any successor special servicer any fees, compensation or other remuneration
(x) in respect of its obligations hereunder or (y) for the appointment or recommendation for replacement of a successor special
servicer to become the special servicer hereunder; (e) that (x) has been regularly engaged in the business of analyzing and advising
clients in commercial mortgage-backed securities matters and has at least 5 years of experience in collateral analysis and loss
projections and (y) has at least 5 years of experience in commercial real estate asset management and experience in the workout
and management of distressed commercial real estate assets; and (f) that does not directly or indirectly, through one or more
Affiliates or otherwise, own or have derivative exposure in any interest in any Certificates, the Whole Loan or otherwise have
any financial interest in the securitization transaction to which this Agreement relates, other than in fees from its role as
Operating Advisor.

 

“Qualified
Replacement Special Servicer”:  A replacement special servicer that (i) is a Qualified Servicer, (ii) satisfies
all of the eligibility requirements applicable to special servicers in this Agreement, (iii) is not the Operating Advisor or an
Affiliate of the Operating Advisor, (iv) is not obligated to pay the Operating Advisor (x) any fees or otherwise compensate the
Operating Advisor in respect of its obligations under this Agreement, or (y) for the appointment of the successor special servicer
or the recommendation by the Operating Advisor for the replacement special servicer to become the special servicer, (v) is not
entitled to receive any compensation from the Operating Advisor other than compensation that is not material and is unrelated
to the Operating Advisor’s recommendation that such party be appointed as the

 

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replacement
special servicer, and (vi) is not entitled to receive any fee from the Operating Advisor for its appointment as successor special
servicer, in each case, unless expressly approved by 100% of the Certificateholders.

 

“Qualified
Servicer”:  With respect to the applicable replacement Servicer or Special Servicer with respect to the applicable
non-responding Rating Agency pursuant to Section 3.26 hereof, (a) with respect to Moody’s, (i) the applicable
replacement servicer or special servicer, as applicable, confirms in writing that it was appointed to act as, and currently serves
as, the master servicer or special servicer on a transaction level basis, as applicable, on the closing date of a commercial mortgage-backed
securities transaction with respect to which Moody’s rated one or more classes of certificates and one or more of such
classes of certificates are still outstanding and rated by Moody’s and (ii) Moody’s has not cited servicing concerns
of the applicable replacement as the sole or material factor in any qualification, downgrade or withdrawal of the ratings (or
placement on “watch status” in contemplation of a ratings downgrade or withdrawal) of securities in any other commercial
mortgage-backed securities transaction serviced by the applicable servicer prior to the time of determination, and (b) with respect
to KBRA, KBRA has not cited servicing concerns of the applicable replacement as the sole or material factor in any qualification,
downgrade or withdrawal of the ratings (or placement on “watch status” in contemplation of a ratings downgrade or
withdrawal) of securities in any other commercial mortgage-backed securities transaction serviced by the applicable servicer prior
to the time of determination.

 

“Rated
Final Distribution Date”:  For each Class of Certificates (other than the Class R Certificates), the Distribution
Date occurring in December 2041.

 

“Rating
Agencies”:  Moody’s Investors Service, Inc. and Kroll Bond Rating Agency, Inc.

 

“Rating
Agency Confirmation”:  With respect to any matter, confirmation in writing (which may be in the form of
electronic mail, facsimile, press release, posting to its internet website or such other means then considered industry standard
as determined by the Rating Agencies) by the Rating Agencies that a proposed action, failure to act or other event so specified
will not, in and of itself, result in the downgrade, withdrawal or qualification of the then-current rating assigned to any Class
of Certificates or, if applicable, any class of Companion Loan Securities, in each case, if then rated by the Rating Agencies;
provided, that if a written waiver or acknowledgment (or such time for a response has lapsed) from a Rating Agency indicating
its decision not to review or declining to review the matter for which the Rating Agency Confirmation is sought is received (such
written notice, a “Rating Agency Declination”), the requirement to receive a Rating Agency Confirmation from
such Rating Agency with respect to such matter will not apply; provided, further that any Rating Agency Confirmation
is subject to the terms set forth in Section 3.26.

 

“Rating
Agency Inquiry”:  As defined in Section 12.18 of this Agreement.

 

“Rating
Agency Q&A Forum and Document Request Tool”:  As defined in Section 12.18 of this Agreement.

 

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“Realized
Loss”:  With respect to any Distribution Date, the amount, if any, by which (i) the aggregate of the
Certificate Balances of the Sequential Pay Certificates after giving effect to distributions made on such Distribution Date exceeds
(ii) the outstanding principal balance of the Mortgage Loan after giving effect to (x) any payments of principal received
as of the related Determination Date, (y) any reduction of the outstanding principal balance of the Mortgage Loan by the
amount of any Advances of delinquent principal with respect to the Mortgage Loan that have not otherwise been reimbursed by the
Borrower or otherwise through collections in respect of principal on the Mortgage Loan and (z) the aggregate reductions of
the principal balance of the Mortgage Loan that have been permanently made as a result of a bankruptcy proceeding, modification
or otherwise.

 

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

 

“Regular
Certificates”:  The Class A, Class X-A, Class X-B, Class B, Class C, Class D, Class E and Class HRR Certificates.

 

“Regular
Principal Distribution Amount”:  For each Distribution Date and the Classes of Sequential Pay Certificates
in the aggregate, will equal (i) all amounts collected (and allocated to the Mortgage Loan pursuant to the terms of the Intercreditor
Agreement) or advanced in respect of principal with respect to the Mortgage Loan during the related Collection Period and (ii) all
amounts received during the related Collection Period in respect of principal on the Mortgage Loan from the Repurchase Price,
all amounts allocated to principal with respect to the Mortgage Loan from Liquidation Proceeds, Insurance Proceeds and Condemnation
Proceeds (to the extent not made available for the repair or restoration of the affected portion of an individual Property) or
otherwise received and allocated to the Mortgage Loan pursuant to the terms of the Intercreditor Agreement in respect of principal
on the Mortgage Loan.

 

“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.  Each of the parties hereto acknowledge
that the Regulation AB provisions herein shall be construed as if the Certificates were publicly registered and reporting were
required at all times.

 

“Regulation S”: 
Regulation S under the Act.

 

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

 

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

 

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	Related
Certificates

	Related
Uncertificated Lower-Tier Interest

	Class A
Certificates

	Class LA
Uncertificated Interest

	Class B
Certificates

	Class LB
Uncertificated Interest

	Class C
Certificates

	Class LC
Uncertificated Interest

	Class D
Certificates

	Class LD
Uncertificated Interest

	Class E
Certificates

	Class LE
Uncertificated Interest

	Class
HRR Certificates

	Class
LHRR Uncertificated Interest

 

“Relevant
Action”:  As defined in Section 3.26(e).

 

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

 

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

 

“REMIC
Provisions”:  Provisions of the Code relating to “real estate mortgage investment conduits,” including
Sections 860A through 860G of the Code, the regulations promulgated thereunder and other published guidance interpreting
the same.

 

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

 

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

 

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

 

“Reportable
Event”:  As defined in Section 10.7.

 

“Reporting
Servicer”:  The Servicer, the Special Servicer and
any Servicing Function Participant (including the Certificate Administrator, the Custodian, the Trustee (if and for such time
as it is a Servicing Function Participant) and each Sub-Servicer), as the case may be; provided, that the Certificate Administrator
and the Custodian shall only be Reporting Servicers on and after the date that a Companion Loan (or any portion thereof) is securitized;

 

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provided,
further, that the Trustee shall be a Reporting Servicer only if, and for such time as, it has made an Advance during any
calendar year covered by an annual report on assessment of compliance with servicing criteria.

 

“Repurchase
Communication”:  For purposes of Section 2.9(a) only, any communication, whether oral or written, which
need not be in any specific form.

 

“Repurchase
Mortgage File”: With respect to (i) any repurchase by MSMCH of its Mortgage Loan Seller Percentage Interest in the Mortgage
Loan and a concurrent termination of the Trust, the Mortgage File (other than the original promissory notes evidencing the other
Mortgage Loan Seller Percentage Interests in the Mortgage Loan) and (ii) any other repurchase by a Mortgage Loan Seller of its
Mortgage Loan Seller Percentage Interest in the Mortgage Loan, a copy of the Mortgage File and the original promissory notes evidencing
such Mortgage Loan Seller Percentage Interest in the Mortgage Loan.

 

“Repurchase
Price”:  An amount (without duplication) equal to (A) with respect to any repurchase of the Mortgage Loan,
the sum of (i) the unpaid principal balance of the Mortgage Loan, (ii) accrued and unpaid interest on the Mortgage Loan
at the Mortgage Rate (exclusive of the Default Interest) to and including the last day of the related Interest Accrual Period
in which the repurchase is to occur, (iii) unreimbursed Property Protection Advances and Administrative Advances together
with interest on such Advances, (iv) an amount equal to all interest on outstanding Monthly Payment Advances and Companion
Loan Advances, (v) any unpaid Trust Fund Expenses and (vi) any other out-of-pocket expenses reasonably incurred or expected
to be incurred by the Servicer, the Special Servicer, the Operating Advisor, the Certificate Administrator, the Trustee or the
Custodian arising out of the sale of the Mortgage Loan or the enforcement of the repurchase obligation, and (B) with respect to
any sale of the Whole Loan pursuant to Section 3.16, the sum of (i) the unpaid principal balance of the Whole Loan,
(ii) accrued and unpaid interest on the Whole Loan at the Mortgage Rate (exclusive of the Default Interest) to and including
the last day of the related Interest Accrual Period in which the sale is to occur, (iii) unreimbursed Property Protection
Advances and Administrative Advances together with interest on such Advances, (iv) an amount equal to all interest on outstanding
Monthly Payment Advances and Companion Loan Advances, (v) any unpaid Trust Fund Expenses and (vi) any other out-of-pocket
expenses reasonably incurred or expected to be incurred by the Servicer, the Special Servicer, the Operating Advisor, the Certificate
Administrator, the Trustee or the Custodian arising out of the sale of the Whole Loan or the enforcement of the repurchase obligation;
provided, that, with respect to any repurchase of the applicable Mortgage Loan Seller Percentage Interest in the Mortgage
Loan by a Mortgage Loan Seller, the “Repurchase Price” with respect to such portion of the Mortgage Loan and such
Mortgage Loan Seller shall be equal to the “Repurchase Price” calculated without regard to this proviso, multiplied
by the related Mortgage Loan Seller Percentage Interest.  No Liquidation Fee shall be paid by any Mortgage Loan Seller in
connection with a repurchase of any Mortgage Loan Seller Percentage Interest in the Mortgage Loan pursuant to the applicable Mortgage
Loan Purchase Agreement prior to the expiration of the applicable cure period.

 

“Repurchase
Request”:  As defined in Section 2.9(a).

 

“Repurchase
Request Withdrawal”:  As defined in Section 2.9(a).

 

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“Requesting
Party”:  As defined in Section 3.26(a).

 

“Required
Advance Amount”:  With respect to any Distribution Date, an amount equal to (a) the amount of the Monthly
Payment Advance (taking into account any Appraisal Reduction Amount allocable to the Mortgage Loan as of such Distribution Date)
that would be required to be made on the related Remittance Date by the Servicer pursuant to this Agreement if the Borrower has
not made any portion of the Monthly Payment (or an Assumed Monthly Payment) for the related Loan Payment Date or Assumed Loan
Payment Date less (b) the aggregate compensation payable on such Remittance Date to (i) the Certificate Administrator in
respect of the Certificate Administrator Fee (including the portion that is the Trustee Fee), (ii) the Operating Advisor in respect
of the Operating Advisor Fee and (iii) CREFC® in respect of the CREFC® Intellectual Property Royalty
License Fee.

 

“Required
Credit Risk Retention Percentage”: 5%.

 

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

 

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

 

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

 

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

 

“Retained
Fee Rate”: A rate equal to 0.00125% (0.125 basis points) per annum with respect to the Mortgage Loan.

 

“Retaining
Party”: The Third Party Purchaser, or any successor Holder of all or part of the Class HRR Certificates.

 

“Retaining
Sponsor”: Morgan Stanley Mortgage Capital Holdings LLC, acting as retaining sponsor as such term is defined under §
__.3(b) of the Credit Risk Retention Rules.

 

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

 

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

 

“Rule
15Ga-1 Notice”:  As defined in Section 2.9(a).

 

“Rule
15Ga-1 Notice Provider”:  As defined in Section 2.9(a).

 

“S&P”: 
S&P Global Ratings, and its successors in interest.

 

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

 

“Sarbanes-Oxley
Certification”:  With respect to an Other Securitization Trust that is subject to the reporting requirements of
the Exchange Act, the certification required to be filed together with such Other Securitization Trust’s Exchange Act report
on Form 10-K pursuant to Rule 13a-14 and Rule 15d-14 of the Exchange Act.

 

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

 

“Senior
Notes”:  Collectively, the Senior Trust Notes and the Senior Non-Trust Notes.

 

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

 

“Sequential
Order”:  With respect to (i) payments in respect of principal of the Sequential Pay Certificates on any
Distribution Date, sequentially to the Class A, Class B, Class C, Class D, Class E and Class HRR Certificates, in that
order; and (ii) payments in respect of interest on the Sequential Pay Certificates and the Class X Certificates on any Distribution
Date, first, to the Class A, Class X-A and Class X-B Certificates, on a pro rata basis, based on the Interest Distribution
Amounts of such Classes of Certificates, and then sequentially to the Class B, Class C, Class D, Class E and Class HRR Certificates,
in that order.  In each case, such payments shall be made until the principal or interest, as applicable, to which each such
Class is entitled is paid in full.

 

“Sequential
Pay Certificates”:  The Class A, Class B, Class C, Class D, Class E and Class HRR Certificates.

 

“Servicer”: 
KeyBank National Association, in its capacity as servicer, and its successors in interest and assigns, or if any successor servicer
is appointed as herein provided, such successor servicer.

 

“Servicer
Customary Expense”:  As defined in Section 3.17.

 

“Servicer
Mortgage File”:  means copies of the mortgage documents listed in the definition of “Mortgage File”
relating to the Mortgage Loan and shall also include, to the extent required to be (and actually) delivered to any Mortgage Loan
Seller pursuant to the Loan Documents, copies of the following items:  any other guaranty/indemnity agreement, any insurance
policies or certificates (as applicable), any property inspection reports, any financial

 

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statements
on the Property, any escrow analysis, any tax bills, any Appraisal, any environmental report, any engineering report, third-party
management agreements, any asset summary, financial information on the Borrower or the Sponsor and any guarantors and any letters
of credit.

 

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

 

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

 

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

 

“Servicing
Criteria”:  The criteria set forth in paragraph (d) of Item 1122 of Regulation AB as such
may be amended from time to time and which as of the Closing Date are listed on Exhibit L hereto.

 

“Servicing
Fee”:  A fee payable monthly to the Servicer pursuant to Section 3.17 equal to the sum of the
Primary Servicing Fee plus the Master Servicing Fee.  For the avoidance of doubt, the Servicing Fee shall be deemed
to be payable from the Lower-Tier REMIC.

 

“Servicing
Fee Rate”:  With respect to the Mortgage Loan, the sum of the Master Servicing Fee Rate and the Primary Servicing
Fee Rate, and with respect to any Companion Loan, the Primary Servicing Fee Rate.

 

“Servicing
Function Participant”:  Any Additional Servicer, Sub-Servicer, Subcontractor or any other Person (including
the Trustee, the Certificate Administrator and the Custodian), other than the Servicer and the Special Servicer, that is performing
activities that address the Applicable Servicing Criteria as of any date of determination.  The Trustee is a Servicing Function
Participant only if, and for such time as, it has made an Advance during any calendar year covered by an annual report on assessment
of compliance with servicing criteria.

 

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

 

“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 Mortgage Loan Lender
under the Loan Documents.  The parties to this Agreement acknowledge that the date on which quarterly financial statements
are required to be delivered to the Mortgage

 

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Loan
Lender under the Loan Documents is, with respect to net operating income information, 60 days following the end of each fiscal
quarter, subject to Section 5.1.11 of the Loan Agreement. 

 

“Significant
Obligor NOI Yearly Filing Deadline”:  With respect to each calendar year, the date that is the 120th day after
the end of such calendar year.  The parties to this Agreement acknowledge that the date on which annual financial statements
are required to be delivered to the Mortgage Loan Lender under the Loan Documents is, with respect to net operating income information,
120 days following the end of each fiscal year, as applicable, subject to Section 5.1.11 of the Loan Agreement.

 

“Similar
Law”:  As defined in Section 5.3(n).

 

“Special
Notice”:  As defined in Section 5.6.

 

“Special
Servicer”:  Situs Holdings, LLC, in its capacity as special servicer, and its successors in interest and
assigns, or if any successor Special Servicer is appointed as herein provided, such successor Special Servicer.

 

“Special
Servicer Customary Expense”:  As defined in Section 3.17.

 

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

 

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

 

“Special
Servicing Fee”:  With respect to the Specially Serviced Mortgage Loan, a fee payable monthly to the Special
Servicer equal to an amount computed on the basis of the same principal amount and for the same period respecting which any related
interest payment on the Whole Loan is computed, at a rate of 0.25% (25 basis points) per annum, subject to a maximum amount
of $250,000 payable in any year, until the Special Servicing Loan Event with respect to such Specially Serviced Mortgage Loan
no longer exists.  Such fee shall be in addition to, and not in lieu of, any other fee or other sum payable to the Special
Servicer under this Agreement.  For the avoidance of doubt, the intent of the Designated Expense Reimbursement Section is
to require the Borrower to be responsible for the payment of Special Servicing Fees and the Special Servicer shall be entitled
to, and may collect, any Special Servicing Fees payable to it from the Borrower pursuant to the Designated Expense Reimbursement
Section as would be calculated hereunder.  For the avoidance of doubt, the Special Servicing Fee shall be deemed payable
from the Lower-Tier REMIC and shall only accrue for the actual number of days that the Special Servicing Loan Event exists.

 

“Special
Servicing Loan Event”:  With respect to the Whole Loan, the Mortgage Loan or the Companion Loans, (i) the
Borrower has not made two (2) consecutive Monthly Payments (and have not cured at least one such delinquency by the next Loan
Payment Date under the Loan Documents) in respect of the Whole Loan; (ii) the Servicer and/or the Trustee have made three
(3) consecutive Monthly Payment Advances with respect to the Mortgage Loan, or any Other Servicer and/or Other Trustee under any
Other Pooling and Servicing Agreement have made three (3) consecutive Companion Loan Advances with respect to the Companion

 

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Loans
(in each case, regardless of whether such Monthly Payment Advances or Companion Loan Advances, as applicable, have been reimbursed);
(iii) the Borrower fails to make the Balloon Payment when due, and the Borrower has not delivered to the Servicer, on or
before the due date of such Balloon Payment, a written refinancing commitment, letter of intent or otherwise binding application
from an acceptable lender or signed purchase agreement and reasonably satisfactory in form and substance to the Servicer that
provides that such refinancing or sale will occur within one hundred twenty (120) days after the date on which such Balloon Payment
will become due (provided that a Special Servicing Loan Event will occur if either (x) such refinancing or sale does
not occur before the expiration of the time period for refinancing or sale specified in such documentation or (y) the Servicer
is required to make a Monthly Payment Advance at any time prior to such refinancing or sale); (iv) the Servicer has received
notice that the Borrower has become the subject as debtor of any bankruptcy, insolvency or similar proceeding, admitted in writing
the inability to pay its debts as they come due or made an assignment for the benefit of creditors; (v) the Servicer has
received notice of a foreclosure or threatened foreclosure of any lien on any of the property securing the Whole Loan; (vi) the
Borrower has expressed in writing to the Servicer an inability to pay the amounts owed under the Whole Loan, the Mortgage Loan
or a Companion Loan in a timely manner, (vii) in the judgment of the Servicer (consistent with Accepted Servicing Practices),
a default in the payment of principal or interest under the Whole Loan, the Mortgage Loan or a Companion Loan is reasonably foreseeable
and would likely continue unremedied beyond any 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 Borrower within 60 days, unless (a) such reasonably foreseeable default is
solely related to a reasonably foreseeable default in the payment of the Balloon Payment on the Maturity Date, (b) the Borrower
requests the extension of the Maturity Date, (c) the Servicer (with the consent of the Special Servicer), grants an extension
of the Maturity Date pursuant to Section 3.24 hereof and subject to the terms of the Intercreditor Agreement and (d) such
extension occurs prior to the Maturity Date; or (viii) a default under the Whole Loan, the Mortgage Loan or a Companion Loan
of which the Servicer has notice (other than a failure by the Borrower to pay principal or interest) and that materially and adversely
affects the interests of the Certificateholders or the Companion Loan Holders has occurred and remains unremedied for the applicable
grace period specified in the Loan Documents (or, if no grace period is specified, sixty (60) days); provided, that a Special
Servicing Loan Event will cease (a) with respect to the circumstances described in any of clauses (i), (ii) and (iii)
above, when the Borrower has brought the Whole Loan current (including pursuant to the workout of the Whole Loan) and, with respect
to clauses (i) and (ii) above, after the occurrence of such event when the Borrower has made three (3) consecutive full and
timely Monthly Payments on the Whole Loan, or (b) with respect to the circumstances described in clauses (iv), (v),
(vi), (vii) and (viii) above, when such circumstances cease to exist in the judgment of the Special Servicer (consistent with
Accepted Servicing Practices); provided, in any case, that at that time no other circumstance exists (as described above)
that would constitute a Special Servicing Loan Event (in such circumstances, the Whole Loan and the Mortgage Loan shall be a “Corrected
Mortgage Loan”).

 

“Specially
Serviced Mortgage Loan”:  As of any date of determination, the Whole Loan, Mortgage Loan or Companion Loan
after the occurrence and during the continuance of a Special Servicing Loan Event.

 

“Sponsor”: 
BREIT Operating Partnership L.P.

 

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“Startup
Day”:  As defined in Section 13.1(c).

 

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

 

“Subordinate
Consultation Period”: Any period when both (i) the Certificate Balance of the Class HRR Certificates (taking into account
the application of Appraisal Reduction Amounts and Collateral Deficiency Amounts allocated to the Mortgage Loan to notionally
reduce the Certificate Balance of such Certificates) is less than 25% of the initial Certificate Balance of the Class HRR Certificates
and (ii) the Certificate Balance of the Class HRR Certificates (without regard to the application of Appraisal Reduction Amounts
and Collateral Deficiency Amounts to the Control Eligible Certificates) is at least 25% of the initial Certificate Balance of
the Class HRR Certificates; provided, if a majority of the Controlling Class, by Certificate Balance, is directly or indirectly
held by the Guarantor, the Sponsor, the Property Manager, an affiliate of any of the Guarantor, the Sponsor or the Property Manager,
or the Borrower or a Borrower Party or any agent of the foregoing, then a Subordinate Consultation Period shall be deemed not
to be in effect.

 

“Subordinate
Control Period”: Any period when the Certificate Balance of the Class HRR Certificates (taking into account the application
of Appraisal Reduction Amounts and Collateral Deficiency Amounts allocated to the Mortgage Loan to notionally reduce the Certificate
Balance of such Certificates) is at least 25% of the initial Certificate Balance of the Class HRR Certificates; provided,
(A) if at any time the Certificate Balances of the Class A, Class B, Class C, Class D and Class E Certificates have been reduced
to zero as a result of the allocation of principal payments on the Mortgage Loan, then a Subordinate Control Period shall be deemed
to then be in effect, and (B) notwithstanding clause (A), if a majority of the Controlling Class, by Certificate Balance,
is directly or indirectly held the Guarantor, the Sponsor, the Property Manager, an affiliate of the Guarantor, the Sponsor or
the Property Manager, or the Borrower or a Borrower Party or any agent of the foregoing, then a Subordinate Control Period shall
be deemed not to be in effect.

 

“Sub-Servicer”: 
Any Person that (i) is a Servicing Function Participant, (ii) Services the Mortgage Loan on behalf of the Trust, the Servicer,
the Special Servicer, the Certificate Administrator, the Custodian or any other Sub-Servicer and (iii) is responsible for
the performance (whether directly or through Sub-Servicers or Subcontractors) of a substantial portion of the servicing functions
required to be performed by the Trust, the Certificate Administrator, the Custodian, the Servicer, the Special Servicer, Servicing
Function Participant or an Additional Servicer, under this Agreement or any sub-servicing agreement (including any primary servicing
agreement), with respect to the Mortgage Loan, that are identified in Item 1122(d) of Regulation AB.

 

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

 

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

 

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

 

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

 

“Transaction
Party”:  As defined in Section 5.3(n).

 

“Third
Party Purchaser”: CPPIB Credit Structured North America III, Inc., a wholly owned subsidiary of CPPIB Credit Investments
II Inc. or any other Person that purchases the Class HRR Certificates in accordance with this Agreement, the Credit Risk Retention
Compliance Agreement and applicable laws and regulations.

 

“Third
Party Purchaser Safekeeping Account”: An account maintained by the Certificate Administrator, which account shall be
established at the direction of the Retaining Sponsor for the benefit of the Holder of the Class HRR Certificates and shall deemed
to be owned by the Holder of the Class HRR Certificates.

 

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

 

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

 

“Treasury”: 
The United States Department of the Treasury.

 

“Triggering
Event of Default”:  As defined in the Intercreditor Agreement.

 

“Trust”: 
The trust formed pursuant to this Agreement.

 

“Trust
Fund”:  The corpus of the Trust created by this Agreement, consisting of (i) the Mortgage Loan, including
the Trust Notes together with the Mortgage File relating thereto; (ii) all scheduled and unscheduled payments on or collections
in respect of the Trust Notes; (iii) any Foreclosed Property (but only to the extent of the Trust’s interest therein)
and Foreclosed Property Account (but only to the extent of the Trust’s interest therein); (iv) all revenues received
in respect of any Foreclosed Property (but only to the extent of the Trust’s interest therein); (v) the Servicer’s,
the Special Servicer’s, the Operating Advisor’s, the Certificate Administrator’s, the Trustee’s and
the Custodian’s rights under the insurance policies with respect to the Property required to be maintained pursuant to
this Agreement and any proceeds thereof (but only to the extent of the Trust’s interest therein); (vi) any Collateral
Security Documents; (vii) any indemnities or guaranties given as additional security for the Trust Notes (including any environmental
indemnity agreements relating to the Property) (but only to the extent of the Trust’s interest therein); (viii) all
funds deposited in the Collection Account (but only to the extent of the Trust’s interest therein), the Interest Reserve
Account and the

 

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Distribution
Account, including reinvestment income thereon (except as otherwise provided herein); (ix) the rights and remedies of the
Depositor under each of the Mortgage Loan Purchase Agreements; (x) the security interest in the Reserve Accounts granted
pursuant to Section 2.1 (but only to the extent of the Trust’s interest therein); (xi) all other assets
included or to be included in the Lower-Tier REMIC for the benefit of the Upper-Tier REMIC; (xii) the Uncertificated Lower-Tier
Interests; and (xiii) the proceeds of any of the foregoing.

 

“Trust
Fund Expenses”:  Any unanticipated and certain other default related expenses incurred by the Trust Fund (including,
without limitation, all interest on Advances and all Borrower Reimbursable Trust Fund Expenses, to the extent not reimbursed by
the Borrower) and all other amounts (such as indemnification payments to any party to this Agreement) permitted to be retained,
reimbursed, withdrawn or remitted by or to the Servicer, the Special Servicer, the Operating Advisor, the Certificate Administrator,
the Custodian or the Trustee, as applicable, from the Collection Account or the Distribution Account pursuant to this Agreement. 
Expenses incurred as a result of the exercise of the Servicer or Special Servicer, as applicable, of any right granted under the
Loan Agreement to obtain terrorism insurance (but only if the Borrower (i) is not required to purchase such terrorism insurance
or (ii) is only required to purchase such terrorism insurance up to a cap) shall be a Trust Fund Expense.

 

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

 

“Trustee”:  
Wells Fargo Bank, National Association, in its capacity as trustee, and its successors in interest, or any successor trustee appointed
as herein provided.  Wells Fargo Bank, National Association will perform its duties as Trustee through its Corporate Trust
Services division.

 

“Trustee
Fee”:  The fee to be paid to the Trustee as compensation for the Trustee’s activities under this
Agreement, which fee is included as part of the Certificate Administrator Fee.  For the avoidance of doubt, the Trustee Fee
shall be deemed payable from the Lower-Tier REMIC.

 

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

 

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

 

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

 

“Unscheduled
Payments”:  With respect to any Distribution Date, all payments and collections received by the Servicer,
the Special Servicer, the Trustee or the Certificate Administrator, as applicable, with respect to the Mortgage Loan or upon foreclosure
or liquidation of the Property (net of related foreclosure expenses and Liquidation Expenses) during the related Collection Period
including, but not limited to, prepayments due to acceleration of the Mortgage Loan, Net Liquidation Proceeds, Insurance Proceeds,
Condemnation Proceeds (to the

 

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extent
not made available for the repair or restoration of the affected portion of the Property), Net Foreclosure Proceeds, voluntary
prepayments and other payments and collections on the Mortgage Loan not scheduled to be received, other than Monthly Payments
or the Balloon Payment.

 

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

 

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

 

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

 

“Voting
Rights”:  The portion of the voting rights of all of the Certificates that is allocated to any Certificate
or Class of Certificates.  At any time that any Certificates are outstanding, the Voting Rights shall be allocated among
the respective Class of Certificateholders as follows: (1) (x) except as described in clause (y) of this clause (1), 2% in the
aggregate to the Class X-A and Class X-B Certificates (for so long as the Notional Amounts of such Classes have not been reduced
to zero) allocated to such Classes pro rata based on their respective Notional Amounts and (y) 0% to the Class X Certificates
in the case of votes pertaining to terminating and replacing the Special Servicer as described in Section 7.1 or the Operating
Advisor as described in Section 9.5 and (2) in the case of any Class of Regular Certificates other than the Class X Certificates,
a percentage equal to the product of (x) the percentage of Voting Rights remaining after allocations in clause (1) above, and
(y) a percentage equal to the aggregate Certificate Balance (and in connection with certain votes under this Agreement, including
any vote to remove and replace the Special Servicer pursuant to Section 7.1 or the Operating Advisor as described in Section
9.5, taking into account any notional reduction in the Certificate Balance for Appraisal Reduction Amounts and Collateral
Deficiency Amounts allocated to the Mortgage Loan and allocated to the Sequential Pay Certificates) of the Class, in each case,
determined as of the prior Distribution Date, divided by the aggregate Certificate Balance (and in connection with certain votes
under this Agreement, including any vote to remove and replace the Special Servicer pursuant to Section 7.1 or the Operating
Advisor as described in Section 9.5, taking into account any notional reduction in the Certificate Balance, for Appraisal
Reduction Amounts and Collateral Deficiency Amounts allocated to the Mortgage Loan and allocated to the Sequential Pay Certificates)
of all Classes of Certificates, each

 

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determined
as of the prior Distribution Date.  The Class R Certificates shall not be entitled to any Voting Rights. 

 

“Weighted
Average Note Rate”:  The weighted average of the Note Rates (weighted based on the outstanding principal balances
of the Notes as of the date of determination).

 

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

 

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

 

“Workout
Fee”:  A fee payable to the Special Servicer pursuant to Section 3.17 equal to 0.50% (50 basis
points) of each payment of principal and interest (other than Default Interest) made on the Whole Loan following resolution of
a Special Servicing Loan Event by a written agreement with the Borrower negotiated by the Special Servicer for so long as another
Special Servicing Loan Event does not occur, provided that in no event shall the aggregate Workout Fee payable in respect of the
Whole Loan or Foreclosed Property exceed $2,500,000.  For the avoidance of doubt, the intent of the Designated Expense Reimbursement
Section is to require the Borrower to be responsible for the payment of Workout Fees and the Special Servicer will be entitled
to, and may collect, any Workout Fees payable to it from the Borrower pursuant to the Designated Expense Reimbursement Section
as would be calculated hereunder.  Notwithstanding the foregoing, the Workout Fee with respect to the Specially Serviced
Mortgage Loan once the Special Servicing Loan Event has ceased shall be reduced by any Modification Fees paid by or on behalf
of the Borrower and received by the Special Servicer as compensation, but only to the extent those fees have not previously
been deducted from a Workout Fee or Liquidation Fee and no Workout Fee shall be payable in connection with a purchase of the Mortgage
Loan or a Companion Loan by a mezzanine lender, if any, or any applicable designee pursuant to any purchase option granted in
the related mezzanine intercreditor agreement (so long as such purchase occurs within 90 days of such mezzanine lender’s
receipt of the first applicable purchase option pursuant to the terms of the related mezzanine intercreditor agreement).

 

“Yield
Maintenance Premium”:  Any prepayment premium provided for under the Loan Agreement or the Notes,
as calculated by the Servicer or the Special Servicer, as applicable.

 

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

 

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

 

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

 

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Agreement
are references to Sections and Exhibits in or to this Agreement unless otherwise specified.

 

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

 

(e)       
With respect to any indemnification provisions in this Agreement providing that a party to this Agreement is required to indemnify
another party to this Agreement for attorneys’ fees and expenses, such fees and expenses are intended to include attorneys’
fees and expenses relating to the enforcement of such indemnity.

 

1.3.       Certain
Calculations in Respect of the Mortgage Loan.  (a)  The Servicer shall apply all amounts collected by or on
behalf of the Trust in respect of the Mortgage Loan in the form of payments from the Borrower, Liquidation Proceeds (only the
portion of such Liquidation Proceeds that are allocable to the Mortgage Loan pursuant to the terms of the Intercreditor Agreement
will be available for distribution to Certificateholders), Condemnation Proceeds (to the extent not made available for the repair
or restoration of the affected portion of the Property) and Insurance Proceeds (excluding any amounts payable to the Companion
Loan Holders pursuant to the Intercreditor Agreement), to amounts due and owing under the Loan Documents and the Intercreditor
Agreement (including for principal and accrued and unpaid interest) in accordance with the express provisions of the Loan Documents
and the Intercreditor Agreement; provided, in the absence of such express provisions in the Loan Documents and/or the Intercreditor
Agreement or if and to the extent that such terms authorize the Mortgage Loan Lender to use its discretion and in any event for
purposes of calculating distributions hereunder after an Event of Default, the Servicer shall apply all such amounts collected
in respect of the Mortgage Loan (exclusive of any amounts payable to the Companion Loan Holders pursuant to the terms of the Intercreditor
Agreement) in the following order of priority: 

 

first,
as a recovery of any related and unreimbursed Advances plus interest accrued thereon and, without duplication, unreimbursed Borrower
Reimbursable Trust Fund Expenses allocated to the Mortgage Loan (including Special Servicing Fees, Liquidation Fees and Workout
Fees previously paid by the Trust Fund);

 

second,
as a recovery of Nonrecoverable Advances or interest on Nonrecoverable Advances to the extent previously reimbursed from principal
collections with respect to the Mortgage Loan (which amount is required to be treated as a collection on the Mortgage Loan in
respect of principal in calculating the Regular Principal Distribution Amount);

 

third,
to the extent not previously allocated pursuant to clause first or clause second above, as a recovery of accrued
and unpaid interest on the Mortgage Loan (exclusive of Default Interest) to the extent of the excess of (i) accrued and unpaid
interest on the Mortgage Loan at the Mortgage Rate (without giving effect to any increase in the Mortgage Rate required under
the Loan Agreement as a result of a default under the Mortgage Loan) to, but not including, the date of receipt by or on behalf
of the Trust (or, in the case of a full Monthly Payment from the Borrower, through the related Distribution Date), over (ii) after
taking into account any allocations pursuant to clause 

 

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fifth
below on earlier dates, the aggregate portion of the accrued and unpaid interest described in subclause (i) of this clause
third that either (a)(x) was not advanced because of the reductions (if any) in the amount of the interest portion
of the related Monthly Payment Advances for the Mortgage Loan that have occurred in connection with related Appraisal Reduction
Amounts or (y) with respect to any accrued and unpaid interest that was not advanced due to a determination that the related Monthly
Payment Advance would be a Nonrecoverable Advance, the amount of interest that (absent such determination of nonrecoverability
preventing such Monthly Payment Advance from being made) would not have been advanced because of the reductions in the amount
of the related Monthly Payment Advances for the Mortgage Loan that would have occurred in connection with related Appraisal Reduction
Amounts allocated to the Mortgage Loan or (b) accrued at the applicable Net Mortgage Rate on any related Collateral Deficiency
Amount allocated to the Mortgage Loan and as to which no Monthly Payment Advance was made;

 

fourth,
as a recovery of principal of the Mortgage Loan then due and owing, including by reason of acceleration of the Mortgage Loan following
an Event of Default (or, if the Mortgage Loan has been liquidated, as a recovery of principal to the extent of its entire remaining
unpaid principal balance);

 

fifth,
as a recovery of accrued and unpaid interest on the Mortgage Loan to the extent of the sum of (i) the cumulative amounts of the
reductions (if any) in the amount of the interest portion of the related Monthly Payment Advances for the Mortgage Loan that have
occurred in connection with related Appraisal Reduction Amounts allocated to the Mortgage Loan or would have occurred in connection
with related Appraisal Reduction Amounts allocated to the Mortgage Loan but for such Monthly Payment Advances not having been
made as a result of a determination that such Monthly Payment Advances would have been a Nonrecoverable Advance, plus (ii) any
accrued and unpaid interest (exclusive of Default Interest) that accrued at the applicable Net Mortgage Rate on any related Collateral
Deficiency Amount allocated to the Mortgage Loan and as to which no Monthly Payment Advance was made (to the extent collections
have not been allocated as a recovery of such accrued and unpaid interest pursuant to this clause fifth on earlier dates);

 

sixth,
as a recovery of amounts to be currently applied to the payment of, or escrowed for the future payment of, real estate taxes,
assessments and insurance premiums and similar items;

 

seventh,
as a recovery of any other reserves to the extent then required to be held in escrow;

 

eighth,
as a recovery of any Yield Maintenance Premium then due and owing under the Mortgage Loan;

 

ninth,
as a recovery of any Default Interest or late charges then due and owing under the Mortgage Loan;

 

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tenth,
as a recovery of any assumption fees, assumption application fees, consent fees, defeasance fees, loan service transaction fees,
release fees, substitution fees, Modification Fees and similar fees then due and owing under the Mortgage Loan; and

 

eleventh,
as a recovery of any other amounts then due and owing under the Mortgage Loan (if both consent fees and Operating Advisor
Consulting Fees are due and owing, first, allocated to consent fees and then, allocated to Operating Advisor Consulting Fees);

 

provided
that, to the extent required under the REMIC Provisions to preserve the status of each REMIC formed hereunder as a REMIC or
otherwise prevent the imposition of any tax thereon, payment or proceeds received with respect to the release of any portion of
the Property (including following a condemnation) from the lien of the Mortgage and the other Loan Documents at a time when the
loan-to-value ratio of the Mortgage Loan (or the Whole Loan) exceeds 125% (based solely upon the value of the remaining real property
and excluding any personal property or going concern value) must be applied to reduce the principal balance of the Mortgage Loan
in the manner permitted by the REMIC Provisions.

 

(b)       
Collections by or on behalf of the Trust in respect of Foreclosed Property (exclusive of amounts to be applied to the payment
of the costs of operating, managing, leasing, maintaining and disposing of such Foreclosed Property, and exclusive of any amounts
payable to the Companion Loan Holders pursuant to the terms of the Intercreditor Agreement) shall be applied in the following
order of priority: 

 

first,
as a recovery of any related and unreimbursed Advances plus interest accrued on such Advances and, without duplication, unreimbursed
Borrower Reimbursable Trust Fund Expenses allocated to the Mortgage Loan (including Special Servicing Fees, Liquidation Fees and
Workout Fees previously paid by the Trust Fund);

 

second,
as a recovery of Nonrecoverable Advances or interest on Nonrecoverable Advances to the extent previously reimbursed from principal
collections with respect to the Mortgage Loan (which amount is required to be treated as a collection on the Mortgage Loan in
respect of principal in calculating the Regular Principal Distribution Amount);

 

third,
to the extent not previously allocated pursuant to clause first or clause second above, as a recovery of accrued
and unpaid interest on the Mortgage Loan (exclusive of Default Interest) to the extent of the excess of (i) accrued and unpaid
interest on the Mortgage Loan at the Mortgage Rate (without giving effect to any increase in the Mortgage Rate required under
the Loan Agreement as a result of a default under the Mortgage Loan) to, but not including, the date of receipt by or on behalf
of the Trust (or, in the case of a full Monthly Payment from the Borrower, through the related Distribution Date), over (ii) after
taking into account any allocations pursuant to clause fifth below or clause fifth of subsection (a) above on earlier
dates, the aggregate portion of the accrued and unpaid interest described in subclause (i) of this clause third that either
(a)(x) was not advanced because of the reductions (if any) in the amount of the interest portion of the related Monthly Payment
Advances for the Mortgage Loan that have

 

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occurred
in connection with related Appraisal Reduction Amounts or (y) with respect to any accrued and unpaid interest that was not advanced
due to a determination that the related Monthly Payment Advance would be a Nonrecoverable Advance, the amount of interest that
(absent such determination of nonrecoverability preventing such Monthly Payment Advance from being made) would not have been advanced
because of the reductions in the amount of the related Monthly Payment Advances for the Mortgage Loan that would have occurred
in connection with related Appraisal Reduction Amounts allocated to the Mortgage Loan or (b) accrued at the applicable Net Mortgage
Rate on any related Collateral Deficiency Amount allocated to the Mortgage Loan and as to which no Monthly Payment Advance was
made;

 

fourth,
as a recovery of principal of the Mortgage Loan to the extent of its entire unpaid principal balance;

 

fifth,
as a recovery of accrued and unpaid interest on the Mortgage Loan to the extent of the sum of (i) the cumulative amount of the
reductions (if any) in the amount of the interest portion of the related Monthly Payment Advances for the Mortgage Loan that have
occurred in connection with related Appraisal Reduction Amounts allocated to the Mortgage Loan or would have occurred in connection
with related Appraisal Reduction Amounts allocated to the Mortgage Loan but for such Monthly Payment Advances not having been
made as a result of a determination that such Monthly Payment Advances would have been a Nonrecoverable Advance, plus (ii) any
accrued and unpaid interest (exclusive of Default Interest) that accrued at the applicable Net Mortgage Rate on any related Collateral
Deficiency Amount allocated to the Mortgage Loan and as to which no Monthly Payment Advance was made (to the extent collections
have not been allocated as a recovery of such accrued and unpaid interest pursuant to this clause fifth or clause fifth
of subsection (a) above on earlier dates);

 

sixth,
as a recovery of any Yield Maintenance Premium then due and owing under the Mortgage Loan;

 

seventh,
as a recovery of any Default Interest or late charges then deemed to be due and owing under the Mortgage Loan;

 

eighth,
as a recovery of any assumption fees, assumption application fees, consent fees, defeasance fees, loan service transaction
fees, release fees, substitution fees, Modification Fees and similar fees then due and owing under the Mortgage Loan; and

 

ninth,
as a recovery of any other amounts deemed to be due and owing in respect of the Mortgage Loan (if both consent fees and Operating
Advisor Consulting Fees are due and owing, first, allocated to consent fees and then, allocated to Operating Advisor Consulting
Fees).

 

(c)       
All net present value calculations and determinations made under this Agreement with respect to the Whole Loan, the Mortgage Loan,
the Companion Loans or the Property or Foreclosed Property (including for purposes of the definition of “Accepted Servicing
Practices”) shall be made by the Servicer or the Special Servicer, as applicable, using a discount

 

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rate
appropriate for the type of cash flows being discounted; namely (i) for principal and interest payments on the Mortgage Loan
or a Companion Loan or sale of the Mortgage Loan or a Companion Loan if it is a defaulted loan, the highest of (1) the rate
determined by the Servicer or Special Servicer, as applicable, that approximates the market rate that would be obtainable by the
Borrower on similar debt of the Borrower as of such date of determination, (2) the Weighted Average Note Rate, and (3) the
yield on the most recently issued ten-year U.S. treasuries and (ii) for all other cash flows, including property cash flow,
the “discount rate” set forth in the most recent Appraisal (or update of such Appraisal).

 

2.        
DECLARATION OF TRUST; ORIGINAL ISSUANCE OF CERTIFICATES

 

2.1. 
    Creation and Declaration of Trust; Conveyance
of the Mortgage Loan. (a)  The Depositor, concurrently
with the execution and delivery hereof, does hereby establish a trust designated as “BX Trust 2019-OC11”, hereby sells,
transfers, assigns, delivers, sets over, and otherwise conveys or causes to be conveyed in trust to the Trustee (on behalf of
the Lower-Tier REMIC) for the benefit of the Upper-Tier REMIC and the Certificateholders, without recourse (except to the extent
otherwise provided herein and in the Loan Documents), the Depositor’s right, title and interest, whether now owned or hereafter
acquired, now existing or hereafter arising, wherever located, in and to all of the items referred to in the definition of “Trust
Fund”, including without limitation (i) all rights and remedies of the Depositor under the Mortgage Loan Purchase Agreements,
(ii) all right, title and interest of the Depositor in, to and under the Reserve Accounts, (iii) all right, title and
interest of the Depositor in and to the Mortgage Loan as of the Closing Date and (iv) all other assets included or to be included
in the Lower-Tier REMIC for the benefit of the Upper-Tier REMIC.  Such sale, transfer and assignment include any related
escrow accounts and any security interest under the Mortgage Loan (whether in real or personal property and whether tangible or
intangible) and all related rights to payments made or required to be made to the Depositor by the Borrower or any other party
under the Loan Documents relating to the Mortgage Loan.  Such sale, transfer and assignment further include all Loan Documents
relating to the Mortgage Loan.

 

(b)       
In connection with such sale, transfer and assignment, the Depositor does hereby deliver to, and deposit with the Certificate
Administrator, in its capacity as Custodian (i) the original Trust Notes (or if any Trust Note has been lost, a lost note
affidavit with respect to such Trust Note), endorsed without recourse to the order of the Trustee in the following form: 
“Pay to the order of Wells Fargo Bank, National Association, solely in its capacity as Trustee for the benefit of the Certificateholders
of BX Trust 2019-OC11, Commercial Mortgage Pass-Through Certificates, Series 2019-OC11, without recourse, representation
or warranty”, which Trust Notes and all endorsements thereon shall show a complete chain of endorsement from the original
payee(s) to the Trustee and (ii) on or before the date occurring fifteen (15) days after the Closing Date (the “Delivery
Date”), the following documents or instruments with respect to the Mortgage Loan (collectively with the original
Trust Notes required under clause (i) above, the “Mortgage File”), in
each case executed by the parties thereto:

 

(A)      
the original or a copy of the Loan Agreement, including all amendments thereto;

 

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(B)      
the original recorded counterpart of each Mortgage or a certified copy of the recorded counterpart of each Mortgage;

 

(C) 
   each original Assignment of Mortgage, in favor of the Trustee and in a form that is complete and suitable for recording
in the applicable jurisdiction in which the Property is located, to “Wells Fargo Bank, National Association, solely in its
capacity as Trustee for the benefit of the Certificateholders of BX Trust 2019-OC11, Commercial Mortgage Pass-Through Certificates,
Series 2019-OC11, and on behalf of the Companion Loan Holders”, without recourse and an original copy of any intervening
Assignment of Mortgage (with evidence of recording thereon) showing a complete chain of assignments to the assignor(s) under the
Assignment of Mortgage in favor of the Trustee;

 

(D)      
if the related Assignment of Leases is separate from a Mortgage, the original assignment of Assignment of Leases, in favor of
the Trustee and in a form that is complete and suitable for recording in the applicable jurisdiction in which the Property is
located, to “Wells Fargo Bank, National Association, solely in its capacity as Trustee for the benefit of the Certificateholders
of BX Trust 2019-OC11, Commercial Mortgage Pass-Through Certificates, Series 2019-OC11, and on behalf of the Companion Loan
Holders”, without recourse, which assignment may be effected in the related Assignment of Mortgage, and an original copy
of any intervening assignment of Assignment of Leases (with evidence of recording thereon) showing a complete chain of assignments
to the assignor(s) under the assignment of Assignment of Leases in favor of the Trustee;

 

(E)      
copies of the executed Non-Trust Notes;

 

(F)      
an original or a copy of the Environmental Indemnity related to the Whole Loan;

 

(G)      
an original or a copy of the Lock Box Agreement;

 

(H) 
     the original or a copy of any guaranty of the obligations of the Borrower under the Loan Agreement together with,
as applicable, (A)  the original or copies of any intervening assignments of such guaranty showing a complete chain of assignment
from the Mortgage Loan Lender to the most recent assignee thereof prior to the Trustee, if any, and (B) an original or a
copy of the assignment of such guaranty executed by the most recent assignee thereof prior to the Trustee or, if none, by the
Mortgage Loan Lender;

 

(I)       
an original or a copy of the Cash Management Agreement;

 

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

 

(K) 
    the original or a copy of the lender’s title insurance policies obtained in connection with the origination
of the Whole Loan (or marked, signed commitments to insure or pro forma title insurance policies), together with any endorsements
thereto;

 

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(L)      
an original or a copy of any assignment of Management Agreement and originals or copies of the currently effective Management
Agreements, if any, for the Property;

 

(M)     
copies of any ground leases (and any related lessor estoppels) related to the Whole Loan where the Borrower is the lessee under
any such lease and there is a lien in favor of such Borrower in such lease;

 

(N)      
[Reserved];

 

(O)      
an original or a copy of the Intercreditor Agreement; and

 

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

 

provided
that if the Depositor cannot deliver, or cause to be delivered, any of the documents and/or instruments referred to in clauses (ii)(B),
(C), (D) and (J) of this Section 2.1(b) with evidence of filing or recording thereon (if intended
to be recorded or filed), because of a delay caused by the public filing or recording office where such document or instrument
has been delivered for filing or recordation, the delivery requirements of Section 2.1 shall be deemed to have been
satisfied on a provisional basis as of the Delivery Date as to such non-delivered document or instrument, and such non-delivered
document or instrument shall be deemed to have been included in the Mortgage File, if a duplicate original or a photocopy of such
non-delivered document or instrument (certified by the applicable public filing or recording office, the applicable title insurance
company or any Mortgage Loan Seller to be a true and complete copy of the original thereof submitted for filing or recording)
is delivered to the Custodian on or before the Delivery Date, and either the original of such non-delivered document or instrument,
or a photocopy thereof (certified by the applicable public filing or recording office, in the case of the documents and/or instruments
referred to in clauses (ii)(B), (C), (D) and (J) of this Section 2.1(b) to be a true
and complete copy of the original thereof submitted for recording), with evidence of filing or recording thereon, is delivered
to the Custodian within 180 days of the Closing Date (or within such longer period, not to exceed eighteen (18) months, after
the Closing Date as the Custodian shall consent to, which consent shall not be unreasonably withheld so long as the Depositor
is, as certified in writing to the Custodian at the time of the initial extension and no less often than every ninety (90) days
thereafter, attempting in good faith to obtain from the appropriate public filing office or county recorder’s office such
original or photocopy).

 

The
Depositor shall cause the Mortgage Loan Sellers to provide the Servicer a copy of the Mortgage File on or prior to the Closing
Date and promptly following the Closing Date, at its own expense, with copies of all such other documents in its possession constituting
part of the Mortgage File.

 

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

 

Each
Assignment of Mortgage, assignment of Assignment of Leases (if any), assignment of Collateral Security Documents (to the extent
such documents are required to be

 

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recorded
or filed) and UCC-3 financing statements to be filed in the appropriate filing offices or record depositories shall be filed or
recorded, as applicable, by the Mortgage Loan Sellers or the Depositor or its applicable designee, with instructions to return
all such recorded documents, or other evidences of filing issued by the applicable governmental offices, to the Custodian, with
a copy to the Servicer.  If any such document is determined to be defective or not to be in compliance with the requirements
of the applicable filing office or recording depository, or if any such document is lost or returned unrecorded because of a defect
therein, the Custodian shall request that the Mortgage Loan Sellers (i) prepare a substitute document and (ii) file or record
(or cause to be filed or recorded) such substitute document in the appropriate filing offices or record depositories and deliver
a copy of the same to the Custodian.  Notwithstanding anything to the contrary contained in this Section 2.1(b),
in those instances where the public recording office retains the original Mortgage, Assignment of Mortgage, assignment of Assignment
of Leases (if any) or assignment of a Collateral Security Document, if applicable, after any has been recorded, the obligations
of the Depositor hereunder and the obligations of the Mortgage Loan Sellers under the Mortgage Loan Purchase Agreements shall
be deemed to have been satisfied upon delivery to the Custodian of a copy of such Mortgage, Assignment of Mortgage, assignment
of Assignment of Leases (if any) or assignment of a Collateral Security Document, if applicable, certified by the public recording
office to be a true and complete copy of the recorded original thereof.

 

Notwithstanding
anything to the contrary contained in this Agreement, with respect to the Mortgage Loan, the obligations of each Mortgage Loan
Seller to deliver a Trust Note to the Custodian shall be limited to delivery of only the Trust Note held by such party to the
Custodian. With respect to the Mortgage Loan, the obligations of each Mortgage Loan Seller to deliver the remaining portion of
the Mortgage File or any document required to be delivered with respect thereto shall be joint and several, provided that any
of MSMCH, CREFI and JPMCB may deliver one Mortgage File or one of any other document required to be delivered with respect to
the Mortgage Loan hereunder and such delivery shall be made in accordance with the terms of this Agreement and shall satisfy such
delivery requirements for each of the Mortgage Loan Sellers.

 

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

 

The
conveyance of the Mortgage Loan and the related rights and property accomplished hereby is absolute and is intended by the Depositor
to constitute an absolute sale

 

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

 

Copies
of all relevant servicing or loan documents and records in the possession of the Depositor or any Mortgage Loan Seller that relate
to the Mortgage Loan and that are not required to be a part of a Mortgage File in accordance with the definition thereof shall
be delivered to the Servicer, on or before the date that is thirty (30) days following the Closing Date and, to the extent
actually received by the Servicer, shall be held by the Servicer on behalf of the Trustee for the benefit of the Certificateholders. 
To the extent delivered to the Servicer by the Mortgage Loan Sellers, the Servicer Mortgage File shall include, to the extent
required to be (and actually) delivered to the Mortgage Loan Sellers pursuant to the applicable Loan Documents, copies of each
item set forth in the definition of “Servicer Mortgage File” in this Agreement.  Notwithstanding the foregoing,
the Mortgage Loan Sellers shall not be required to deliver any draft documents, or any attorney-client communications that are
privileged communications or constitute legal or other due diligence analyses or attorney work product, or internal communications
of any Mortgage Loan Seller or its respective affiliates among themselves or with their respective attorneys, or credit underwriting
or other analyses or data (and, if received, shall be returned and any copies thereof destroyed).  Delivery of any of the
foregoing documents to a sub-servicer shall be deemed delivery to the Servicer and satisfy the Depositor’s obligations
under this paragraph.  Neither the Servicer nor the Special Servicer shall have any liability for the absence of any of the
foregoing items from the Servicer Mortgage File if such item was not delivered to the Servicer by the Mortgage Loan Sellers. 

 

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

 

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

 

(b)       
The execution and delivery of this Agreement by the Certificate Administrator shall constitute certification by the Custodian,
that (i) the original Trust Notes specified in clause (b)(i) of the definition of “Mortgage File” and all
allonges thereto, if any, have been received and reviewed by the Custodian on behalf of the Trustee; and (ii) each such original
Trust Note has been reviewed by the Custodian and (A) appears regular on its face (handwritten additions, changes or corrections
shall not constitute irregularities if initialed by the Borrower), (B) appears to have been executed and (C) purports
to relate to the Mortgage Loan.  On the Closing Date, the Custodian shall deliver a certification substantially in the form
of Exhibit U-1 certifying the items in the preceding sentence.  Within 30 days after the Closing Date, the Custodian
shall deliver a certification substantially in the form of Exhibit U-2 certifying that all documents referred to in Section
2.1(b) have been received and that each such document (A) appears regular on its face (handwritten additions, changes
or corrections shall not constitute irregularities if initialed by the Borrower), (B) appears to have been executed and (C) purports
to relate to the Mortgage Loan.  The Custodian shall have no responsibility for reviewing the Mortgage File except as expressly
set forth in this Section 2.2(b).  The Custodian shall be under no duty or obligation to inspect, review, or
examine any such documents, instruments or certificates to independently determine that they are valid, genuine, enforceable,
legally sufficient, duly authorized, or appropriate for the represented purpose, whether the text of any assignment or endorsement
is in proper or recordable form (except to determine if the endorsement conforms to the requirements of Section 2.1(b)),
whether any document has been recorded in accordance with the requirements of any applicable jurisdiction, to independently determine
that any document has actually been filed or recorded in the appropriate office, that any document is other than what it purports
to be on its face, or whether the title insurance policies relate to the Property.

 

(c) 
     Upon the first anniversary of the Closing Date, the Custodian shall (i) deliver a final exception report
in the form of Exhibit U-3 (to the parties specified thereon) as to any remaining documents that are not in the Mortgage
File and (ii) request that each Mortgage Loan Seller cause such document deficiency to be cured.

 

2.3. 
    Representations and Warranties of the Trustee. 
(a)  The Trustee hereby represents and warrants to the other parties hereto, and for the benefit of the Certificateholders,
that as of the Closing Date:

 

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

 

(ii) 
    the execution and delivery of this Agreement by the Trustee and its performance and compliance with the terms of
this Agreement will not violate the

 

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Trustee’s
articles of association or constitute a default (or an event which, with notice or lapse of time, or both, would constitute a
default) under, or result in the breach of, any material contract, agreement or other instrument to which the Trustee is a party
or which may be applicable to the Trustee or any of its assets, which default or breach of such material contract, agreement or
other instrument would have a material adverse effect on the Trustee’s performance of its obligations hereunder;

 

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

 

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

 

(v)        the Trustee, to its actual knowledge, is not in violation of, and the execution and delivery of this Agreement by
the Trustee and its performance and compliance with the terms of this Agreement will not constitute a violation with respect to,
any order or decree of any court or any order, law or regulation of any federal, state, municipal or governmental agency of or
in the United States of America having jurisdiction, which violation would have consequences that would materially and adversely
affect the condition (financial or other) or operations of the Trustee or that would materially affect the performance of its
duties hereunder or thereunder;

 

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

 

(vii)      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; and

 

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

 

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

 

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2.4.        Representations and Warranties of the Certificate
Administrator.  (a)  The Certificate
Administrator hereby represents and warrants to the other parties hereto, and for the benefit of the Certificateholders, that
as of the Closing Date:

 

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

 

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

 

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

 

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

 

(v) 
     the Certificate Administrator, to its actual knowledge, is not in violation of, and the execution and delivery
of this Agreement by the Certificate Administrator and its performance and compliance with the terms of this Agreement will not
constitute a violation with respect to, any order or decree of any court or any order, law or regulation of any federal, state,
municipal or governmental agency of or in the United States of America having jurisdiction, which violation would have consequences
that would materially and adversely affect the condition (financial or other) or operations of the Certificate Administrator or
that would materially affect the performance of its duties hereunder or thereunder;

 

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

 

(vii) 
   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; and

 

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

 

(b)       
The respective representations and warranties of the Certificate Administrator set forth in this Section 2.4 shall
survive until the termination of this Agreement, and shall inure to the benefit of the other parties hereto.

 

2.5. 
    Representations and Warranties of the Operating
Advisor.  (a)  The Operating
Advisor hereby represents and warrants to the other parties hereto, and for the benefit of the Certificateholders, that as of
the Closing Date:

 

(i)          it is duly organized, validly existing and in good standing as a limited liability company under the laws
of the State of New York; it possesses and shall continue to possess all requisite authority, power, licenses, permits, franchise,
and approvals to conduct its business and to execute, deliver, and comply with its obligations under this Agreement;

 

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

 

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

 

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

 

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

 

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

 

(vii) 
   it has errors and omissions insurance which is in full force and effect or is self-insuring with respect to such
risks, which in either case complies with the requirements of Section 3.11(e); and

 

(viii) 
   the Operating Advisor is a Qualified Operating Advisor.

 

The
representations and warranties of the Operating Advisor set forth in this Section 2.5 shall survive until termination of
this Agreement, and shall inure to the benefit of the other parties hereto.

 

2.6. 
    Representations and Warranties of the Servicer.
(a)  KeyBank National Association, as the Servicer, hereby represents and warrants to the other parties hereto, and
for the benefit of the Certificateholders, that as of the Closing Date:

 

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

 

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

 

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

 

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

 

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

 

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

 

(vii) 
    it has errors and omissions insurance and fidelity bond coverage which is in full force and effect or is self-insuring
with respect to such risks, in either case in compliance with the requirements of Section 3.11(d).

 

(b)       
The representations and warranties of the Servicer set forth in this Section 2.6 shall survive until termination of
this Agreement, and shall inure to the benefit of the parties hereto.

 

2.7. 
    Representations and Warranties of the Special
Servicer   (a)  Situs Holdings, LLC, as the Special Servicer, hereby represents
and warrants to the other parties hereto, and for the benefit of the Certificateholders, that as of the Closing Date:

 

(i) 
      it is duly organized, validly existing and in good standing as a limited liability company under the laws
of the State of Delaware, and throughout the term of this Agreement it shall remain such a limited liability company, duly authorized
and qualified to transact business in the jurisdiction where the Property is located to the extent required by applicable law
and necessary to ensure the enforceability of the Whole Loan in accordance with the terms thereof and hereof; it possesses and
shall continue to possess all requisite authority, power, licenses, permits, franchise, and approvals to conduct its business
and to execute, deliver, and comply with its obligations under this Agreement;

 

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

 

(iii)        this Agreement constitutes its valid, legal, and binding obligation enforceable against it in accordance with its
terms, subject to bankruptcy laws and other similar laws of general application affecting rights of creditors and subject to the

 

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application
of the rules of equity, including those respecting the availability of specific performance;

 

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

 

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

 

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

 

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

 

(b)       
The representations and warranties of the Special Servicer set forth in this Section 2.7 shall survive until termination
of this Agreement, and shall inure to the benefit of the parties hereto.

 

2.8.       Representations and Warranties of the Depositor. 
(a)  The Depositor hereby represents and warrants to the other parties hereto, and for the benefit of the Certificateholders,
that as of the Closing Date:

 

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

 

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

 

(iii) 
    the execution, delivery and performance by the Depositor of this Agreement and the consummation of the transactions
contemplated hereby and thereby do not require the consent or approval of, the giving of notice to, the registration with, or
the taking of any other action in respect of, any state, federal or other governmental

 

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authority
or agency, except such as has been obtained, given, effected or taken prior to the date hereof;

 

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

 

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

 

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

 

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

 

(viii) 
   the Depositor is accounting for the transfer of the Mortgage Loan as a sale under generally accepted accounting principles
and, for federal income tax purposes;

 

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

 

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

 

(b)       
The representations and warranties of the Depositor set forth in Section 2.8 shall survive until termination of this
Agreement, and shall inure to the benefit of the Certificateholders, the Trustee, the Certificate Administrator, the Custodian,
the Operating Advisor, the Servicer and the Special Servicer.

 

(c)       
Neither the Depositor nor any of its Affiliates shall insure or guarantee distributions on the Certificates.  Subject to
Section 2.8(a) and (b), neither the Certificateholders, the Trustee or the Certificate Administrator on their
behalf shall have any rights or remedies against the Depositor for any losses or other claims in connection with the Certificates
or the Mortgage Loan except as expressly set forth herein.

 

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2.9. 
     Representations and Warranties Contained
in the Mortgage Loan Purchase Agreements.  (a)  If (i) any party hereto
(A) discovers or receives notice alleging that any document required to be delivered by a Mortgage Loan Seller to the Custodian 
pursuant to Section 2.1 is not delivered as and when required, is not properly executed or is defective on its face
(each, a “Defect”) or (B) discovers or receives notice alleging a breach of any representation or warranty
made by a Mortgage Loan Seller relating to the Mortgage Loan as set forth in Exhibit A to a Mortgage Loan Purchase Agreement (a
“Breach”) or (ii) the Special Servicer or the Depositor receives a Repurchase Communication of a request
or demand for repurchase of the Mortgage Loan (or any Mortgage Loan Seller Percentage Interest therein) alleging a Defect or Breach
(any such request or demand, a “Repurchase Request”), then such party shall give prompt written notice of such
Defect, Breach or Repurchase Request to each Mortgage Loan Seller, the other parties hereto and the 17g-5 Information Provider
(which shall promptly post the same to the 17g-5 Information Provider’s Website), to the extent notice has not previously
been delivered to such Persons pursuant to this sentence, provided, the Custodian shall have no obligation to determine
if a Breach has occurred.  The Special Servicer shall determine if any such Defect or Breach materially and adversely affects
the value of the Mortgage Loan or the interests of the Certificateholders therein (any such Defect or Breach, a “Material
Document Defect” and a “Material Breach,” respectively).  If such Defect or Breach has been
determined to be a Material Document Defect or Material Breach, then the Special Servicer shall promptly (but in any event within
three (3) Business Days) give written notice thereof to each Mortgage Loan Seller, the other parties hereto and the 17g-5 Information
Provider (which shall promptly post the same to the 17g-5 Information Provider’s Website).  A Defect or Breach that
causes the Mortgage Loan to fail to be a “qualified mortgage”, within the meaning of Section 860G(a)(3) of the
Code (without regard to the rule in Treasury Regulations Sections 1.860G-2(f)(2) that treats certain “defective obligations”
as “qualified mortgages”) will automatically be a Material Document Defect or Material Breach, respectively. 
If such determination is that the Defect or the Breach is a Material Document Defect or a Material Breach, the Special Servicer
shall request that the applicable Mortgage Loan Seller (i) repurchase its respective Mortgage Loan Seller Percentage Interest
in the Mortgage Loan at an amount equal to the Repurchase Price, (ii) promptly cure such Material Document Defect or Material
Breach, as the case may be, in each case in accordance with the terms of the related Mortgage Loan Purchase Agreement or (iii)
if such Material Document Defect or Material Breach is not related to the Mortgage Loan not being a “qualified mortgage”
(within the meaning of Section 860G(a)(3) of the Code, without regard to the rule of Treasury Regulation Section 1.860G-2(f)(2)
which causes a defective mortgage loan to be treated as a “qualified mortgage”), indemnify the Trust for losses directly
related to such Material Document Defect or Material Breach, subject to receipt of a Rating Agency Confirmation from each Rating
Agency with respect to such indemnity.  In the case of a Material Document Defect or Material Breach that causes the Mortgage
Loan to be other than a “qualified mortgage” within the meaning of Section 860G(a)(3) of the Code (but without regard
to the rule in Treasury Regulations Section 1.860G-2(f)(2) that treats certain defective mortgage loans as “qualified mortgages”),
such repurchase, cure or indemnity payment shall occur within 85 days of the date of discovery of such Material Document Defect
or Material Breach by any party to this Agreement.  If a Responsible Officer of the Certificate Administrator or a Servicing
Officer of the Servicer or the Special Servicer, has actual knowledge that any Mortgage Loan Seller has defaulted on its obligation
to cure, repurchase its related Mortgage Loan Seller Percentage Interest in the Mortgage Loan or make an indemnity payment under
the related

 

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Mortgage
Loan Purchase Agreement, such entity shall promptly notify the Trustee, the Certificate Administrator, the Operating Advisor,
the Servicer and the Special Servicer, as applicable, and the Certificate Administrator shall notify the Certificateholders of
such default. The Trustee shall not have any obligation to determine if a Material Breach has occurred. The Special Servicer shall
enforce the obligations of each Mortgage Loan Seller under Section 8 of the applicable Mortgage Loan Purchase Agreement. 
Such enforcement, including, without limitation, the legal prosecution of claims, shall be carried out in such form, to such extent
and at such time as if it were, in its individual capacity, the owner of the Mortgage Loan.  The Special Servicer shall be
reimbursed for the reasonable costs of such enforcement (it being understood that a Liquidation Fee shall be payable to the Special
Servicer as and only to the extent provided herein):  first, from a specific recovery of costs, expenses or attorneys’
fees against the applicable Mortgage Loan Seller; second, out of the applicable Mortgage Loan Seller Percentage Interest
of the Repurchase Price, to the extent that such expenses are a specific component thereof; and third, if at the conclusion
of such enforcement action it is determined that the amounts described in clauses first and second are insufficient,
then pursuant to clause (viii) of Section 3.4(c) out of collections on the Mortgage Loan on deposit in the Collection
Account.

 

If
the Special Servicer or the Depositor receives a Repurchase Communication of a withdrawal of a Repurchase Request of which notice
has been previously received or given and which withdrawal is by the Person making such Repurchase Request (a “Repurchase
Request Withdrawal”), such party shall give written notice of such Repurchase Request Withdrawal to each Mortgage
Loan Seller, the other parties hereto and the 17g-5 Information Provider (which shall promptly post the same to the 17g-5 Information
Provider’s Website), to the extent notice has not previously been delivered to such Persons pursuant to this sentence.

 

Each
notice of a Repurchase Request or Repurchase Request Withdrawal required to be given by a party pursuant to this Section 2.9(a)
(each, a “Rule 15Ga-1 Notice”) shall be given no later than the tenth (10th) Business Day after receipt
of a Repurchase Communication of such Repurchase Request or receipt of a Repurchase Communication of such Repurchase Request Withdrawal,
and shall include (i) the identity of the Mortgage Loan, (ii) the date such Repurchase Request was received or the date
such Repurchase Request Withdrawal was received, as applicable, (iii) if known, the basis for the Repurchase Request (as
asserted in the Repurchase Request) and (iv) in the case of Rule 15Ga-1 Notices provided by the Special Servicer, a statement
as to whether the Special Servicer currently plans to pursue such Repurchase Request.

 

In
the event that the Trustee, the Certificate Administrator, the Custodian or the Servicer receives a Repurchase Communication of
a Repurchase Request or Repurchase Request Withdrawal, such party shall promptly forward such Repurchase Request or Repurchase
Request Withdrawal to the Special Servicer and include the following statement in the related correspondence: “This is a
“Repurchase Request” or a “Repurchase Request Withdrawal” under Section 2.9(a) of the Trust and Servicing
Agreement relating to the BX Trust 2019-OC11, Commercial Mortgage Pass-Through Certificates, Series 2019-OC11, requiring action
by you as the recipient of such Repurchase Request or Repurchase Request Withdrawal thereunder”.  Upon receipt of such
Repurchase Request or Repurchase Request Withdrawal by the Special Servicer, the Special Servicer shall be deemed to be the recipient
of such Repurchase Request or Repurchase Request Withdrawal, and the Special Servicer shall comply with the notice

 

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procedures
set forth in this Section 2.9(a) with respect to such Repurchase Request or Repurchase Request Withdrawal.

 

No
Person that is required to provide a Rule 15Ga-1 Notice pursuant to this Section 2.9(a) (a “Rule 15Ga-1 Notice
Provider”) shall be required to provide any information in a Rule 15Ga-1 Notice that is protected by the attorney-client
privilege or the attorney work product doctrine.  Each Mortgage Loan Purchase Agreement will provide that (i) any Rule
15Ga-1 Notice provided pursuant to this Section 2.9(a) is so provided only to assist the related Mortgage Loan Seller,
the Depositor and their respective Affiliates to comply with Rule 15Ga-1 under the Exchange Act, Items 1104 and 1121 of Regulation
AB and any other requirement of law or regulation and (ii)(A) no action taken by, or inaction of, a Rule 15Ga-1 Notice Provider
and (B) no information provided pursuant to this Section 2.9(a) by a Rule 15Ga-1 Notice Provider in a Rule 15Ga-1
Notice shall be deemed to constitute a waiver or defense to the exercise of any legal right that such Rule 15Ga-1 Notice Provider
may have with respect to the Mortgage Loan Purchase Agreements, including with respect to any Repurchase Request that is the subject
of a Rule 15Ga-1 Notice.

 

(b)       
Upon receipt by the Servicer from any Mortgage Loan Seller of its Mortgage Loan Seller Percentage Interest of the Repurchase Price
for the related Mortgage Loan Seller Percentage Interest in the Mortgage Loan or any indemnification payment by a Mortgage Loan
Seller, (i) the Servicer shall deposit such amount in the Collection Account, and shall cause a Servicing Officer to certify to
the Trustee and the Certificate Administrator as to the receipt by the Servicer of the Mortgage Loan Seller Percentage Interest
of the Repurchase Price and the deposit of the Mortgage Loan Seller Percentage Interest of the Repurchase Price into the Collection
Account pursuant to this Section 2.9(b) and shall deliver to the Custodian a Request for Release, in the form of Exhibit
B hereto, the Repurchase Mortgage File related to the applicable Mortgage Loan Seller Percentage Interest in the Mortgage
Loan, (ii) the Trustee and the Certificate Administrator shall execute and deliver such instruments of transfer or assignment,
in each case without recourse, representation or warranty (except that the applicable Mortgage Loan Seller Percentage Interest
in the Mortgage Loan is owned by the Trust and is being sold free and clear of liens and encumbrances), as shall be prepared by
such designee to vest in such designee the applicable Mortgage Loan Seller Percentage Interest in the Mortgage Loan released pursuant
hereto and the Certificate Administrator, the Operating Advisor, the Trustee, the Servicer and the Special Servicer shall have
no further responsibility with regard to the related Mortgage Loan Seller Percentage Interest in the Repurchase Mortgage File,
(iii) the Custodian shall release the Repurchase Mortgage File pursuant to the Request for Release and (iv) if all of the
Trust Notes are repurchased by the Mortgage Loan Sellers, the Servicer shall release or cause to be released to the applicable
Mortgage Loan Seller any escrow payments and reserve funds held on the Trustee’s behalf, in respect of the related Mortgage
Loan Seller Percentage Interest in the Mortgage Loan (to the extent any action of the Servicer is required to be taken in order
to release any such escrow payments or reserve funds under the terms of the Loan Documents).  If the Servicer continues to
service the Whole Loan under this Agreement pursuant to the terms of the Intercreditor Agreement following any Mortgage Loan Seller’s
repurchase of its related Mortgage Loan Seller Percentage Interest in the Mortgage Loan in accordance with the terms of the related
Mortgage Loan Purchase Agreement, then the Servicer shall not be required to make any Monthly Payment Advances with respect to
such Mortgage Loan Seller Percentage Interest in the Mortgage Loan.

 

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Notwithstanding
anything contained herein to the contrary, to that extent that any Mortgage Loan Seller repurchases its respective Mortgage Loan
Seller Percentage Interest in the Mortgage Loan but not all of the Mortgage Loan Sellers have repurchased their respective Mortgage
Loan Seller Percentage Interests in the Mortgage Loan pursuant to Section 8 of the related Mortgage Loan Purchase Agreement, each
repurchased Trust Note will be considered a Companion Loan and (i) the Whole Loan shall continue to be serviced by the Servicer
and, if applicable, the Special Servicer, in accordance with the terms of this Agreement and the Intercreditor Agreement on behalf
of the repurchasing party or parties, the Certificateholders and the Companion Loan Holders as a collective whole, and the Servicer,
or the Special Servicer, as applicable, shall be the sole representative of the Mortgage Loan Lender in connection with any enforcement,
bankruptcy or other proceeding, (ii) the Custodian shall retain all portions of the Mortgage File (other than the original Trust
Note relating to the repurchasing Mortgage Loan Seller’s or Sellers’ Mortgage Loan Seller Percentage Interest(s)
in the Mortgage Loan), (iii) each repurchasing Mortgage Loan Seller shall be entitled to remittances on or prior to the Distribution
Date of its pro rata share, based on its Mortgage Loan Seller Percentage Interest, of all amounts that would otherwise be available
for distribution on such Distribution Date pursuant to this Agreement to Certificateholders (other than any Monthly Payment Advance
and any Administrative Advance and in all cases subject to the allocation and distribution provisions of the Intercreditor Agreement)
with respect to the Mortgage Loan and such amounts shall be wired in accordance with the directions provided to the Trustee and
the Servicer by such repurchasing Mortgage Loan Seller at least 10 Business Days prior to the related Distribution Date, (iv)
the repurchasing Mortgage Loan Seller shall be entitled to receive any and all reports and have access to any and all information
that a Certificateholder would otherwise have under the terms of this Agreement, (v) no amendment may be made to this Agreement
that would materially and adversely affect the rights of a repurchasing Mortgage Loan Seller in respect of the repurchasing Mortgage
Loan Seller’s Mortgage Loan Seller Percentage Interest in the Mortgage Loan without the consent of such repurchasing Mortgage
Loan Seller, and (vi) to the extent this Agreement refers to the “Mortgage File”, such references shall be construed
to mean the Mortgage File for the entire Mortgage Loan (except that references to any Trust Note in favor of the repurchasing
Mortgage Loan Seller shall be construed to instead refer to a copy of such Trust Note). Neither the Servicer nor the Trustee shall
make any Monthly Payment Advance or Administrative Advance with respect to any Mortgage Loan Seller Percentage Interest in the
Mortgage Loan that has been repurchased as described herein.

 

(c)       
Notwithstanding anything to the contrary herein, no Defect (except for a Defect with respect to the document described in clause (i)
of Section 2.1(b) and the documents described in clauses (ii)(B), (C), (D) and (H)
of Section 2.1(b)) shall be considered to be a Material Document Defect unless the document with respect to which
a Defect exists is required in connection with (A) an imminent enforcement of the Mortgage Loan Lender’s rights or
remedies under the Mortgage Loan; (B) defending any claim asserted by the Borrower or third party with respect to the Mortgage
Loan; (C) establishing the validity or priority of any lien on any collateral securing the Mortgage Loan; or (D) any
immediate significant servicing obligations, including without limitation, making a claim under a title policy.  Notwithstanding
the foregoing, the failure of the Mortgage Loan Sellers to deliver to the Trustee and the Custodian copies of the UCC financing
statements with respect to the Mortgage Loan shall not be a Material Document Defect, and none of the Mortgage Loan Sellers shall
be liable with respect to any Defect related to any other Mortgage Loan Seller’s Note.  The Trust’s sole remedy

 

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against
each Mortgage Loan Seller in connection with a Material Document Defect or Material Breach shall be to enforce such Mortgage Loan
Seller’s cure, repurchase and/or indemnity obligations in accordance with the provisions of the applicable Mortgage Loan
Purchase Agreement.

 

In
addition, if there is a Material Breach or Material Document Defect with respect to the Property or a portion thereof, no Mortgage
Loan Seller will be obligated to repurchase its Mortgage Loan Seller Percentage Interest in the Mortgage Loan if (i) the affected
Property or portion may be released pursuant to the terms of any partial release provisions in the Loan Documents (and such Property
or portion is, in fact, released), (ii) the remainder of the Property satisfies the requirements, if any, set forth in the Loan
Documents and the Mortgage Loan Sellers provide an opinion of counsel to the effect that such release would not cause an adverse
REMIC event to occur and (iii) each Rating Agency has provided a Rating Agency Confirmation.

 

2.10. 
   Issuance of Uncertificated Lower-Tier Interests;
Execution and Delivery of Certificates.  The Trustee acknowledges the assignment in trust by the Depositor to the Trustee
of the Trust Notes and other assets comprising the Trust Fund.  Concurrently with such assignment and delivery and in exchange
therefor, the Trustee acknowledges the issuance of (i) the Uncertificated Lower-Tier Interests to the Depositor and (ii) the
Class LT-R Interest, in exchange for the Mortgage Loan, receipt of which is hereby acknowledged, and immediately thereafter, the
Certificate Administrator acknowledges that it (i) has executed and has authenticated and delivered to or upon the order
of the Depositor, the Regular Certificates and has issued the Class UT-R Interest in exchange for the Uncertificated Lower-Tier
Interests and (ii) has executed and has authenticated and delivered to or upon the order of the Depositor, the Class R Certificates,
representing the Class LT-R and Class UT-R Interests, and the Depositor hereby acknowledges the receipt by it or its designees,
of the Regular Certificates and the Class R Certificates in authorized denominations, evidencing the entire beneficial ownership
of the Upper-Tier REMIC.

 

2.11.      Miscellaneous REMIC Provisions.

 

(a)       
The Class A, Class X-A, Class X-B, Class B, Class C, Class D, Class E and Class HRR Certificates are hereby designated as the
“regular interests” in the Upper-Tier REMIC within the meaning of Section 860G(a)(1) of the Code, and the Class
UT-R Interest, evidenced by the Class R Certificates, is hereby designated as the sole class of “residual interests”
in the Upper-Tier REMIC within the meaning of Section 860G(a)(2) of the Code.

 

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

 

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3.        
ADMINISTRATION AND SERVICING OF THE MORTGAGE LOAN

 

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

 

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

 

(B)      
the ownership of any Certificate or any Companion Loan or any interest in any Companion Loan or any mezzanine loan by the Servicer
or Special Servicer or by any affiliate of the Servicer or the Special Servicer;

 

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

 

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

 

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

 

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

 

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

 

The
parties hereto acknowledge that the Whole Loan is subject to the terms and conditions of the Intercreditor Agreement, and each
such party agrees that the provisions of the Intercreditor Agreement that are required by their terms to be set forth in this
Agreement are hereby incorporated herein.  With respect to the Whole Loan, the Trustee, the Certificate Administrator, the
Custodian, the Servicer and the Special Servicer recognize the respective rights and obligations of the Trust and the Companion
Loan Holders under the Intercreditor Agreement, including (i) with respect to the allocation of collections on or in respect of
the Trust Notes and the Non-Trust Notes, (ii) with respect to the allocation of expenses and losses on or in respect of the Trust
Notes and Non-Trust Notes and (iii) the consultation rights of the Companion Loan Holders, in each case as and to the extent 
provided in the Intercreditor Agreement.  Each of the Servicer and the Special Servicer shall comply with the provisions
of the Intercreditor Agreement and shall perform all duties and obligations to be performed by a servicer and perform all servicing-related
duties and obligations to be performed by the holder of the related Mortgage Loan pursuant to the Intercreditor Agreement. 
The parties hereto agree that

 

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any
conflict between the terms of this Agreement and the terms of the Intercreditor Agreement shall be resolved in favor of the Intercreditor
Agreement.

 

With
respect to the Companion Loans, the Servicer or the Special Servicer as applicable shall prepare and make available (or to the
extent required pursuant to the terms of the Intercreditor Agreement, deliver) to the Companion Loan Holders all notices, reports,
statements and communications required to be delivered or made available to the Companion Loan Holders pursuant to the terms of
Intercreditor Agreement.

 

Notwithstanding
anything contained herein to the contrary, at no time shall the Servicer or the Trustee be required to make any administrative
advance or advance of delinquent scheduled monthly payments of principal or interest with respect to the Companion Loans.

 

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

 

(b) 
     Notwithstanding any sub-servicing agreement, the Servicer and the Special Servicer, as applicable, shall remain
obligated and liable to the Trustee, the Certificateholders and the Companion Loan Holders for the servicing and administering
of the Mortgage Loan, the Companion Loans or the Foreclosed Property, as applicable, in accordance

 

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with
the provisions of Section 3.1 without diminution of such obligation or liability by virtue of such sub-servicing agreement,
or by virtue of indemnification from a sub-servicer, and to the same extent and under the same terms and conditions as if the
Servicer or the Special Servicer, as applicable, alone were servicing and administering the Mortgage Loan, the Companion Loans
or the Foreclosed Property, as applicable,.

 

(c)       
Any sub-servicing agreement entered into by the Servicer or the Special Servicer, as applicable, shall provide that it may be
assumed or terminated by (i) the Trustee if the Trustee has assumed the duties of the Servicer or the Special Servicer, as
applicable, or if the Servicer or the Special Servicer, as applicable, is otherwise terminated pursuant to the terms of this Agreement,
(ii) a successor Servicer or the Special Servicer, as applicable, if such successor Servicer or the Special Servicer, as
applicable, has assumed the duties of the Servicer or the Special Servicer, as applicable, without cost or obligation to the Trustee,
the Certificate Administrator, the successor Servicer or the Special Servicer, as applicable, the Trust or the Trust Fund or (iii)
by the Servicer or the Special Servicer, as applicable, if at any time the related sub-servicer is a Credit Risk Retention Affiliate
of the Third Party Purchaser if such sub-servicer is a “servicer” as contemplated by Item 1108(a)(2) of Regulation
AB.

 

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

 

(e)       
Notwithstanding anything herein, each of the initial Servicer and the initial Special Servicer
may delegate certain of its duties and obligations hereunder to an Affiliate of the Servicer or Special Servicer, as applicable. 
Such delegation shall not be considered a sub-servicing agreement hereunder, and the
requirements and obligations set forth herein applicable to sub-servicing agreements, sub-servicers
or Servicing Function Participants shall not be applicable to such arrangement.  Notwithstanding
any such delegation, the Servicer and the Special Servicer shall remain obligated
and liable for the performance of their respective obligations and duties under this Agreement
in accordance with the provisions hereof to the same extent and under the same terms and
conditions as if each alone were servicing and administering the Mortgage Loan, the Companion Loans or the Foreclosed Property,
as applicable, as required hereby.

 

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(f)             No party shall enter into a sub-servicing agreement in connection with this transaction with a sub-servicer that is a Credit Risk Retention Affiliate of the Third Party Purchaser if such sub-servicer would be a “servicer” as contemplated by Item 1108(a)(2) of Regulation AB. The parties to this Agreement, absent actual knowledge to the contrary, may conclusively rely upon a representation of any initial sub-servicer that such sub-servicer is not, to its actual knowledge, a Credit Risk Retention Affiliate of the Third Party Purchaser. If at any time a sub-servicer is a “servicer” as contemplated by Item 1108(a)(2) of Regulation AB and is a Credit Risk Retention Affiliate of the Third Party Purchaser, the Trustee, Servicer or Special Servicer, as applicable and to the extent it has actual knowledge of such affiliation, shall terminate such sub-servicer in accordance with clause (c) above.

 

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

 

3.4.   
      Collection Account.  (a)  The Servicer shall establish and maintain in
the name of “KeyBank National Association, as Servicer on behalf of Wells Fargo Bank, National Association, as Trustee
for the benefit of the Certificateholders of BX Trust 2019-OC11, Commercial Mortgage Pass-Through Certificates, Series 2019-OC11
and any Holders of the Companion Loans” one or more segregated deposit accounts (the “Collection
Account”).  The Collection Account must be an Eligible Account.  The Servicer shall deposit or cause
to be deposited into the Collection Account within two (2) Business Days after receipt of properly identified and available funds,
the following amounts representing payments and collections received or made during each Collection Period on or with respect
to the Whole Loan:

 

(i)            all payments on account of principal on the Mortgage Loan (or the Companion Loans, as applicable);

 

(ii)           all payments on account of interest on the Mortgage Loan (or the Companion Loans, as applicable), including Default Interest;

 

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

 

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

 

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

 

(vi) 
        all Net Foreclosure Proceeds received from the Special Servicer pursuant to Section 3.14
and all Net Liquidation Proceeds, Insurance Proceeds and Condemnation

 

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Proceeds (to the extent not made available for the repair or restoration of the affected portion of the Property); and

 

(vii) 
       any other amounts required by the provisions of this Agreement to be deposited into the Collection
Account by the Servicer, including, without limitation, any (1) proceeds of any repurchase of the Mortgage Loan or indemnity
payment in respect thereof (or any Mortgage Loan Seller Percentage Interest therein) pursuant to Section 2.9(b) and
the Mortgage Loan Purchase Agreements, (2) proceeds of the sale of the Mortgage Loan and/or a Companion Loan by the Special
Servicer pursuant to Section 3.16, or (3) amounts payable under the Loan Documents by any Person to the extent
not specifically excluded.

 

The foregoing requirements
for deposits in the Collection Account by the Servicer shall be exclusive, it being understood and agreed that, without limiting
the generality of the foregoing, payments (if any) in the nature of additional compensation (other than Default Interest and late
payment charges) to which the Servicer or Special Servicer, as applicable are entitled pursuant to Section 3.17 and
any reimbursement made by the Borrower of expenses of the Servicer or the Special Servicer need not be deposited in the Collection
Account by the Servicer or Special Servicer and, to the extent permitted by applicable law, the Servicer or the Special Servicer,
as applicable, shall be entitled to retain any such fees and expense reimbursements received with respect to the Mortgage Loan
and the Companion Loans.  Upon receipt of any of the amounts described in clauses (i) through (iv) and
(vi) through (vii) of the first paragraph of this Section 3.4(a) with respect to any Specially Serviced
Mortgage Loan, the Special Servicer shall promptly, but in no event later than one Business Day after receipt, remit such amounts
to the Servicer for deposit into the Collection Account, unless the Special Servicer determines, consistent with Accepted Servicing
Practices, that a particular item should not be deposited because of a restrictive endorsement.

 

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

 

(c)       
   On or prior to each Remittance Date (or, following the securitization of any Companion Loan, in the case of clauses
(ii), (vi), (vii) and (viii) below, on the earlier of (A) the Remittance Date and (B) the Business Day
succeeding the “determination date” (or other analogous term) set forth in the related Other Pooling and Servicing
Agreement), prior to the remittance of funds to the Certificate Administrator for deposit in the Distribution Account pursuant
to Section 3.5, the Servicer shall make withdrawals from the Collection Account (which withdrawals shall be the only
permitted withdrawals from the Collection Account by the Servicer) and related remittances as described below (the order set forth
below not constituting an order of priority for such withdrawals unless otherwise indicated):

 

(i)             to withdraw funds deposited in the Collection Account in error;

 

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(ii)         to reimburse (or pay) the Trustee (and, via the related Other Servicer, each Other Trustee) and the Servicer (and each Other Servicer), in that order, for any unreimbursed Nonrecoverable Advances made by each together with unpaid interest thereon at the Advance Rate in the following order of priority;

 

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

 

(B)       second, to first reimburse Nonrecoverable Advances that are Monthly Payment Advances or Administrative Advances on the Senior Notes and interest thereon, on a Pro Rata and Pari Passu Basis, then to reimburse Nonrecoverable Advances that are Monthly Payment Advances or Administrative Advances on the Junior A Notes and interest thereon, on a Pro Rata and Pari Passu Basis, then to reimburse Nonrecoverable Advances that are Monthly Payment Advances or Administrative Advances on the Junior B Notes and interest thereon, on a Pro Rata and Pari Passu Basis; and

 

(C)       third, to reimburse, without duplication (i) each Other Servicer and Other Trustee for any payments made in excess of the share of Nonrecoverable Advances allocated to the Companion Loan included in such Other Securitization Trust (determined in Note Reverse Sequential Order) previously paid from general collections on the related Other Securitization Trust and (ii) each holder of a Companion Loan whose Companion Loan is not included in an Other Securitization Trust for any payments made in excess of the share of Nonrecoverable Advances allocated to such Companion Loan (determined in Note Reverse Sequential Order) previously paid by such holder;

 

(iii)          concurrently, to pay (A) the Servicing Fee to the Servicer (or, with respect to any Excess Servicing Fee Rights, to pay KeyBank National Association, or its assignee, if KeyBank National Association is no longer the Servicer, any such Excess Servicing Fee Rights pursuant to Section 3.17), (B) the Certificate Administrator Fee (including the portion that is the Trustee Fee) to the Certificate Administrator and (C) to pay the Operating Advisor Fee to the Operating Advisor, as applicable;

 

(iv)          to pay the Operating Advisor the Operating Advisor Consulting Fee (but only to the extent actually received from the Borrower);

 

(v)          to pay (a) first, the Servicer, as additional compensation, any income earned (net of losses (subject to Section 3.8(b)) on the investment of funds deposited in the Collection Account and any Reserve Account (to the extent not payable to the Borrower); and (b) second, the Special Servicer, the Special Servicing Fee, Workout Fee and Liquidation Fee (in each case, if any);

 

(vi)          to reimburse the Trustee and the Servicer, in that order, for (a) Advances made by each and not previously reimbursed from late payments received during the applicable period on the Whole Loan, Liquidation Proceeds, Condemnation Proceeds (to

 

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the extent
not made available for the repair or restoration of the affected portion of the Property), Insurance Proceeds and other collections
on the Whole Loan; provided, that any Advance that has been determined to be a Nonrecoverable Advance shall be reimbursed
pursuant to clause (ii) above and (b) unpaid interest on such Advances at the Advance Rate; provided, that prior
to (x) final liquidation of the Property or (y) the final payment and release of the Mortgage, interest on Advances
shall be paid first out of Default Interest or late payment charges collected in the related Collection Period before such interest
on Advances is paid out of other amounts collected in respect of the Whole Loan;

 

(vii)         to make any other required payments (other than payments under clause (ii) above and normal monthly remittances and reimbursements pursuant to clause (viii) below) due under the Intercreditor Agreement to any Companion Loan Holder;

 

(viii)       to remit to the Certificate Administrator and each Companion Loan Holder, as applicable, all remaining amounts on deposit in the Collection Account payable to the Mortgage Loan holder and related Companion Loan Holder, as applicable, pursuant to the Intercreditor Agreement with respect to such Mortgage Loan or Companion Loan, exclusive of any outstanding amounts reimbursable to the Servicer, the Special Servicer, the Trustee or the Trust and allocable to such Mortgage Loan or Companion Loan, as applicable, in accordance with the Intercreditor Agreement;

 

(ix)           to reimburse the Trustee, the Servicer and the Special Servicer, in that order, for expenses incurred by them in connection with the liquidation of the Whole Loan or the Property and not otherwise covered and paid by an insurance policy or deducted from the proceeds of liquidation;

 

(x)            concurrently, to pay to the Servicer and the Special Servicer, as applicable, as additional compensation, (a) to the extent actually received from the Borrower and allocated as such pursuant to the terms of the Loan Documents and this Agreement and deposited into the Collection Account by the Servicer, any payments in the nature of late payment fees and Default Interest (to the extent remaining after payments pursuant to clause (vi) above and the allocation of late fees and Default Interest pursuant to the Intercreditor Agreement), assumption fees, assumption application fees, substitution fees, loan service transaction fees, Modification Fees, insufficient fund fees, consent fees, and other similar fees and expenses and (b) any income earned (net of losses) on the investment of funds deposited in the Collection Account, any reserve account (to the extent not payable to the Borrower) and the Foreclosed Property Account; provided, that such amounts received during each Collection Period shall not be required to be deposited into the Collection Account and withdrawn pursuant to this clause (x) solely for the purpose of determining the Available Funds Reduction Amount in connection with the calculation of Available Funds for the related Distribution Date;

 

(xi)           to reimburse the Operating Advisor for any Operating Advisor Expenses incurred by and reimbursable to it by the Trust pursuant to Section 9.5(j);

 

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(xii)          to pay any accrued and unpaid CREFC® Intellectual Property Royalty License Fees to CREFC®;

 

(xiii)    
   to the extent not previously paid or advanced pursuant to this Agreement and subject to the terms of the Intercreditor
Agreement with respect to amounts allocable to any Companion Loan, to pay to the Certificate Administrator (or set aside for eventual
payment) any and all taxes imposed on the Trust or the Trust Fund by federal or state governmental authorities; provided,
that, if such taxes are the result of the Depositor’s, Servicer’s, Special Servicer’s, the Operating Advisor’s,
Certificate Administrator’s, Trustee’s or Custodian’s, as applicable, negligence, bad faith or willful misconduct
in performing its obligations hereunder, such amounts may not be withdrawn from the Collection Account, but shall be paid by such
party pursuant to Sections 6.5 and 8.12, as applicable; and

 

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

 

provided, that any amounts described in clauses (i) through (xiv) above that are allocable to the Mortgage Loan and the Companion Loans under the Intercreditor Agreement shall be reimbursed, first, from collections on the Junior B Notes on a Pro Rata and Pari Passu Basis as between such Junior B Notes, based on the respective outstanding principal balances of such Junior B Notes, and then from the Junior A Notes on a Pro Rata and Pari Passu Basis as between such Junior A Notes, based on the respective outstanding principal balances of such Junior A Notes, and then from collections on the Senior Notes on a Pro Rata and Pari Passu Basis as between such Senior Notes, based on the respective outstanding principal balances of such Senior Notes; provided, further, that the foregoing shall not limit or otherwise modify the terms of the related Intercreditor Agreement pursuant to which any amounts collected with respect to the Whole Loan are allocated to the Senior Notes, Junior A Notes or the Junior B Notes, as applicable.

 

Notwithstanding the foregoing, with respect to any Monthly Payment Advance or Administrative Advance (including interest on such Advances), such Advances shall be reimbursed from collections on the Whole Loan prior to any distributions to the holders of the Notes; provided, that (i) any such Advances (including interest on such Advances) outstanding in respect of the Senior Notes will be reimbursed (on a Pro Rata and Pari Passu Basis as between such Senior Notes, based on the respective outstanding principal balances of such Senior Notes) prior to any such Advances outstanding in respect of the Junior Notes and (ii) any such Advances outstanding in respect of the Junior A Notes will be reimbursed (on a Pro Rata and Pari Passu Basis as between such Junior A Notes, based on the respective outstanding principal balances of such Junior A Notes) prior to any such Advances outstanding in respect of the Junior B Notes, which will be reimbursed after the reimbursements described above (and will be reimbursed on a Pro Rata and Pari Passu Basis as between such Junior B Notes, based on the respective outstanding principal balances of such Junior B Notes).

 

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Amounts allocable to the Companion Loans under the Intercreditor Agreement shall not otherwise be available to the Trust for purposes of making distributions on the Certificates or for payment of other amounts relating only to the Trust.

 

Notwithstanding the
foregoing, with respect to any Remittance Date, in no event will the Servicer be permitted to make a withdrawal pursuant to clauses
(iii), (v)(b), (vi), (ix), (xi) or (xiv) above to the extent that, (1) the item proposed to be withdrawn, if not withdrawn, would
be required to be advanced by the Servicer as an Administrative Advance or a Monthly Payment Advance with respect to such Remittance
Date and (2) as a result of such withdrawal, the amount on deposit in the Collection Account after giving effect to the withdrawal
would be less than the amount of the Required Advance Amount; provided that the Servicer shall be permitted to make withdrawals
from the Collection Account as specified above in this Section 3.4(c) up to an amount that would result in funds remaining
in the Collection Account equaling or exceeding the Required Advance Amount.  Notwithstanding the foregoing, such withdrawal
limitations shall not apply upon (1) the final liquidation of the Whole Loan and/or the Foreclosed Property, (2) the
final payment of the Whole Loan and release of the Mortgage or (3) the determination that any Advance that would increase
the currently unreimbursed Advances in the aggregate would be a Nonrecoverable Advance.  In addition, notwithstanding the
foregoing, the Servicer shall make Administrative Advances in the amounts, and under the circumstances and conditions, set forth
in Section 3.23.  In addition, the Servicer shall remit each Companion Loan Holder’s share of any late collections
received by the Servicer from the Borrower to such Companion Loan Holder (or, to the extent the related Companion Loan is included
in an Other Securitization Trust, the Other Master Servicer under the related Other Pooling and Servicing Agreement) within two
(2) Business Days of receipt of properly identified funds.

 

The Servicer shall pay to the Operating Advisor, the Certificate Administrator and the Trustee and advance or pay to the Special Servicer or the Depositor, if applicable, from the Collection Account as provided above amounts permitted to be paid to the Special Servicer, the Operating Advisor, the Certificate Administrator, the Trustee and the Depositor therefrom, on the Remittance Date following receipt of certificates (received at least two (2) Business Days prior to the Remittance Date) of a Servicing Officer of the Special Servicer, a Responsible Officer of the Operating Advisor, the Certificate Administrator or the Trustee or an officer of the Depositor, as applicable, describing the item and amount to which the Special Servicer, the Operating Advisor, the Certificate Administrator, the Trustee or the Depositor, respectively, are entitled; provided, the Servicer shall pay the Certificate Administrator Fee to the Certificate Administrator without requiring the delivery of such certificate and shall pay to the Operating Advisor the Operating Advisor Fee and any Operating Advisor Consulting Fee without requiring the delivery of such certificate.  The Servicer may rely conclusively on any such certificate, shall have no duty to recalculate the amounts stated therein and shall have no liability if the amount paid in reliance thereon is an amount to which the Special Servicer, the Operating Advisor, the Certificate Administrator, the Trustee or the Depositor, as applicable, is not entitled.

 

(d)       The Certificate Administrator shall establish and maintain in the name of the Certificate Administrator and for the benefit of the Trustee and the Certificateholders, a segregated non-interest bearing reserve account that is an Eligible Account or subaccount of an Eligible Account (and which may be a subaccount of the Distribution Account) (the “Interest Reserve Account”).  Funds on deposit in the Interest Reserve Account shall be uninvested.  On

 

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each Distribution Date occurring in January of each year (other than a leap year and commencing in 2021) and February of each year (commencing in 2020) (unless, in either case, such Distribution Date is the final Distribution Date), the Certificate Administrator shall deposit into the Interest Reserve Account an amount equal to one day’s net interest collected on the principal balance of the Mortgage Loan as of the Loan Payment Date occurring in the calendar month in which such Distribution Date occurs at the Net Mortgage Rate to the extent a full Monthly Payment or Monthly Payment Advance is made in respect thereof (all amounts so deposited in any January or February, “Withheld Amounts”).  For purposes of this calculation, the Net Mortgage Rate for those months will be calculated without regard to any adjustment for Withheld Amounts or the interest accrual basis as described in the definition of “Net Mortgage Rate”.  On each Remittance Date occurring in March (or February, if the related Distribution Date is the final Distribution Date), the Certificate Administrator shall withdraw from the Interest Reserve Account an amount equal to the Withheld Amounts from the preceding January and, if applicable, February (or only January, if the related Distribution Date in February is the final Distribution Date), if any, and transfer such amounts into the Distribution Account.

 

3.5.   
    Distribution Account.  (a) The Certificate Administrator shall establish
and maintain in the name of the Certificate Administrator for the benefit of the Trustee and the Certificateholders a segregated
non-interest bearing trust account (the “Distribution Account”), which shall be deemed to include the Lower-Tier
Distribution Account and the Upper-Tier Distribution Account, which shall be subaccounts of the Distribution Account for the benefit
of the Certificateholders and the Trustee, as holder of the Uncertificated Lower-Tier Interests.  The Distribution Account
must be an Eligible Account.  On each Remittance Date, the Available Funds in the Collection Account (other than any Withheld
Amounts to be added to such funds pursuant to Section 3.4(d)) shall be remitted by the Servicer to the Certificate Administrator
for deposit into the Distribution Account (or, in the case of Withheld Amounts, as and to the extent provided in Section 3.4(d),
into the Interest Reserve Account).  The Certificate Administrator shall credit the funds remitted by the Servicer from the
Collection Account to the Distribution Account.  Amounts held in the Distribution Account shall remain uninvested.

 

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

 

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

 

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

 

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

 

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(iii)          to clear and terminate the Lower-Tier Distribution Account pursuant to Section 11.2.

 

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

 

(i)            to withdraw amounts deposited in error;

 

(ii)            to make distributions to Holders of the Regular Certificates and the Class R Certificates (in respect of the Class UT-R Interest) on each Distribution Date pursuant to Section 4.1 or Section 11.1 and Section 11.2 as applicable; and

 

(iii)           to clear and terminate the Upper-Tier Distribution Account at the termination of this Agreement pursuant to Section 11.2.

 

3.6.   
    Foreclosed Property Account.    The Special Servicer shall establish and maintain
one or more deposit accounts (the “Foreclosed Property Account”) in the
name of “Situs Holdings, LLC, as Special Servicer on behalf of Wells Fargo Bank, National Association, as Trustee for the
benefit of the Certificateholders of BX Trust 2019-OC11, Commercial Mortgage Pass-Through Certificates, Series 2019-OC11
and the Companion Loan Holders” related to the Foreclosed Property, if any, held either (a) in the name of the Special
Servicer or (b) in the name of the limited liability company formed to hold title to such Foreclosed Property, which is wholly
owned by the Trust and managed by the Special Servicer for the benefit of the Trustee on behalf of the Certificateholders and
the Companion Loan Holders.  The Foreclosed Property Account must be an Eligible Account.  The Special Servicer shall
deposit or cause to be deposited into the Foreclosed Property Account within two (2) Business Days of receipt all funds collected
and received in connection with the operation or ownership of such Foreclosed Property.  On or before the last day of each
Collection Period, the Special Servicer shall withdraw the funds in the Foreclosed Property Account, net of certain expenses and/or
reserves, and remit the funds received as of the end of the immediately preceding Collection Period to the Collection Account
in accordance with Section 3.4(a).  The Special Servicer shall notify the Trustee and the Certificate Administrator
in writing of the location and account number of the Foreclosed Property Account and shall notify the Trustee and the Certificate
Administrator in writing prior to any subsequent change thereof.

 

3.7.   
    Appraisal Reductions.   (a)  Within thirty (30) days after the occurrence of
an Appraisal Reduction Event, the Special Servicer shall notify the Servicer, the Certificate Administrator, the Trustee,
the Controlling Class Representative (during any Subordinate Control Period), the Companion Loan Holders (or, to the extent a
Companion Loan is included in an Other Securitization Trust, the related Other Servicer and Other Special Servicer), and the Operating
Advisor (during any Operating Advisor Consultation Period), of such occurrence of an Appraisal Reduction Event and order an independent
Appraisal of the Property unless an Appraisal of the Property was performed within nine (9) months prior to the Appraisal Reduction
Event and the Special Servicer is not aware of any material change in the market or condition or value of the Property. 
The Special Servicer shall use efforts consistent with Accepted Servicing Practices to obtain such updated Appraisal within sixty
(60) days after the occurrence of an Appraisal Reduction Event.  The Special Servicer shall determine on the basis of the
applicable

 

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Appraisal whether there
exists any Appraisal Reduction Amount and shall give notice thereof to the Trustee, the Certificate Administrator, the Servicer,
the Companion Loan Holders (or, to the extent a Companion Loan is included in an Other Securitization Trust, the Other Depositor,
Other Servicer, and Other Certificate Administrator with respect to such Other Securitization Trust), the Controlling Class Representative
(during any Subordinate Control Period), and the Operating Advisor (during any Operating Advisor Consultation Period).  The
cost of obtaining such Appraisal shall be paid by the Servicer as a Property Protection Advance unless it would constitute a Nonrecoverable
Advance and in such case, subject to the allocation provisions of the Intercreditor Agreement, as an expense of the Trust. 
Updates of Appraisals shall be obtained by the Special Servicer and paid for by the Servicer as a Property Protection Advance
(or, subject to the allocation provisions of the Intercreditor Agreement, paid for by the Trust if the Servicer determines that
such Advance would constitute a Nonrecoverable Advance) every nine (9) months for so long as the Whole Loan remains specially
serviced, and the Appraisal Reduction Amount shall be adjusted accordingly. If required in accordance with such adjustment, each
Class of Certificates and any Companion Loan that has been notionally reduced as a result of Appraisal Reduction Amounts shall
have its related Certificate Balance or principal balance, as applicable, notionally restored to the extent required by such adjustment
of the Appraisal Reduction Amount, and the Certificate Administrator shall redetermine whether a Subordinate Control Period, a
Subordinate Consultation Period and/or an Operating Advisor Consultation Period is then in effect.  Any such Appraisal obtained
shall be delivered by the Special Servicer to the Certificate Administrator (with a copy to the Trustee and the Servicer), the
Controlling Class Representative (during any Subordinate Control Period) and the Companion Loan Holders (or, to the extent a Companion
Loan is included in an Other Securitization Trust, the Other Depositor, Other Servicer, Other Special Servicer, Other Trustee
and Other Certificate Administrator with respect to such Other Securitization Trust), and the Operating Advisor (during any Operating
Advisor Consultation Period), in electronic format and the Certificate Administrator shall make such Appraisal available to Privileged
Persons pursuant to Section 8.14(b).  The Special Servicer shall promptly notify the Servicer of the amount of
any Appraisal Reduction Amount, and the Servicer shall promptly notify the Certificate Administrator of the amount of any Appraisal
Reduction Amount (which notification may be satisfied through the delivery of such information included in the CREFC®
Loan Periodic Update File pursuant to Section 3.18(a)).  Any Appraisal Reduction Amount will be calculated in
respect of the Whole Loan taken as a whole and any such Appraisal Reduction Amount will be allocated, first, to the Junior B Notes
on a Pro Rata and Pari Passu Basis (based on the principal balance of each Junior B Note), then, to the Junior A Notes on a Pro
Rata and Pari Passu Basis (based on the principal balance of each Junior A Note) and, then, to the Senior Notes, on a Pro Rata
and Pari Passu Basis (based on the principal balance of each Senior Note).

 

(b)           To the extent that an Appraisal Reduction Amount exists and is allocated to the Mortgage Loan, (i) the amount of any Monthly Payment Advances shall be reduced as provided in Section 3.23(a) and (ii) the Voting Rights of certain Classes of Certificates will be reduced to the extent provided for herein.

 

(c)            To the extent that an Appraisal Reduction Amount or Collateral Deficiency Amount exists and is allocated to the Mortgage Loan, the Certificate Balances of the Sequential Pay Certificates shall be notionally reduced (solely for purposes of determining the Voting Rights of the related Classes) on any Distribution Date to the extent of the Appraisal

 

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Reduction Amount or Collateral Deficiency Amount allocated to such Class on such Distribution Date.  Any Appraisal Reduction Amount or Collateral Deficiency Amount allocated to the Mortgage Loan for any Distribution Date shall be applied to notionally reduce the Certificate Balances of the Sequential Pay Certificates in the following order of priority:  to the Class HRR, Class E, Class D, Class C, Class B and Class A Certificates, in that order (provided in each case that no Certificate Balance in respect of any such Class may be notionally reduced below zero). 

 

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

 

(e)           If (i) an Appraisal Reduction Event has occurred, (ii) with respect to the Property, either (A) no Appraisals or updates of the Appraisals have been obtained or conducted with respect to the Property or Foreclosed Property, as the case may be, during the 12-month period prior to the date of such Appraisal Reduction Event or (B) a material change in the circumstances surrounding the Property or Foreclosed Property, as the case may be, has occurred since the date of the most recent Appraisal that would materially adversely affect the value of the Property or Foreclosed Property, as the case may be, and (iii) no new Appraisal has been obtained or conducted for the Property or Foreclosed Property, as the case may be, within 60 days after the occurrence of the Appraisal Reduction Event, then (x) until the new Appraisal is obtained for the Property, the appraised value of the Property for purposes of determining the Appraisal Reduction Amount shall be equal to 75% of the most recent appraised value for the Property or Foreclosed Property, as the case may be (the “Assumed Appraised Value”), and (y) upon receipt or performance of the new Appraisal by the Special Servicer, the appraised value of the Property or Foreclosed Property, as the case may be, shall be based on such new Appraisal and the Appraisal Reduction Amount will be recalculated in accordance with the definition of Appraisal Reduction Amount. Notwithstanding the foregoing, deemed Appraisal Reduction Amounts imposed pursuant to clause (x) of the preceding sentence shall not be allocated to any Class of Certificates for purposes of determining whether a Subordinate Control Period, a Subordinate Consultation Period or an Operating Advisor Consultation Period is then in effect or allocating Voting Rights provided, this sentence will not affect in any manner the effect of Appraisal Reduction Amounts based upon anything other than clause (x) of the preceding sentence, including when the related Appraisals are received.

 

(f)            As of the first Determination Date following the Whole Loan becoming an AB Modified Loan, the Special Servicer will be required to 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 the Whole Loan, and all other information relevant to a Collateral Deficiency Amount determination.  The Special Servicer shall promptly notify the Servicer in writing, whereupon the Servicer shall notify the Certificate Administrator in writing, of the amount of any Collateral Deficiency Amount allocated to the AB Modified Loan (which notification may be satisfied through delivery of such information

 

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included in the CREFC® Loan Periodic Update File or the CREFC® Appraisal Reduction Amount Template included in the CREFC® Investor Reporting Package).  None of the Servicer,  the Operating Advisor, the Trustee or the Certificate Administrator shall be required to calculate or verify any Collateral Deficiency Amount. 

 

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

 

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

 

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

 

(b)         All net income and gain realized from investment of funds deposited in the Collection Account and the Reserve Accounts (to the extent interest is not payable to the Borrower or another party under applicable law or the Loan Documents) shall be for the benefit of the Servicer in accordance with the terms and priorities of this Agreement.  All net income

 

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and gain realized from
investment of funds deposited in the Foreclosed Property Account shall be for the benefit of the Special Servicer.  Any net
losses on funds in the Collection Account, the Reserve Accounts (except, in the case of any such loss with respect to a Reserve
Account, to the extent any such losses are incurred on amounts invested for the benefit of the Borrower or other party under the
terms of the Loan Documents) or the Foreclosed Property Account shall be reimbursed by the Servicer or the Special Servicer, as
applicable, from its own funds promptly, but in any event on or prior to the Remittance Date following the realization of such
loss; provided that neither the Servicer nor the Special Servicer shall be required to deposit any loss on an investment
of funds in an Investment Account if such loss is incurred solely as a result of the insolvency of the federal or state chartered
depository institution or trust company that holds such Investment Account, so long as such depository institution or trust company
satisfied the qualifications set forth in the definition of Eligible Account at the time such investment was made (and, with respect
to the Servicer, such federal or state chartered depository institution or trust company is not an Affiliate of the Servicer unless
such depository institution or trust company satisfied the qualification set forth in the definition of Eligible Account both
(x) at the time the investment was made and (y) thirty (30) days prior to such insolvency). 

 

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

 

(d)           Notwithstanding the foregoing, neither the Servicer, nor the Special Servicer shall cover any losses from the bankruptcy or insolvency of a depository institution holding an account described in this Section 3.8, so long as (i) such depositary institution or trust company satisfied the qualifications set forth in the definition of Eligible Institution at the time such deposit was made and such institution was not an Affiliate of the Servicer or the Special Servicer, as applicable and (ii) such loss was incurred within 30 days after the date of such bankruptcy or insolvency.

 

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

 

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determination of non-recoverability provided in Section 3.23, from its own funds for amounts payable with respect to all such items related to the Property when and as the same shall become due and payable.  The Servicer shall direct that the amount of funds in any applicable Reserve Account is increased when and if applicable taxes, assessments, charges and other similar items, ground rents or insurance premiums are increased, in accordance with the terms of the Loan Agreement.

 

3.10.   
   Appointment of Special Servicer.  (a)  Situs Holdings, LLC is hereby appointed as
the initial Special Servicer to service the Whole Loan after a Special Servicing Loan Event has occurred and is continuing and
perform the other obligations of the Special Servicer hereunder.

 

(b)         
 If there is a Special Servicer Termination Event with respect to any Special Servicer, such Special Servicer may be removed
and replaced pursuant to Section 7.1.  The Trustee shall, promptly after such removal, so notify the Servicer,
the Companion Loan Holders (or, to the extent a Companion Loan is included in an Other Securitization Trust, the Other Servicer
and Other Special Servicer under the related Other Pooling and Servicing Agreement) and the 17g-5 Information Provider (which
shall promptly post the same to the 17g-5 Information Provider’s Website).  The appointment of any such successor
Special Servicer shall not relieve the Servicer or the Trustee of their respective obligations to make Advances as set forth herein;
provided, the initial Special Servicer specified above shall not be liable for any actions or any inaction of such successor
Special Servicer.  No termination fee shall be payable to the terminated Special Servicer.  No termination of the Special
Servicer and appointment of a successor Special Servicer shall be effective until the successor Special Servicer has assumed all
of its responsibilities, duties and liabilities hereunder in writing, a Companion Loan Rating Agency Confirmation with respect
to such appointment has been delivered to the Trustee and each Other Trustee, Other Servicer, Other Special Servicer and Other
Certificate Administrator, and Rating Agency Confirmation with respect to such appointment has been delivered to the Trustee. 
Any successor Special Servicer shall be deemed to make the representations and warranties provided for in Section 2.7(a)mutatis
mutandis as of the date of its succession.  The terminated Special Servicer shall retain all rights accruing to it under
this Agreement, including the right to receive fees accrued prior to its termination and other amounts payable to it (including
indemnification payments).

 

(c)            Upon determining that a Special Servicing Loan Event has occurred and is continuing, the Servicer or the Special Servicer, as applicable, shall promptly give notice thereof in writing to the Special Servicer or Servicer, as applicable, the Operating Advisor, the Trustee, the Certificate Administrator and the Companion Loan Holders (or, to the extent a Companion Loan is included in an Other Securitization Trust, the Other Depositor, Other Servicer and Other Certificate Administrator under the related Other Pooling and Servicing Agreement), and the Servicer shall use its reasonable efforts to (i) provide the Special Servicer with all information, documents (but excluding the original documents constituting the Mortgage File) and records (including records stored electronically) relating to the Mortgage Loan and the Companion Loans and reasonably requested by the Special Servicer to enable it to assume its duties hereunder with respect thereto and (ii) provide the Operating Advisor with a copy of the Servicer Mortgage File.  The Servicer shall use its reasonable efforts to comply with the preceding sentence within five Business Days of the date that a Special Servicing Loan Event has occurred. 

 

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The Servicer in any event shall continue to act as Servicer and administrator of the Mortgage Loan and the Companion Loans until the Special Servicer has commenced the servicing of the Mortgage Loan and the Companion Loans, upon the occurrence and during the continuation of a Special Servicing Loan Event, which shall occur upon the receipt by the Special Servicer of the information, documents and records referred to in the preceding sentence.  The Special Servicer shall instruct the Borrower to continue to remit all payments in respect of the Mortgage Loan and the Companion Loans to the Servicer.  The Servicer shall forward any notices it would otherwise send to the Borrower under the Whole Loan to the Special Servicer who shall send such notice to the Borrower while a Special Servicing Loan Event has occurred and is continuing.

 

(d)           Upon determining that a Special Servicing Loan Event is no longer continuing, the Special Servicer shall immediately give notice thereof to the Servicer, the Trustee, the Operating Advisor, the Certificate Administrator and the Companion Loan Holders (or, to the extent a Companion Loan is included in an Other Securitization Trust, the Other Depositor, Other Servicer and Other Certificate Administrator under the related Other Pooling and Servicing Agreement), and upon giving such notice such Special Servicing Loan Event shall cease, the Special Servicer’s obligation to service the Mortgage Loan and the Companion Loans shall terminate and the obligations of the Servicer to service and administer the Mortgage Loan and the Companion Loans shall resume and the Special Servicer shall return all of the information and materials furnished to the Special Servicer pursuant to Section 3.10(c) to the Servicer.

 

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

 

(f)            During any period in which a Special Servicing Loan Event is continuing, not later than 4:00 p.m. (New York time) on each Determination Date, the Special Servicer shall deliver to the Servicer a written statement describing (i) the amount of all payments on account of interest received on the Mortgage Loan and/or the Companion Loans, the amount of all payments on account of principal received on the Mortgage Loan and/or the Companion Loans, the amount of Insurance Proceeds, Condemnation Proceeds and Net Liquidation Proceeds received, the amount of any Foreclosure Proceeds received with respect to the Property, and the amount of net income or net loss, as determined from management of a trade or business on, the furnishing or rendering of a non-customary service to the tenants of, or the receipt of any rental income that does not constitute Rents from Real Property with respect to, the Foreclosed Property, in each case in accordance with Section 3.15 and (ii) such additional information relating to the Whole Loan as the Servicer, the Trustee or the Certificate Administrator reasonably requests to enable it to perform its duties under this Agreement.

 

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

 

(h)           Within 60 days after a Special Servicing Loan Event occurs, the Special Servicer shall prepare a report (the “Asset Status Report”) for the Mortgage Loan, the Companion Loans and the Property and deliver the Asset Status Report to the Depositor, the Trustee, the Certificate Administrator, the Servicer, the Controlling Class Representative (during any Subordinate Control Period or any Subordinate Consultation Period), the Operating Advisor (during any Operating Advisor Consultation Period) and the 17g-5 Information Provider (which shall promptly post the same to the 17g-5 Information Provider’s Website) and the Companion Loan Holders.  Such Asset Status Report shall set forth the following information to the extent reasonably determinable:

 

(i)            summary of the status of the Mortgage Loan and/or the Companion Loans and any negotiations with the Borrower;

 

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

 

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

 

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

 

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

 

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

 

(vii)         a description of any proposed actions;

 

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

 

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

 

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Servicer made such determination and (y) the net present value calculation (including the applicable discount rate used) and all related assumptions.  In connection with the foregoing analysis, if the Borrower has indicated their refusal to pay any Workout Fees, Special Servicing Fees or Liquidation Fees due to the Special Servicer, the Special Servicer must consider the costs to the Trust and the Companion Loan Holders and analyze as an alternative a sale of the Mortgage Loan and the Companion Loans or of the related Foreclosed Property or other exercise of remedies;

 

(x)            a summary of the status of any action that was described in the most recent prior Asset Status Report and subsequently effected by the Special Servicer; and

 

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

 

The Special Servicer shall be required to (x) deliver to the Certificate Administrator a proposed notice to the Certificateholders and the Companion Loan Holders (or, to the extent that a Companion Loan is included in an Other Securitization Trust, to the Other Depositor and Other Special Servicer under the related Other Pooling and Servicing Agreement) that will include a summary of the current Asset Status Report in an electronic format which format is reasonably acceptable to the Certificate Administrator (which shall be a brief summary of the current status of the Property and current strategy with respect to the Mortgage Loan and the Companion Loans), and the Certificate Administrator shall be required to post such notice and summary (but not the Asset Status Report) on the Certificate Administrator’s Website and (y) implement the Asset Status Report in the form delivered to the Depositor.  The Special Servicer may, from time to time, modify any Asset Status Report it has previously delivered and, following delivery of such modified Asset Status Report to the Depositor and the 17g-5 Information Provider (which the 17g-5 Information Provider shall promptly post to the 17g-5 Information Provider’s Website pursuant to Section 12.18) and a summary of the same to the Certificate Administrator (which the Certificate Administrator, shall post on the Certificate Administrator’s Website pursuant to Section 8.14(b)), implement such report. 

 

The Servicer and the Special Servicer, as applicable, shall consult with each Companion Loan Holders (to the extent such Companion Loan Holder requests consultation), on a strictly non-binding basis, with respect to any recommended actions set forth in an Asset Status Report related to the Whole Loan and any Major Decisions to the extent set forth in the Intercreditor Agreement. In addition, each of the Servicer and the Special Servicer shall make itself available to the Companion Loan Holders for an annual meeting (which meeting may be held telephonically), upon reasonable notice and at times reasonably acceptable to the Servicer or the Special Servicer, as applicable, in which servicing issues related to the Whole Loan are discussed to the extent required by the Intercreditor Agreement.

 

If during any Subordinate Control Period (i) the Controlling Class Representative affirmatively approves in writing an Asset Status Report or (ii) the Controlling Class Representative does not disapprove of such Asset Status Report within five (5) Business Days from receipt of an Asset Status Report, together with all information in the possession of the Special Servicer that is reasonably necessary for the Controlling Class Representative (during any Subordinate Control Period) to make a decision regarding the Asset Status Report, then the

 

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Special Servicer shall take the recommended actions described in the Asset Status Report.  In addition, following the occurrence of an extraordinary event with respect to the Property, or if a failure to take any such action at such time would be inconsistent with Accepted Servicing Practices, the Special Servicer may take actions with respect to the Property before the expiration of such five (5) Business Day period if the Special Servicer reasonably determines in accordance with Accepted Servicing Practices that failure to take such action before the expiration of such five (5) Business Day period would materially and adversely affect the interest of the Certificateholders and, during any Subordinate Control Period, the Special Servicer has made a reasonable effort to contact the Controlling Class Representative.

 

During any Subordinate Control Period, if the Controlling Class Representative objects to an Asset Status Report within the above-referenced five (5) Business Day period, then the Special Servicer (absent a determination as described in the last sentence of the immediately preceding paragraph) shall revise such Asset Status Report as soon as practicable thereafter, but in no event later than thirty (30) days after such objection.  During any Subordinate Control Period, the Special Servicer shall revise such Asset Status Report as provided in the prior sentence until the Controlling Class Representative fails to disapprove such revised Asset Status Report in writing as described in the preceding sentence or until the Special Servicer makes a determination, consistent with Accepted Servicing Practices, that such objection of the Controlling Class Representative is not in the best interests of all the Certificateholders and the Companion Loan Holders as a collective whole.  In any event, if the Controlling Class Representative does not approve an Asset Status Report within ninety (90) days from the first submission of such Asset Status Report, the Special Servicer shall take such action as specified in the last proposed Asset Status Report, provided that such action does not violate Accepted Servicing Practices.

 

During any Subordinate Consultation Period, the Controlling Class Representative shall be entitled to consult with the Special Servicer on a non-binding basis and propose alternative courses of action in respect of any Asset Status Report, and the Special Servicer shall consult on a non-binding basis with and consider such alternative courses of action and any other feedback provided by such party. 

 

During an Operating Advisor Consultation Period, the Special Servicer shall promptly deliver each Asset Status Report prepared for the Mortgage Loan and the Property to the Operating Advisor. The Operating Advisor shall provide comments to the Special Servicer in respect of the Asset Status Report, if the Operating Advisor has any comments to communicate to the Special Servicer, within 5 Business Days following the later of receipt of (i) such Asset Status Report or (ii) such additional information reasonably requested by the Operating Advisor, and, to the extent the Operating Advisor has any possible alternative courses of action to propose to the Special Servicer, propose possible alternative courses of action to the extent it determines such alternatives to be in the best interest of the Certificateholders as a collective whole. The Special Servicer shall consider any such alternative courses of action and any other feedback provided by the Operating Advisor in connection with the Special Servicer’s preparation of any Asset Status Report. The Special Servicer may revise the Asset Status Report as it deems necessary to take into account any input and/or comments received in response from the Operating Advisor, to the extent the Special Servicer determines that the Operating Advisor’s input and/or recommendations are consistent with Accepted Servicing Practices and in the best

 

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interest of the Certificateholders and the Companion Loan Holders as a collective whole. Promptly upon determining whether or not to revise any Asset Status Report to take into account any input and/or comments from the Operating Advisor, the Special Servicer shall revise the Asset Status Report, if applicable, and deliver to the Operating Advisor the revised Asset Status Report (until a Final Asset Status Report is issued).

 

The Special Servicer may revise the Asset Status Reports as it deems reasonably necessary in accordance with Accepted Servicing Practices to take into account any input and/or recommendations of the Controlling Class Representative.  In addition, the Special Servicer may, from time to time, modify any Asset Status Report it has previously delivered and implement the new action in such revised report so long as such revised report has been prepared, reviewed and either approved or not rejected as provided above. 

 

The Asset Status Report does not replace or satisfy any other specific consent or approval right which the Controlling Class Representative may have. 

 

In connection with the approval or consultation rights of the Controlling Class Representative and/or Operating Advisor with respect to any Asset Status Report, if the Special Servicer determines that an action recommended in an Asset Status Report is necessary to protect the Property or the interest of the Certificateholders and the Companion Loan Holders as a collective whole from potential harm if such action is not taken, or if a failure to take any such action at such time would be inconsistent with Accepted Servicing Practices, the Special Servicer may take actions with respect to the Property before the expiration of the 5 Business Day period if the Special Servicer reasonably determines in accordance with Accepted Servicing Practices that failure to take such actions before the expiration of the 5 Business Day period would materially adversely affect the interest of the Certificateholders and the Companion Loan Holders as a collective whole, and the Special Servicer has made a reasonable effort to contact the Controlling Class Representative or the Operating Advisor, as applicable.

 

The Special Servicer shall not take any action inconsistent with an Asset Status Report that has been adopted as provided above, unless such action would be required in order to act in accordance with Accepted Servicing Practices.  If the Special Servicer takes any action inconsistent with an Asset Status Report that has been adopted as provided above, the Special Servicer shall promptly notify the Controlling Class Representative (during any Subordinate Control Period or Subordinate Consultation Period) of such inconsistent action and provide a reasonably detailed explanation of the reasons therefor.

 

No provision of this Section 3.10 shall require the Special Servicer to take or to refrain from taking any action because of any proposal, objection or comment by the Operating Advisor or a recommendation of the Operating Advisor.

 

The Special Servicer shall deliver to the Servicer, the Controlling Class Representative (during any Subordinate Control Period or Subordinate Consultation Period), the Operating Advisor, the Trustee, the Certificate Administrator, the 17g-5 Information Provider (which shall promptly post the same to the 17g-5 Information Provider’s Website) and, subject to Section 12.6, each Rating Agency, a copy of each Final Asset Status Report, in each case with reasonable promptness following the adoption thereof and in an electronic format reasonably

 

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acceptable to the Certificate Administrator.  Notwithstanding anything herein to the contrary:  (i) the Special Servicer shall have no right or obligation to consult with or to seek and/or obtain consent or approval from any Controlling Class Representative prior to acting (and provisions of this Agreement or the Intercreditor Agreement requiring such consultation, consent or approval shall be of no effect) during the period following any resignation or removal of a Controlling Class Representative and before a replacement is selected and/or identified; and (ii) no advice, direction or objection from or by the Controlling Class Representative or the Operating Advisor, as contemplated by Section 9.3, or pursuant to any other provision of this Agreement, as contemplated by this Agreement or the Intercreditor Agreement, may (and the Servicer and the Special Servicer shall ignore and act without regard to any such advice, direction or objection that the Servicer or Special Servicer, as applicable, has determined, in its reasonable, good faith judgment, would):  (A) require or cause the Servicer or Special Servicer, as applicable, to violate applicable law, the terms of the Loan Documents, the Intercreditor Agreement or this Agreement, including the its obligation to act in accordance with Accepted Servicing Practices, (B) result in the imposition of federal income tax on the Trust, cause either the Lower-Tier REMIC or the Upper-Tier REMIC to fail to qualify as a REMIC under the Code, (C) expose the Trust, the Depositor, the Servicer, the Special Servicer, the Operating Advisor, the Certificate Administrator, the Trustee, any Certificateholder or any of their respective Affiliates, members, managers, officers, directors, employees or agents to any claim, suit or liability or (D) materially expand the scope of the Servicer’s or Special Servicer’s responsibilities under this Agreement.

 

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

 

(j)           In addition, during the continuance of a Special Servicing Loan Event, not later than 4:00 p.m. (New York time) on each Determination Date, the Special Servicer shall prepare and deliver to the Servicer the CREFC® Special Servicer Loan File with respect to the Mortgage Loan and the Companion Loans.

 

(k)            Beginning in 2020 for the fiscal year ending 2019, if applicable, the Special Servicer shall prepare and file on a timely basis the reports of foreclosure and abandonment of the Property required by Section 6050J of the Code and the reports of discharges of indebtedness income in respect of the Mortgage Loan required by Section 6050P of the Code.

 

3.11.   
  Maintenance of Insurance and Errors and Omissions and Fidelity Coverage.  (a)   The
Servicer, consistent with Accepted Servicing Practices and the Loan Documents, shall use efforts consistent with Accepted Servicing
Practices to cause to be maintained by the Borrower (or if the Borrower fails to maintain such insurance in accordance with the
Loan Agreement, the Servicer shall cause to be maintained to the extent the Trustee, as mortgagee of record, has an insurable
interest) insurance with respect to the Property of the types and in the amounts required to be maintained (to the extent such
insurance is available at commercially reasonable rates, provided, that the commercially reasonable requirement shall not apply
with respect to terrorism insurance which will be governed by the Loan Documents) by the

 

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Borrower under the Loan Documents.  The cost of any such insurance maintained by the Servicer shall be advanced by the Servicer, as a Property Protection Advance unless it would be a Nonrecoverable Advance in which case the Servicer shall make such payment from the Collection Account, which payment shall be a Trust Fund Expense (unless such expense is reimbursed with funds otherwise paid from amounts allocable to the Companion Loans pursuant to the terms of the Intercreditor Agreement).  If funds in the Collection Account allocable to the Junior B Notes pursuant to the terms of the Intercreditor Agreement are insufficient to reimburse any such Property Protection Advance, then any deficiency shall be paid from amounts on deposit in the Collection Account allocable to the Junior A Notes on a Pro Rata and Pari Passu Basis (based on the outstanding principal balances of the Junior A Notes) and then from amounts on deposit in the Collection Account allocable to the Senior Notes on a Pro Rata and Pari Passu Basis (based on the outstanding principal balances of the Senior Notes) pursuant to the terms of the Intercreditor Agreement.  If such amounts are reimbursed from amounts allocable to the Mortgage Loan, the Servicer or the Special Servicer, as applicable, will be required, after receiving payment from amounts on deposit in the Collection Account allocable to the Mortgage Loan, if any, to (i) promptly notify the Companion Loan Holders and (ii) use commercially reasonable efforts to exercise on behalf of the Issuing Entity the rights of the Issuing Entity under the Intercreditor Agreement to obtain reimbursement for the portion of such amount allocable to the applicable Companion Loans in Note Reverse Sequential Order.  Neither the Servicer nor the Special Servicer shall be required to maintain all-risk casualty insurance that does not contain any carve-out for terrorist or similar acts (and the Borrower’s failure to obtain such insurance shall not be declared a default under the Loan Documents), if and only if the Special Servicer has determined that such failure is an Acceptable Insurance Default, evaluated on an annual basis.  In making any determination related to an Acceptable Insurance Default, the Special Servicer, to the extent consistent with Accepted Servicing Practices, is entitled to rely on the opinion of an insurance consultant, the cost of which shall constitute an Administrative Advance (or to the extent such cost does not constitute a Borrower Reimbursable Trust Fund Expense, a Property Protection Advance).  Neither the Servicer nor the Special Servicer shall be required to obtain terrorism insurance pursuant to this Agreement to the extent the Borrower would not be obligated to maintain terrorism insurance under the Loan Documents as in effect on the date thereof.

 

(b)     
  The Special Servicer, consistent with Accepted Servicing Practices and the Loan Documents, shall cause to be maintained
such insurance (including environmental insurance) with respect to the Foreclosed Property as the Borrower is required to maintain
with respect to the Property referred to in subsection (a) of this Section 3.11 or, at the Special Servicer’s
election, coverage satisfying insurance requirements consistent with Accepted Servicing Practices.  The cost of any such
insurance with respect to a Foreclosed Property shall be payable out of amounts on deposit in the Foreclosed Property Account
or shall be advanced by the Servicer as a Property Protection Advance unless such advance would be a Nonrecoverable Advance. 
If funds in the Collection Account allocable to the Junior B Notes pursuant to the terms of the Intercreditor Agreement are insufficient
to reimburse any such Property Protection Advance, then any deficiency shall be paid from amounts on deposit in the Collection
Account allocable to the Junior A Notes on a Pro Rata and Pari Passu Basis (based on the outstanding principal balances of the
Junior A Notes) and then from amounts on deposit in the Collection Account allocable to the Senior Notes, on a Pro Rata and Pari
Passu Basis (based on the outstanding principal balances of the Senior Notes), pursuant to the terms of the

 

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Intercreditor Agreement. 
If such amounts are reimbursed from amounts allocable to the Mortgage Loan, the Servicer or the Special Servicer, as applicable,
will be required, after receiving payment from amounts on deposit in the Collection Account allocable to the Mortgage Loan, if
any, to (i) promptly notify the Companion Loan Holders and (ii) use commercially reasonable efforts to exercise on behalf of the
Issuing Entity the rights of the Issuing Entity under the Intercreditor Agreement to obtain reimbursement for the portion of such
amount allocable to the applicable Companion Loans in Note Reverse Sequential Order.  Any such insurance (other than terrorism
insurance, which shall be maintained to the extent required under subsection (a)) that is required to be maintained
with respect to the Foreclosed Property shall only be so required to the extent such insurance is available at commercially reasonable
rates.  If the Special Servicer requests the Servicer to make a Property Protection Advance in respect of the premiums due
in respect of such insurance (which request shall be made in writing not less than five Business Days’ before the date
on which the Servicer is requested to make such Property Protection Advance; provided that only three Business Days’ notice
shall be required in respect of such a Property Protection Advance required to be made on an urgent or emergency basis), the Servicer
shall, as soon as practicable after receipt of such request, make such Property Protection Advance unless such Advance would be
a Nonrecoverable Advance, and if the Servicer does not make such Advance, the Trustee (within five (5) Business Days of its receipt
of notice of the Servicer’s failure to make such Advance) shall make an Advance of the premiums to maintain such insurance,
provided that, in each such case, such obligations shall be subject to the provisions of this Agreement concerning Nonrecoverable
Advances, the Trustee as mortgagee of record having an insurable interest and the availability of such insurance at commercially
reasonable rates.

 

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

 

(d)          Each of the Servicer and the Special Servicer shall obtain and maintain at its own expense, and keep in full force and effect throughout the term of this Agreement, a blanket fidelity bond and an errors and omissions insurance policy, the issuer of which has the applicable Qualified Insurer Ratings, covering its directors, officers and employees of the Servicer or the Special Servicer, as applicable, in connection with its activities under this Agreement.  Each such insurance policy shall protect the Servicer or the Special Servicer, as applicable, against losses resulting directly from forgery, theft, embezzlement, fraud, errors and omissions of such covered persons.  Coverage of the Servicer or the Special Servicer under a policy or bond obtained by an Affiliate thereof and providing the coverage required by this

 

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Section 3.11(d) shall satisfy the requirements of this Section 3.11(d).  The amount of coverage shall be at least equal to the coverage that is required by applicable governmental authorities having regulatory power over the Servicer and the Special Servicer.  If no such coverage amounts are imposed by such regulatory authorities, the amount of coverage shall be at least equal to the coverage that would be required by FNMA or FHLMC with respect to the Servicer and the Special Servicer if each were servicing and administering the Mortgage Loan for FNMA or FHLMC or as otherwise approved by FNMA or FHLMC.  In the event that any such bond or policy ceases to be in effect, the Servicer or the Special Servicer, as applicable, shall obtain a comparable replacement bond or policy.  Each shall use reasonable efforts to cause each and every sub-servicer, if any, to maintain a blanket fidelity bond and an errors and omissions insurance policy meeting the requirements as described above.  In lieu of the foregoing, but subject to this Section 3.11, each of the Servicer and the Special Servicer shall be entitled to self-insure with respect to such risks so long as its (or its immediate or ultimate parent’s) long-term unsecured debt or deposit rating is no lower than “A2” by Moody’s.

 

(e)            The Operating Advisor shall obtain and maintain at its own expense and keep in full force and effect throughout the term of this Agreement an “errors and omissions” insurance policy, the issuer of which has the applicable Qualified Insurer Ratings, covering losses that may be sustained as a result of an officer’s or employee’s errors or omissions.

 

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

 

3.12.        Procedures with Respect to Mortgage Loan; Realization upon the Property. (a)  Upon an Event of Default, the Special Servicer on behalf of the Trustee (during any Subordinate Control Period,
with notification to and consent of the Controlling Class Representative or, during any Subordinate Consultation Period, with
notification to and upon consultation with the Controlling Class Representative), subject to the terms of the Loan Documents and
consistent with Accepted Servicing Practices, shall promptly pursue the remedies set forth therein, including foreclosure or otherwise
realization on the Property and the other collateral for the Whole Loan.  In connection with any foreclosure, enforcement
of the applicable Loan Documents or other realization on the Collateral, the Special Servicer shall direct the Servicer to, and
the Servicer shall, pay the costs and expenses in any such proceedings as a Property Protection Advance unless the Servicer determines,
in accordance with Accepted Servicing Practices, that such Advance would constitute a Nonrecoverable Advance. In such case, if
the Special Servicer determines (with the Servicer permitted to conclusively rely upon any such determination) that such payment
would be in the best interests of the Certificateholders and the Companion Loan Holders (as a collective whole as if such Certificateholders
and Companion Loan Holders constituted a single lender) the Special Servicer shall direct the Servicer to make such payment from
the Collection Account, which payment

 

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shall be a Trust Fund Expense (unless such expenses are reimbursed with funds otherwise paid from amounts allocable to the Companion Loans pursuant to the terms of the Intercreditor Agreement).  If funds in the Collection Account allocable to the Junior B Notes pursuant to the terms of the Intercreditor Agreement are insufficient to reimburse any such Property Protection Advance, then any deficiency shall be paid from amounts on deposit in the Collection Account allocable to the Junior A Notes on a Pro Rata and Pari Passu Basis (based on the outstanding principal balances of the Junior A Notes) and then from amounts on deposit in the Collection Account allocable to the Senior Notes, on a Pro Rata and Pari Passu Basis (based on the outstanding principal balances of the Senior Notes), pursuant to the terms of the Intercreditor Agreement.  If such amounts are reimbursed from amounts allocable to the Mortgage Loan, the Servicer or the Special Servicer, as applicable, will be required, after receiving payment from amounts on deposit in the Collection Account allocable to the Mortgage Loan, if any, to (i) promptly notify the Companion Loan Holders and (ii) use commercially reasonable efforts to exercise on behalf of the Issuing Entity the rights of the Issuing Entity under the Intercreditor Agreement to obtain reimbursement for the portion of such amount allocable to the applicable Companion Loans in Note Reverse Sequential Order.

 

(b)           Such proposed acceleration of the Mortgage Loan and/or foreclosure on the Property shall be taken unless the Special Servicer waives such Event of Default (or modifies or amends the Mortgage Loan to cure the Event of Default), which the Special Servicer may do if such modification, waiver or amendment is consistent with Accepted Servicing Practices and does not cause either the Lower-Tier REMIC or the Upper-Tier REMIC to fail to qualify as a REMIC under the REMIC Provisions or constitute a “significant modification” of the Mortgage Loan under Treasury Regulations Section 1.860G-2(b).

 

(c)          
In connection with such foreclosure as set forth in Section 3.12(a) or other realization on the Property, the Special
Servicer shall follow Accepted Servicing Practices; provided, that the Special Servicer shall not be permitted to direct
the Servicer, and neither the Special Servicer nor the Servicer shall be required, to expend its own funds to restore the Property
damaged by an Uninsured Cause unless the Servicer or the Special Servicer, as applicable, permitted the related insurance policy
to lapse in violation of its respective obligations hereunder.  If the Servicer does expend its own funds to restore the
Property damaged by an Uninsured Cause (which insurance policy did not lapse in violation of the Servicer’s obligations),
such expense shall be a Property Protection Advance.  In connection with any foreclosure, enforcement of the Loan Documents
or other realization on the Collateral, the Special Servicer shall direct the Servicer to, and the Servicer shall, pay the costs
and expenses in any such proceedings as a Property Protection Advance unless the Servicer determines, in accordance with Accepted
Servicing Practices, that such Advance would constitute a Nonrecoverable Advance.  If funds in the Collection Account allocable
to the Junior B Notes pursuant to the terms of the Intercreditor Agreement are insufficient to reimburse any such Property Protection
Advance, then any deficiency shall be paid from amounts on deposit in the Collection Account allocable to the Junior A Notes on
a Pro Rata and Pari Passu Basis (based on the outstanding principal balances of the Junior A Notes) and then from amounts on deposit
in the Collection Account allocable to the Senior Notes, on a Pro Rata and Pari Passu Basis (based on the outstanding principal
balances of the Senior Notes), pursuant to the terms of the Intercreditor Agreement.  If such amounts are reimbursed from
amounts allocable to the Mortgage Loan, the Servicer or the Special Servicer, as applicable, will be required, after

 

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receiving payment from amounts on deposit in the Collection Account allocable to the Mortgage Loan, if any, to (i) promptly notify the Companion Loan Holders and (ii) use commercially reasonable efforts to exercise on behalf of the Issuing Entity the rights of the Issuing Entity under the Intercreditor Agreement to obtain reimbursement for the portion of such amount allocable to the applicable Companion Loans in Note Reverse Sequential Order.

 

(d)           Notwithstanding the foregoing, the Special Servicer may not foreclose on the Property on behalf of the Trust Fund and the Companion Loan Holders and thereby be the beneficial owner of the Property, or take any other action with respect to the Property that would cause the Trustee, on behalf of the Trust Fund and the Companion Loan Holders, to be considered to hold title to, to be a “mortgagee-in-possession” of, or to be an “owner” or “operator” of the Property within the meaning of CERCLA or any comparable law, unless the Special Servicer has previously determined, based on a report prepared at the expense of the Trust Fund by an Independent Person who regularly conducts site assessments for purchasers of comparable properties (a copy of such report to be provided to each Companion Loan Holder (or, to the extent that a Companion Loan is included in an Other Securitization Trust, the Other Servicer and Other Special Servicer under the related Other Pooling and Servicing Agreement), that (i) the Property is in compliance with applicable environmental laws or that taking the remedial actions necessary to comply with such laws is reasonably likely to produce a greater recovery on a present value basis than not taking such actions and (ii) there are no circumstances known to the Special Servicer relating to the use of hazardous substances or petroleum-based materials which require investigation or remediation, or that if such circumstances exist taking such remedial actions is reasonably likely to produce a greater recovery on a net present value basis than not taking such actions.  The Special Servicer shall deliver a copy of any such report to the Trustee, the Certificate Administrator, the Custodian and the 17g-5 Information Provider (which shall promptly post the same to the 17g-5 Information Provider’s Website).

 

If the Special Servicer has so determined based on satisfaction of the criteria in this Section 3.12(d) that it would be in the best economic interest of the Trust Fund and the Companion Loan Holders (as determined in accordance with Accepted Servicing Practices) to institute a foreclosure or take any other actions described in the immediately preceding paragraph, then subject to the rights of the Controlling Class Representative to consent to and/or consult in respect of such action pursuant to the terms of this Agreement, the Special Servicer shall take such proposed action.

 

The Special Servicer shall direct the Servicer to, and the Servicer shall, advance the cost of any such compliance, containment, clean up or remediation as a Property Protection Advance unless the Servicer determines, in accordance with Accepted Servicing Practices, that such Advance would constitute a Nonrecoverable Advance.  If funds in the Collection Account allocable to the Junior B Notes pursuant to the terms of the Intercreditor Agreement are insufficient to reimburse any such Property Protection Advance, then any deficiency shall be paid from amounts on deposit in the Collection Account allocable to the Junior A Notes on a Pro Rata and Pari Passu Basis (based on the outstanding principal balances of the Junior A Notes) and then from amounts on deposit in the Collection Account allocable to the Senior Notes, on a Pro Rata and Pari Passu Basis (based on the outstanding principal balances of the Senior Notes), pursuant to the terms of the Intercreditor Agreement.  If such amounts are reimbursed from amounts allocable to the Mortgage Loan, the Servicer or the Special Servicer, as applicable, will

 

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be required, after receiving payment from amounts on deposit in the Collection Account allocable to the Mortgage Loan, if any, to (i) promptly notify the Companion Loan Holders and (ii) use commercially reasonable efforts to exercise on behalf of the Issuing Entity the rights of the Issuing Entity under the Intercreditor Agreement to obtain reimbursement for the portion of such amount allocable to the applicable Companion Loans in Note Reverse Sequential Order.

 

(e)           The environmental site assessments contemplated by Section 3.12(d) shall be prepared by any Independent Person who regularly conducts environmental site assessments for purchasers of comparable properties, as determined by the Servicer in a manner consistent with Accepted Servicing Practices.  The cost of each such environmental site assessment shall qualify as a Property Protection Advance and shall be advanced by the Servicer unless the Servicer determines that such Advance would constitute a Nonrecoverable Advance.  If funds in the Collection Account allocable to the Junior B Notes pursuant to the terms of the Intercreditor Agreement are insufficient to reimburse any such Property Protection Advance, then any deficiency shall be paid from amounts on deposit in the Collection Account allocable to the Junior A Notes on a Pro Rata and Pari Passu Basis (based on the outstanding principal balances of the Junior A Notes) and then from amounts on deposit in the Collection Account allocable to the Senior Notes, on a Pro Rata and Pari Passu Basis (based on the outstanding principal balances of the Senior Notes), pursuant to the terms of the Intercreditor Agreement.  If such amounts are reimbursed from amounts allocable to the Mortgage Loan, the Servicer or the Special Servicer, as applicable, will be required, after receiving payment from amounts on deposit in the Collection Account allocable to the Mortgage Loan, if any, to (i) promptly notify the Companion Loan Holders and (ii) use commercially reasonable efforts to exercise on behalf of the Issuing Entity the rights of the Issuing Entity under the Intercreditor Agreement to obtain reimbursement for the portion of such amount allocable to the applicable Companion Loans in Note Reverse Sequential Order.

 

(f)             Notwithstanding any provision herein to the contrary, the Special Servicer shall not hold for the benefit of the Trust Fund any personal property pursuant to this Section 3.12 unless:

 

(i)            such personal property is incidental to real property (within the meaning of Section 856(e)(1) of the Code) so acquired by the Special Servicer; or

 

(ii)           the Special Servicer shall have obtained an Opinion of Counsel (the cost of which shall be paid by the Servicer as a Property Protection Advance unless the Servicer determines that such Property Protection Advance would constitute a Nonrecoverable Advance) to the effect that the holding of such personal property by the Trust Fund will not cause the imposition of a tax on the Upper-Tier REMIC or the Lower-Tier REMIC under the REMIC Provisions or cause the Upper-Tier REMIC or the Lower-Tier REMIC to fail to qualify as a REMIC at any time that any Uncertificated Lower-Tier Interest or Certificate is outstanding.

 

(g)          Notwithstanding any acquisition of title to the Property following an Event of Default under the Whole Loan and cancellation of the Whole Loan, the Mortgage Loan and the Companion Loans, the Whole Loan, the Mortgage Loan and the Companion Loans shall be deemed to remain outstanding and held in the Trust Fund (with respect to the Mortgage Loan) or

 

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by the Companion Loan Holders (with respect to the Companion Loans) for purposes of the application of collections and shall be reduced only by collections net of expenses.  For purposes of all calculations hereunder, so long as the Mortgage Loan and the Companion Loans shall be deemed to remain outstanding, (i) it shall be assumed that the unpaid principal balance of the Mortgage Loan and the Companion Loans immediately after any discharge is equal to the unpaid principal balance of the Mortgage Loan and the Companion Loans, respectively, immediately prior to such discharge and (ii) Foreclosure Proceeds shall be applied as provided in Section 1.3(b).

 

3.13.   
  Custodian and Trustee to Cooperate; Release of Items in the Mortgage File. From time to time and as appropriate
for the servicing of the Mortgage Loan or Foreclosure of or realization on the Property, the Custodian shall, upon receipt from
a Servicing Officer of the Servicer or the Special Servicer of a Request for Release in the form of Exhibit B hereto, release
or cause to be released any items from the Mortgage File to the Servicer or the Special Servicer, as the case may be, within the
lesser of (i) seven (7) calendar days and (ii) five (5) Business Days of its receipt of the related receipt for release. 
All Foreclosures shall be instituted in the Special Servicer’s own name, as an authorized delegate of the Trustee, on behalf
of the Trust Fund, pursuant to a limited power of attorney substantially in the form of Exhibit N hereto from the Trustee
to the Special Servicer.  In the event the Special Servicer cannot institute a Foreclosure in its own name, the Special Servicer
shall notify the Trustee and the Trustee shall, at the written request of a Servicing Officer of the Special Servicer, execute
such documents furnished to it as shall be necessary to the prosecution of any such Foreclosure.  Such receipt for release
shall obligate the Servicer or the Special Servicer to (and the Servicer or Special Servicer, as applicable, shall) return such
items to the Custodian when the need therefor by the Servicer or the Special Servicer no longer exists.

 

3.14.   
  Title and Management of Foreclosed Property. (a) In the event that title to the Property is acquired for
the benefit of the Certificateholders and the Companion Loan Holders in foreclosure or by deed-in-lieu of foreclosure or otherwise,
the deed, certificate of sale or other comparable document shall be taken in the name of the Trustee, or its nominee (which shall
not include the Special Servicer), on behalf of the Trust Fund and the Companion Loan Holders or as otherwise contemplated pursuant
to Section 8.10.  Title may be taken in the name of a limited liability company wholly-owned by the Trust and
which is managed by the Special Servicer (the costs of which shall be advanced by the Servicer, provided that such Advance
would not be a Nonrecoverable Advance).  Promptly after such acquisition of title, the Special Servicer shall consult with
counsel to determine when an Acquisition Date shall be deemed to occur under the REMIC Provisions with respect to the affected
Property, the expense of such consultation being treated as a reimbursable expense of the Servicer related to the foreclosure. 
The Special Servicer, on behalf of the Trust Fund (and the Companion Loan Holders), shall dispose of the Foreclosed Property in
accordance with, and subject to the conditions set forth in, Sections 3.15 and 13.2.  Subject to Sections 13.2
and 3.14(d), the Special Servicer shall hire on behalf of the Trust Fund and the Companion Loan Holders a Successor
Manager to manage, conserve, protect and operate such Foreclosed Property for the Certificateholders (and the Companion Loan Holders)
solely for the purpose of its prompt disposition and sale.  In connection with such management and subject to Section 3.4(c)(xii),
the Successor Manager shall be entitled to the REO Management Fee solely from the Foreclosed Property Account or the Collection
Account pursuant to Section 3.4(c)(xii).

 

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(b)          The Special Servicer shall segregate and hold all funds collected and received in connection with the operation of the Foreclosed Property separate and apart from its own funds and general assets and shall establish and maintain with respect to the Foreclosed Property a Foreclosed Property Account in the name of the Special Servicer for the benefit of the Trustee on behalf of the Certificateholders (and the Companion Loan Holders) pursuant to Section 3.6.

 

(c)          
The Special Servicer shall have full power and authority, subject to Accepted Servicing Practices and the specific requirements
and prohibitions of this Agreement and the Intercreditor Agreement, to do any and all things in connection with the Foreclosed
Property for the benefit of the Trust Fund and Companion Loan Holders on such terms as are appropriate and necessary for the efficient
operation or liquidation, as applicable, of the Foreclosed Property, so long as the Special Servicer deems such actions to be
consistent with Accepted Servicing Practices.  Without limiting the generality of the foregoing, the Special Servicer may
retain an independent contractor to operate and manage the Foreclosed Property; however, the retention of an independent
contractor will not relieve the Special Servicer of its obligations hereunder with respect to the Foreclosed Property.

 

The Special Servicer shall deposit or cause to be deposited on a daily basis in the Foreclosed Property Account all revenues received with respect to the Foreclosed Property, and the Special Servicer shall cause to be withdrawn therefrom funds necessary for the proper operation, management and maintenance of the Foreclosed Property and for other expenses related to the preservation and protection of the Foreclosed Property, including, but not limited to:

 

(i)            all insurance premiums due and payable in respect of the Foreclosed Property;

 

(ii)           all taxes, assessments, charges or other similar items in respect of the Foreclosed Property that could result or have resulted in the imposition of a lien thereon; and

 

(iii)          all costs and expenses necessary to preserve the Foreclosed Property, including the payment of ground rent, if any.

 

To the extent that amounts on deposit in the Foreclosed Property Account are insufficient for the purposes set forth in clauses (i) through (iii) above, the Special Servicer shall direct the Servicer to, and the Servicer shall, make a Property Protection Advance unless the Servicer determines, in accordance with Accepted Servicing Practices, that such Advance would constitute a Nonrecoverable Advance.  If funds in the Collection Account allocable to the Junior B Notes pursuant to the terms of the Intercreditor Agreement are insufficient to reimburse any such Property Protection Advance, then any deficiency shall be paid from amounts on deposit in the Collection Account allocable to the Junior A Notes on a Pro Rata and Pari Passu Basis (based on the outstanding principal balances of the Junior A Notes) and then from amounts on deposit in the Collection Account allocable to the Senior Notes, on a Pro Rata and Pari Passu Basis (based on the outstanding principal balances of the Senior Notes), pursuant to the terms of the Intercreditor Agreement.  If such amounts are reimbursed from amounts allocable to the

 

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Mortgage Loan, the Servicer or the Special Servicer, as applicable, will be required, after receiving payment from amounts on deposit in the Collection Account allocable to the Mortgage Loan, if any, to (i) promptly notify the Companion Loan Holders and (ii) use commercially reasonable efforts to exercise on behalf of the Issuing Entity the rights of the Issuing Entity under the Intercreditor Agreement to obtain reimbursement for the portion of such amount allocable to the applicable Companion Loans in Note Reverse Sequential Order.

 

(d)          The Special Servicer, in the name of the Trust Fund, shall (subject to Section 3.14(a)) contract with any Successor Manager for the operation and management of any Foreclosed Property; provided that no such contract shall impose individual liability on the Trustee or the Trust; provided, further, that:

 

(i)            the terms and conditions of any such contract shall not be inconsistent herewith;

 

(ii)            any such contract shall require, or shall be administered to require, that the Successor Manager (A) request that the Special Servicer pay from the Foreclosed Property Account all costs and expenses incurred in connection with the operation and management of any Foreclosed Property, and (B) remit all related revenues (net of such costs and expenses) to the Special Servicer, for deposit into the Foreclosed Property Account, as soon as practicable but in no event later than the Business Day immediately following receipt; and

 

(iii)         none of the provisions of this Section 3.14 relating to any such contract or to actions taken through any such Successor Manager shall be deemed to relieve the Special Servicer of any of its ordinary and regularly recurring duties and obligations to the Trust Fund on behalf of the Certificateholders and the Companion Loan Holders with respect to the operation and management of any Foreclosed Property.

 

The Special Servicer shall be entitled, and to the extent required by the REMIC Provisions, shall be required, to enter into an agreement with any Independent Contractor performing services for it related to its duties and obligations hereunder for indemnification of the Special Servicer by such Independent Contractor, and nothing in this Agreement shall be deemed to limit or modify such indemnification.  All REO Management Fees shall be an expense of the Trust Fund payable from the Foreclosed Property Account or subject to reimbursement pursuant to Section 3.4(c)(xi).  The Special Servicer agrees to monitor the performance of the Successor Manager and to enforce the obligations of the Successor Manager on behalf of the Trust Fund and the Companion Loan Holders.  Expenses incurred by the Special Servicer in connection herewith shall qualify as Property Protection Advances.

 

(e)           On or before the last day of each Collection Period, the Special Servicer shall withdraw from the Foreclosed Property Account and deposit into the Collection Account the proceeds and collections received or collected since the preceding Remittance Date through the Business Day prior to the Remittance Date on or with respect to the Foreclosed Property (including any funds no longer needed in any reserves established as provided below), net of expenses paid therefrom and amounts reasonably expected to be needed to fund any reserves deemed necessary for the operation, preservation and protection of the Foreclosed Property,

 

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including without limitation, the creation of reasonable reserves for working capital, repairs, replacements and necessary capital improvements and other related expenses.

 

3.15.     
  Sale of Foreclosed Property.  (a)       In the event that title to the Property
is acquired by the Special Servicer for the benefit of the Certificateholders and the Companion Loan Holders in foreclosure or
by deed in lieu of foreclosure or otherwise, the deed, certificate of sale or other comparable document shall be taken in the
name of the Trustee, or its nominee (which shall not include the Special Servicer), on behalf of the Trust Fund and the Companion
Loan Holders or as otherwise contemplated pursuant to Section 8.10.  Title may be taken in the name of a limited
liability company wholly-owned by the Trust and that is managed by the Special Servicer (the costs of which shall be advanced
by the Servicer, provided that such Advance would not be a Nonrecoverable Advance).  The Special Servicer, on behalf
of the Trust Fund (and the Companion Loan Holders), shall sell the Foreclosed Property as expeditiously as appropriate in accordance
with Accepted Servicing Practices, but in no event later than the time period set forth in Section 13.2 hereof in
a manner provided under this Section 3.15.

 

(b)           If the Special Servicer acquires any Foreclosed Property in the name of and on behalf of the Trust Fund and the Companion Loan Holders, the Special Servicer shall be empowered, subject to the Code and to the specific requirements and prohibitions of this Agreement and the Intercreditor Agreement, to do any and all things in connection with the management and operation thereof in accordance with Accepted Servicing Practices, all on such terms as the Special Servicer deems to be in the best interest of the Certificateholders and the Companion Loan Holders (as a collective whole, as if such Certificateholders and Companion Loan Holders constituted a single lender) and consistent with the REMIC Provisions.

 

(c)            Subject to the consent and consultation rights of the Controlling Class Representative, the Special Servicer shall accept the highest cash bid for the Foreclosed Property received from any Person.  However, in no event may such bid be less than an amount at least equal to the portion of the Repurchase Price attributable to the Foreclosed Property.  Notwithstanding the foregoing, in the absence of any such bid, the Special Servicer shall accept the highest cash bid, if the highest offeror is a Person other than the Trustee or an Interested Person, that the Special Servicer (or the Trustee as provided in the next sentence) determines is a fair price based on Appraisals obtained within the last nine (9) months.  If the highest bidder is an Interested Person, the Trustee shall determine the fairness of the highest bid by an Interested Person.  The Trustee may (at its option at the expense of the Trust Fund (unless such expenses are reimbursed with funds otherwise paid from amounts allocable to the Companion Loans pursuant to the terms of the Intercreditor Agreement)) designate an Independent third party expert in real estate or commercial mortgage loan matters with at least five (5) years’ of experience in valuing or investing in loans similar to the Whole Loan, that has been selected with reasonable care by the Trustee to determine if such bid constitutes a fair price for the Foreclosed Property.  The Trustee shall be entitled to conclusively rely upon any such third party determination, and all reasonable fees and costs of any Appraisals, inspection reports, and broker opinions of value incurred by any such third party shall be covered by, and be reimbursable from, the Trust (unless such expenses are reimbursed with funds otherwise paid from amounts allocable to the Companion Loans pursuant to the terms of the Intercreditor Agreement).  If funds in the Collection Account allocable to the Junior B Notes pursuant to the terms of the Intercreditor Agreement are insufficient to reimburse any such fees and costs, then any 

 

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deficiency shall be paid from amounts on deposit in the Collection Account allocable to the Junior A Notes on a Pro Rata and Pari Passu Basis (based on the outstanding principal balances of the Junior A Notes) and then from amounts on deposit in the Collection Account allocable to the Senior Notes, on a Pro Rata and Pari Passu Basis (based on the outstanding principal balances of the Senior Notes), pursuant to the terms of the Intercreditor Agreement.  If such amounts are reimbursed from amounts allocable to the Mortgage Loan, the Servicer or the Special Servicer, as applicable, will be required, after receiving payment from amounts on deposit in the Collection Account allocable to the Mortgage Loan, if any, to (i) promptly notify the Companion Loan Holders and (ii) use commercially reasonable efforts to exercise on behalf of the Issuing Entity the rights of the Issuing Entity under the Intercreditor Agreement to obtain reimbursement for the portion of such amount allocable to the applicable Companion Loans in Note Reverse Sequential Order.  The requirements of this Agreement and/or the Intercreditor Agreement may result in lower sales proceeds than would otherwise be the case.  Notwithstanding the foregoing, the Special Servicer shall not be obligated to accept the higher cash offer if the Special Servicer determines, in accordance with Accepted Servicing Practices, that rejection of such offer would be in the best interests of the Certificateholders and the Companion Loan Holders (as a collective whole as if such Certificateholders and the Companion Loan Holders constituted a single lender), and the Special Servicer may accept a lower cash offer (from any Person other than an Interested Person) if it determines, in accordance with Accepted Servicing Practices, that acceptance of such offer would be in the best interests of the Certificateholders and the Companion Loan Holders (as a collective whole as if such Certificateholders and the Companion Loan Holders constituted a single lender).   Neither the Trustee nor any of its affiliates, in their individual capacity, may make an offer for or purchase Foreclosed Property. 

 

(d)         Subject to the provisions of Section 3.14, the Special Servicer shall act on behalf of the Trust Fund and the Companion Loan Holders in negotiating and taking any other action necessary or appropriate in connection with the sale of the Foreclosed Property, including the collection of all amounts payable in connection therewith.  Any sale of the Foreclosed Property shall be without recourse to the Trustee, the Depositor, the Certificate Administrator, the Operating Advisor, the Servicer, the Special Servicer, the Trust Fund or the Certificateholders and the Companion Loan Holders (except that any contract of sale and assignment and conveyance documents may contain customary warranties, so long as the only recourse for breach thereof is to the Trust Fund) and if consummated in accordance with the terms of this Agreement, none of the Trustee, the Depositor, the Certificate Administrator, the Operating Advisor, the Servicer or the Special Servicer shall have any liability to any Certificateholder or any Companion Loan Holder with respect to the purchase price thereof accepted by the Special Servicer or the Trustee.

 

(e)          The proceeds of any sale effected pursuant to this Section 3.15, after deduction of the expenses incurred in connection therewith, shall be deposited in the Collection Account in accordance with Section 3.4(a).

 

(f)           Within 30 days of the sale of the Foreclosed Property, the Special Servicer shall provide to the Trustee, the Certificate Administrator and the Companion Loan Holders (or, to the extent a Companion Loan is included in an Other Securitization Trust, the Other Servicer, Other Special Servicer, Other Trustee and Other Certificate Administrator under the related

 

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Other Pooling and Servicing Agreement) a statement of accounting for the Foreclosed Property, including, without limitation, (i) the date the Foreclosed Property was acquired in foreclosure or by deed-in-lieu of foreclosure or otherwise, (ii) the date of disposition of the Foreclosed Property, (iii) the gross sale price and related selling and other expenses, (iv) accrued interest with respect to the Repurchase Price of the Foreclosed Property, calculated from the date of acquisition to the disposition date, and (v) such other information as the Trustee or the Certificate Administrator may reasonably request.

 

3.16.        Sale of the Mortgage Loan and the Companion Loans. (a)     (i) Within sixty (60) days after the occurrence of a Special Servicing Loan Event, the Special Servicer shall order (but shall not be required to have received) an Appraisal.  The Servicer shall promptly notify in writing the Special Servicer, the Trustee, the Controlling Class Representative (during any Subordinate Control Period or any Subordinate Consultation Period) and the Companion Loan Holders (or, to the extent a Companion Loan is included in an Other Securitization Trust, the Other Depositor, Other Servicer and Other Certificate Administrator under the related Other Pooling and Servicing Agreement) of the occurrence of such Special Servicing Loan Event.  Upon delivery by the Special Servicer of the notice described in the preceding sentence, the Special Servicer may offer to sell to any Person the Whole Loan or may offer to purchase the Whole Loan, if and when the Special Servicer determines, consistent with Accepted Servicing Practices, that no satisfactory arrangements can be made for collection of delinquent payments thereon and such a sale would be in the best economic interests of the Trust and the Companion Loan Holders on a net present value basis.  The Special Servicer shall provide the Trustee, the Certificate Administrator, the Operating Advisor, the Controlling Class Representative (during any Subordinate Control Period or any Subordinate Consultation Period) and the Companion Loan Holders (or, to the extent a Companion Loan is included in an Other Securitization Trust, the Other Depositor, Other Servicer and Other Certificate Administrator under the related Other Pooling and Servicing Agreement), not less than five (5) Business Days’ prior written notice of its intention to sell the Whole Loan, in which case the Special Servicer is required to accept the highest offer received from any Person (other than any Interested Person) for the Whole Loan in an amount at least equal to the Repurchase Price or, at its option, if it has received no offer at least equal to the Repurchase Price therefor, the Special Servicer may purchase the Whole Loan at the Repurchase Price, subject to any consent or consultation rights of the Controlling Class Representative to the extent set forth in this Agreement.  For the avoidance of doubt the Special Servicer shall be required to sell the Mortgage Loan together with the Companion Loans, as one whole loan.

 

(ii)           In the absence of any offer at least equal to the Repurchase Price (or purchase by the Special Servicer for the Repurchase Price), the Special Servicer shall accept the highest offer received from any Person that is determined by the Special Servicer to be a fair price for the Whole Loan, if the highest offeror is a Person other than an Interested Person.  If the highest bidder is an Interested Person, the Trustee shall determine the fairness of the highest bid based upon an Appraisal (which may be an Appraisal obtained in the last nine (9) months by the Special Servicer) obtained at the expense of the Trust Fund (unless such expense is reimbursed with funds otherwise paid from amounts allocable to the Companion Loans pursuant to the terms of the Intercreditor Agreement), and the Trustee may conclusively rely on the opinion of such Appraisal and such determination shall be binding upon all parties.  All reasonable costs

 

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and fees of the Trustee in making such determination will be reimbursable to it first, by the Servicer as an Advance, subject to the Servicer’s determination that such amounts are not Nonrecoverable Advances, and then as an expense of the Trust (unless such expense is reimbursed with funds otherwise paid from amounts allocable to the Companion Loans pursuant to the terms of the Intercreditor Agreement).  Neither the Trustee nor any of its affiliates, in their individual capacity, may make an offer for or purchase the Whole Loan.  In addition, if the Trustee shall be required to determine the fairness of the highest bid by an Interested Person, the Trustee may (at its option at the expense of the Trust Fund (unless such expense is reimbursed with funds otherwise paid from amounts allocable to the Companion Loan Holders pursuant to the terms of the Intercreditor Agreement)) designate an Independent third party expert in real estate or commercial mortgage loan matters with at least five (5) years’ of experience in valuing or investing in loans similar to the Whole Loan, that has been selected with reasonable care by the Trustee to determine if such bid constitutes a fair price for the Whole Loan.  The Trustee shall be entitled to conclusively rely upon any such third party determination, and all reasonable fees and costs of any Appraisals, inspection reports, and broker opinions of value incurred by any such third party shall be covered by, and be reimbursable from, the Trust (unless such expenses are reimbursed with funds otherwise paid from amounts allocable to the Companion Loans pursuant to the terms of the Intercreditor Agreement).  If funds in the Collection Account allocable to the Junior B Notes pursuant to the terms of the Intercreditor Agreement are insufficient to cover any such fees and costs, then any deficiency shall be paid from amounts on deposit in the Collection Account allocable to the Junior A Notes on a Pro Rata and Pari Passu Basis (based on the outstanding principal balances of the Junior A Notes) and then from amounts on deposit in the Collection Account allocable to the Senior Notes on a Pro Rata and Pari Passu Basis (based on the outstanding principal balances of the Senior Notes), pursuant to the terms of the Intercreditor Agreement.  If such amounts are reimbursed from amounts allocable to the Mortgage Loan, the Servicer or the Special Servicer, as applicable, will be required, after receiving payment from amounts on deposit in the Collection Account allocable to the Mortgage Loan, if any, to (i) promptly notify the Companion Loan Holders and (ii) use commercially reasonable efforts to exercise on behalf of the Issuing Entity the rights of the Issuing Entity under the Intercreditor Agreement to obtain reimbursement for the portion of such amount allocable to the applicable Companion Loans in Note Reverse Sequential Order.

 

(iii) 
       The Special Servicer shall not be obligated to accept the highest offer if the Special Servicer
determines, in accordance with Accepted Servicing Practices, that the rejection of such offer would be in the best interests of
the Holders of the Certificates and the Companion Loan Holders (as a collective whole as if such Certificateholders and the Companion
Loan Holders constituted a single lender).  In addition, the Special Servicer may accept a lower offer if it determines,
in accordance with Accepted Servicing Practices, that the acceptance of such offer would be in the best interests of the Holders
of the Certificates and the Companion Loan Holders (as a collective whole as if such Certificateholders and the Companion Loan
Holders constituted a single lender), provided that the offeror is not the Special Servicer or a Person that is an Affiliate
of the Special Servicer.  The Special Servicer shall use efforts consistent with Accepted Servicing Practices to sell the
Whole Loan prior to the Rated Final Distribution Date.

 

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(iv)         Unless and until the Whole Loan is sold pursuant to this Section 3.16(a), the Special Servicer shall pursue such other resolution strategies with respect to the Whole Loan, including, without limitation, workout and foreclosure, as the Special Servicer may deem appropriate, consistent with the Asset Status Report, Accepted Servicing Practices and the REMIC Provisions.

 

(b)          The right of the Special Servicer to purchase or sell the Whole Loan after the occurrence of a Special Servicing Loan Event shall terminate, and shall not be exercisable as set forth in clause (a) above (or if exercised but the purchase of the Whole Loan has not yet occurred, the Special Servicer’s right shall terminate and such exercise shall be of no further force or effect) if the Whole Loan is no longer delinquent as a result of any of the following:  (i) the Special Servicing Loan Event has ceased to exist pursuant to the terms of this Agreement, (ii) the Whole Loan has become subject to a fully executed agreement reflecting the terms of the workout arrangement or (iii) the Whole Loan has otherwise been resolved (including by a full or discounted pay-off).

 

(c)           Any sale of the Whole Loan shall be for cash only.

 

(d)           Notwithstanding anything contained herein to the contrary, the Special Servicer shall not sell the Whole Loan pursuant to this Section 3.16 without the written consent of the Companion Loan Holders unless the Special Servicer has delivered to the Companion Loan Holders: (a) at least 15 Business Days prior written notice of any decision to attempt to sell the Whole Loan; (b) at least 10 days prior to the permitted sale date, a copy of each bid package (together with any amendments to such bid packages) received by the Special Servicer in connection with any such proposed sale; (c) at least 10 days prior to the proposed sale date, a copy of the most recent Appraisal for the Whole Loan, and any documents in the Servicer Mortgage File reasonably requested by a Companion Loan Holder; and (d) until the sale is completed, and a reasonable period of time (but no less time than is afforded to other offerors) prior to the proposed sale date, all information and other documents being provided to other offerors and all leases or other documents that are approved by the Servicer or the Special Servicer in connection with the proposed sale.  Any Companion Loan Holder will be permitted to submit an offer at any sale of the Whole Loan.

 

3.17.        Servicing Compensation.    The Servicer shall be entitled to receive the Master Servicing Fee with respect to the Mortgage Loan and the Primary Servicing Fee with respect to the Whole Loan and any Foreclosed Property payable monthly from the Collection Account or otherwise in accordance with and subject to Section 3.4(c).  The Servicer shall be entitled to retain as compensation any late payment charges and certain other customary charges and fees to the extent described below, as well as reimbursement for all other costs or expenses incurred by it in performing its duties hereunder, in each case, to the extent actually received from the Borrower and permitted to be allocated to such amounts by the terms of the Loan Documents, this Agreement and the Intercreditor Agreement and subject in all cases to the rights of the Companion Loan Holders to any such amounts as may be set forth in the Intercreditor Agreement, other than:  (i) fees of any sub-servicer and the expenses of any sub-servicer that would not be reimbursable to Servicer if such expenses were incurred by the Servicer; (ii) the cost of any fidelity bond or errors and omissions policy required by Section 3.11(d); (iii) overhead expenses of the Servicer including but not limited to those which may properly be

 

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allocable under the Servicer’s
accounting system or otherwise to the Servicer’s activities under this Agreement or the income derived by it hereunder
including the costs to the Servicer associated with employees of the Servicer performing services in connection with the obligations
of the Servicer hereunder; and (iv) costs and expenses arising from the negligence, bad faith or willful misconduct of the
Servicer in performing its obligations hereunder (the “Servicer Customary Expenses”). 
So long as no Special Servicing Loan Event has occurred and is continuing and subject to the terms of the Intercreditor Agreement,
the Servicer shall also be entitled to retain as additional servicing compensation any late payment fees and Default Interest
(including any late payment fees and Default Interest collected after the occurrence of a Special Servicing Loan Event but accrued
prior to such Special Servicing Loan Event) (to the extent not applied pursuant to Section 3.4(c)), assumption fees,
assumption application fees, substitution fees, release fees, any fees payable in connection with a defeasance, Modification Fees
(subject to the second to last paragraph of this Section 3.17), insufficient funds fees, charges for beneficiary statements
to the extent the related beneficiary statement is prepared by the Servicer and consent fees and other similar fees and expenses
to the extent, with respect to any such amounts, collected and allocated to such amounts as permitted by (or not otherwise prohibited
by) the terms of the Loan Documents, this Agreement and the Intercreditor Agreement; provided, that the Servicer shall
not be entitled to apply or retain any Default Interest or any late payment charges, with respect to the Mortgage Loan or the
Companion Loans, with respect to which a default thereunder or Event of Default is continuing unless and until such default or
Event of Default has been cured and all delinquent amounts (including any Default Interest) due with respect to the Mortgage Loan
or the Companion Loans have been paid in full and all interest on Advances has been paid in full.  In addition, the Servicer,
subject to the terms of the Intercreditor Agreement, shall be entitled to retain as additional servicing compensation release
fees (including, without limitation, any fees payable in connection with a defeasance of the Whole Loan) and any income earned
(net of losses to the extent provided in this Agreement) on the investment of funds deposited in the Collection Account and any
Reserve Account (to the extent not payable to the Borrower).

 

If a Special Servicing Loan Event occurs and is continuing, the Special Servicer shall be entitled to receive a Special Servicing Fee with respect to the Mortgage Loan and the Companion Loans for so long as such Special Servicing Loan Event continues as well as reimbursement for all other costs or expenses incurred by it in performing its duties hereunder other than:  (i) the cost of any fidelity bond or errors and omissions policy required by Section 3.11(d); (ii) overhead expenses of the Special Servicer including but not limited to those which may properly be allocable under the Special Servicer’s accounting system or otherwise to the Special Servicer’s activities under this Agreement or the income derived by it hereunder including the costs to the Special Servicer associated with employees of the Special Servicer performing services in connection with the obligations of the Special Servicer hereunder; and (iii) costs and expenses arising from the negligence, bad faith or willful misconduct of the Special Servicer in performing its obligations hereunder (the “Special Servicer Customary Expenses”).  If at any time the Mortgage Loan or a Companion Loan becomes a Specially Serviced Mortgage Loan, the Special Servicer shall use efforts consistent with Accepted Servicing Practices and the REMIC Provisions, to collect the amount of any Special Servicing Fee, Liquidation Fee and/or Workout Fee from the Borrower pursuant to the Designated Expense Reimbursement Section, including exercising all remedies available under the Loan Agreement that would be in accordance with Accepted Servicing Practices, specifically taking into account

 

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the costs or likelihood of success of any such collection efforts and the Realized Loss that would be incurred by Certificateholders or the Companion Loan Holders, as applicable, in connection therewith as opposed to the Realized Loss that would be incurred as a result of not collecting such amounts from the Borrower.  Notwithstanding anything herein to the contrary, with respect to any amount received during a Collection Period, the Special Servicer shall only be entitled to receive a Workout Fee or a Liquidation Fee, but not both.

 

The Special Servicing
Fee and any Liquidation Fee payable from Liquidation Proceeds (and not the Borrower) shall be payable from funds on deposit in
the Collection Account as provided in Section 3.4(c).  The Special Servicer during the continuance of a Special
Servicing Loan Event shall also be entitled to retain as additional servicing compensation, solely to the extent such amounts
are received from the Borrower, any late payment fees (to the extent not applied pursuant to Section 3.4(c)), Default
Interest (to the extent not applied pursuant to Section 3.4(c)), assumption fees, assumption application fees, Modification
Fees (subject to the second to last paragraph of this Section 3.17), insufficient funds fees, charges for beneficiary
statements to the extent the related beneficiary statement is prepared by the Special Servicer and consent fees and other similar
fees and expenses and any income earned (net of losses to the extent provided in this Agreement) on the investment of funds deposited
in the Foreclosed Property Account.

 

Notwithstanding any other provision in this Agreement, neither the Servicer nor the Special Servicer, as applicable, shall be entitled to reimbursement for an expense incurred under this Agreement or in connection with the performance of its duties hereunder unless (i) the amount of such payment to the Servicer or the Special Servicer, as the case may be, is reimbursed to the Trust Fund by the Borrower (to the extent the Borrower is required to do so under the Loan Agreement); (ii) failure of the Borrower to reimburse for such payment constitutes an Event of Default; (iii) such expense would qualify as an “unanticipated expense incurred by the REMIC” within the meaning of Treasury Regulations Section 1.860G-1(b)(3)(ii) (it being understood that the Servicer Customary Expenses and the Special Servicer Customary Expenses are not unanticipated); or (iv) such reimbursement is expressly provided for herein or such expense is expressly described herein as an expense of the Trust Fund or as an Advance.

 

Except as otherwise expressly provided herein, no transfer, sale, pledge or other disposition of the Servicer’s right to receive all or any portion of the Servicing Fee (or the Special Servicer’s right to receive all or any portion of the Special Servicing Fee) or other servicing compensation provided for herein shall be made, and any such attempted transfer, sale, pledge or other disposition shall be void, unless such transfer is made to a successor Servicer or successor Special Servicer, as applicable, in connection with the assumption by such successor of the duties hereunder pursuant to Section 7.2 (or as provided in the following paragraph with respect to the Excess Servicing Fee).

 

KeyBank National Association and any successor holder of the Excess Servicing Fee Rights shall be entitled, at any time, at its own expense, to transfer, sell, pledge or otherwise assign such Excess Servicing Fee Rights in whole (but not in part), in either case, to any Qualified Institutional Buyer or Institutional Accredited Investor (other than a Plan); provided, that no such transfer, sale, pledge or other assignment shall be made unless (i) that transfer, sale, pledge or other assignment is exempt from the registration and/or qualification requirements of

 

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the Securities Act and any applicable state securities laws and is otherwise made in accordance with the Securities Act and such state securities laws, (ii) the prospective transferor shall have delivered to the Depositor a certificate substantially in the form of Exhibit T-1 attached hereto, and (iii) the prospective transferee shall have delivered to the Servicer and the Depositor a certificate substantially in the form of Exhibit T-2 attached hereto.  None of the Depositor, the Operating Advisor, the Trustee, the Certificate Administrator or the Custodian shall have any obligation to register or qualify an Excess Servicing Fee Right under the Securities Act or any other securities law or to take any action not otherwise required under this Agreement to permit the transfer, sale, pledge or assignment of an Excess Servicing Fee Right without registration or qualification.  KeyBank National Association and each holder of an Excess Servicing Fee Right desiring to effect a transfer, sale, pledge or other assignment of such Excess Servicing Fee Right shall, and KeyBank National Association hereby agrees, and each such holder of an Excess Servicing Fee Right by its acceptance of such Excess Servicing Fee Right shall be deemed to have agreed, in connection with any transfer of such Excess Servicing Fee Right effected by such Person, to indemnify the Certificateholders, the Trust, the Depositor, the Initial Purchasers, the Certificate Administrator, the Custodian, the Trustee, the Operating Advisor, the Servicer and the Special Servicer against any liability that may result if such transfer is not exempt from registration and/or qualification under the Securities Act or other applicable federal and state securities laws or is not made in accordance with such federal and state laws or in accordance with the foregoing provisions of this paragraph.  By its acceptance of an Excess Servicing Fee Right, the holder thereof shall be deemed to have agreed not to use or disclose such information in any manner that could result in a violation of any provision of the Securities Act or other applicable securities laws or that would require registration of such Excess Servicing Fee Right or any Certificate pursuant to the Securities Act.  From time to time following any transfer, sale, pledge or assignment of an Excess Servicing Fee Right, the Servicer with respect to the Mortgage Loan, Companion Loans or any successor Foreclosed Property with respect thereto to which the Excess Servicing Fee Right relates, shall pay, out of the Servicing Fee paid to the Servicer with respect to the Mortgage Loan, Companion Loans or any successor Foreclosed Property, as the case may be, the related Excess Servicing Fee to the holder of such Excess Servicing Fee Right within one Business Day following the payment of such Servicing Fee to the Servicer, in each case in accordance with payment instructions provided by such holder in writing to the Servicer.  The holder of an Excess Servicing Fee Right shall not have any rights under this Agreement except as set forth in the preceding sentences of this paragraph.  None of the Certificate Administrator, the Custodian, the Depositor, the Operating Advisor, 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.

 

With respect to each Collection Period during which the Special Servicer or any of its Affiliates receives any Disclosable Special Servicer Fees, the Special Servicer shall deliver or cause to be delivered to the Servicer on or prior to the related Determination Date, and the Servicer (if it has received such report from the Special Servicer) shall deliver such report to the Certificate Administrator without charge on or prior to the Remittance Date with respect to such Determination Date, an electronic report that discloses and contains an itemized listing of any Disclosable Special Servicer Fees received by the Special Servicer or any of its Affiliates during the related Collection Period.  The Special Servicer and its Affiliates shall be prohibited from receiving or retaining any Disclosable Special Servicer Fees.

 

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Notwithstanding anything herein to the contrary, (i) the Servicer and the Special Servicer shall each be entitled to 50% of any Modification Fees received in connection with the extension of the Maturity Date of the Mortgage Loan to which Special Servicer’s consent is required pursuant to clause (vii)(c) of the definition of Special Servicing Loan Event and (ii) the Servicer and Special Servicer shall each be entitled to 50% of any Modification Fees, assumption fees (excluding assumption application fees) or consent fees related to Major Decisions to the extent the Mortgage Loan is not a Specially Serviced Mortgage Loan.

 

Notwithstanding anything
herein to the contrary, KeyBank National Association may, at its option, assign or pledge to any third party or retain for itself
the Excess Servicing Fee Rights; provided, that in the event of any resignation or termination of such Servicer, all or
any portion of the Excess Servicing Fee Rights may be reduced by the Trustee to the extent reasonably necessary (in the sole discretion
of the Trustee) for the Trustee to obtain a qualified successor servicer that meets the requirements of Section 6.4 and
who requires market-rate servicing compensation that accrues at a per annum rate in excess of the Retained Fee Rate, and any such
assignment of the Excess Servicing Fee Rights shall, by its terms be expressly subject to the terms of this Agreement and such
reduction.  The Servicer shall pay the Excess Servicing Fee to the holder of the Excess Servicing Fee Rights at such time
and to the extent the Servicer is entitled to receive payment of its Servicing Fees hereunder, notwithstanding any resignation
or termination of KeyBank National Association as Servicer hereunder (subject to reduction pursuant to the preceding sentence).

 

3.18.      Reports to the Certificate Administrator; Account Statements. (a)  The Servicer shall prepare, or cause to be prepared, and deliver to the Certificate Administrator, in an electronic format which format is reasonably acceptable to the Certificate Administrator, consistent with Accepted Servicing Practices, not later than (i) 2:00 p.m. (New York time) two Business Days prior to each Distribution Date (or, in the case of any Distribution Date occurring less than four Business Days after the related Determination Date, 5:00 p.m. (New York time) two Business Days prior to such Distribution Date), the CREFC® Loan Periodic Update File and (ii) 5:00 p.m. (New York time) on the Remittance Date immediately preceding each Distribution Date, the remaining CREFC® Reports (except the CREFC® Bond Level File, the CREFC® Special Servicer Loan File, the CREFC® Operating Statement Analysis Report and the CREFC® NOI Adjustment Worksheet).  The Certificate Administrator shall prepare the CREFC® Bond Level File and the CREFC® Collateral Summary File.

 

The Servicer shall make the CREFC® Reports (except the CREFC® Bond Level File, the CREFC® Collateral Summary File, the CREFC® Special Servicer Loan File, the CREFC® Operating Statement Analysis Report and the CREFC® NOI Adjustment Worksheet) available (i) prior to the securitization of a Companion Loan, to the related Companion Loan Holder on each Distribution Date; and (ii) following the securitization of a Companion Loan, to the master servicer of the Other Securitization Trust no later than two Business Days after the Determination Date (but not later than one Business Day following the “determination date” (or other analogous term) for any Other Securitization Trust).

 

The CREFC® Operating Statement Analysis Report and the CREFC® NOI Adjustment Worksheet shall be made available on the Servicer’s internet website (www.keybank.com/Key2CRE) on a calendar quarterly basis within 30 days after the Servicer’s

 

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(or, with respect to a Specially Serviced Mortgage Loan, the Special Servicer who shall promptly provide the CREFC® Operating Statement Analysis Report and the CREFC® NOI Adjustment Worksheet to the Servicer) receipt of the Borrower’s quarterly financials (commencing with the quarter ending March 31, 2020) and annually within 45 days after receipt of the Borrower’s annual financials for the year ending December 31, 2020); provided, with respect to any obligation of the Servicer or the Special Servicer to provide year-end or quarterly analysis or updates, such analysis or updates shall not be required to the extent not required to be provided in the then current applicable CREFC® guidelines.

 

Additionally, the Servicer shall deliver the CREFC® Operating Statement Analysis Report and CREFC® NOI Adjustment Worksheet on a monthly basis to the Certificate Administrator; provided, the Servicer shall have no obligation to update such reports except as set forth in the immediately preceding paragraphs, and no analysis or update shall be required to the extent such analysis or update is not required to be provided under the then-current applicable CREFC® guidelines.

 

(b)          The Servicer shall furnish to the Certificate Administrator in electronic format which format is reasonably acceptable to the Servicer and the Certificate Administrator, the CREFC® Reports produced by it pursuant to this Agreement not later than the time period specified in Section 3.18(a), and thereafter, subject to Section 12.18, if requested by the Rating Agencies pursuant to Section 12.18, furnish to the 17g-5 Information Provider the CREFC® Reports produced by it pursuant to this Agreement (which shall promptly post the same to the 17g-5 Information Provider’s Website).

 

(c)           The Servicer shall produce the reports described in this Section 3.18 solely from information provided to the Servicer by the Borrower pursuant to the Loan Agreement (without modification, interpretation or analysis) or by the Special Servicer, the Mortgage Loan Sellers or Depositor pursuant to this Agreement.  None of the Trustee, the Certificate Administrator, the Servicer, or the Special Servicer shall be responsible for the completeness or accuracy of such information (except that the Servicer shall use efforts consistent with Accepted Servicing Practices to correct patent errors).

 

(d)          Notwithstanding anything contained herein to the contrary, the Servicer and the Special Servicer, as applicable, shall provide to the Companion Loan Holders: (i) all documents, certificates, instruments, notices, reports, operating statements, rent rolls and other information regarding the Whole Loan that such party would be required to deliver to any Controlling Class Certificateholder or Controlling Class Representative pursuant to the terms of this Agreement, (ii) all CREFC® Reports that such party delivers to any other party to this Agreement at the times set forth above, and (iii) any annual statements as to compliance delivered pursuant to Sections 10.8 and 10.9 and any annual independent public accountants’ servicing reports delivered pursuant to Section 10.10.

 

3.19.        Certain Matters Relating to the Intercreditor Agreement.  The Master Servicer (if the Mortgage Loan is not a Specially Serviced Mortgage Loan) or the Special Servicer (if the Mortgage Loan is a Specially Serviced Mortgage Loan), in each case, consistent with Accepted Servicing Practices, shall be entitled to exercise any consent or consultation rights

 

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of the holder of such Mortgage Loan in its capacity as a “Controlling Note Holder” (or any similar term identified in the Intercreditor Agreement) under the Intercreditor Agreement.

 

3.20.        [Reserved].

 

3.21.        Access to Certain Documentation Regarding the Mortgage Loan and Other Information. (a)  The Servicer and the Special Servicer shall provide or cause to be provided to the Certificate Administrator, and the Certificate Administrator shall afford access to the Initial Purchasers, the Depositor, any Certificateholders that are federally insured financial institutions, the Federal Reserve Board, the Federal Deposit Insurance Corporation and the Office of the Comptroller of the Currency and the supervisory agents and examiners of such boards and such corporations, and any other governmental or regulatory body to the jurisdiction of which any Certificateholder is subject, access to the documentation regarding the Mortgage Loan required by applicable regulations of the Federal Reserve Board, Federal Deposit Insurance Corporation, Office of the Comptroller of the Currency or any such governmental or regulatory body, such access being afforded without charge but only upon reasonable prior request and during normal business hours at the offices of the Certificate Administrator, Servicer or Special Servicer, as applicable.  At the election of the 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 Servicer, the Special Servicer or the Certificate Administrator shall be permitted to require payment (other than from the Controlling Class Representative 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.

 

The failure of the Servicer or Special Servicer to provide access as provided in this Section 3.21 as a result of a confidentiality obligation shall not constitute a breach of this Section 3.21.  In connection with providing information pursuant to this Section 3.21, the Servicer and Special Servicer may each (i) affix a reasonable disclaimer to any information provided by it for which it is not the original source (without suggesting liability on the part of any other party hereto); (ii) affix to any information provided by it a reasonable statement regarding securities law restrictions on such information and/or condition access to information on (x) the execution of a confidentiality agreement substantially in the form of Exhibit Z, or (y) execution of a “click-through” confidentiality agreement if such information is being provided through the Servicer’s or Special Servicer’s website; (iii) withhold access to confidential information or any intellectual property; and/or (iv) withhold access to items of information contained in the Servicer Mortgage File for the Whole Loan if the disclosure of such items is prohibited by applicable law or the provisions of any related Loan Documents or would constitute a waiver of the attorney-client privilege.  Notwithstanding any provision of this Agreement to the contrary, the failure of the Servicer or the Special Servicer to disclose any information otherwise required to be disclosed by it pursuant to this Agreement shall not constitute a breach of this Agreement to the extent that the Servicer or the Special Servicer, as the case may be, determines, in its reasonable good faith judgment consistent with the applicable Accepted Servicing Practices, that such disclosure would violate applicable law or any provision of a Loan Document prohibiting disclosure of information with respect to the Whole Loan or the Property, constitute a waiver of the attorney-client privilege on behalf of the Trust or otherwise materially harm the Trust.  Without limiting the generality of the foregoing, the Servicer or

 

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Special Servicer may refrain from disclosing information that it reasonably determines would prejudice the interest of the Certificateholders with respect to a workout or exercise of remedies as to the Whole Loan.

 

(b)          The Depositor hereby authorizes the Certificate Administrator to, and the Certificate Administrator shall, make available to BlackRock Financial Management, Markit, CMBS.com, Bloomberg, L.P., Trepp, LLC, Thomson Reuters Corporation, Moody’s Analytics, and Intex Solutions, Inc. or such other vendor chosen by the Depositor that submits to the Certificate Administrator a certification in the form of Exhibit K-5 to this Agreement, all the Distribution Date Statements, CREFC® Reports and supplemental notices delivered or made available pursuant to Section 8.14(c) to Privileged Persons.

 

3.22.       Inspections. The Servicer shall inspect or cause to be inspected the Property not less frequently than once each year commencing in 2021, so long as a Special Servicing Loan Event is not then continuing; provided, that the Servicer shall not be required to inspect the Property if it has been inspected by the Special Servicer in the preceding 12 months.  The Special Servicer shall inspect or cause to be inspected the Property as applicable and as soon as practicable following the occurrence of a Special Servicing Loan Event and annually thereafter so long as the Whole Loan is a Specially Serviced Mortgage Loan.  The Servicer or the Special Servicer, as applicable, shall also inspect, or cause to be inspected, the Property whenever it receives information that the Property has been damaged, left vacant, or abandoned, or if waste is being committed on the Property.  All such inspections shall be performed in a manner consistent with Accepted Servicing Practices.  The cost of the annual inspections referred to in the first sentence of this paragraph shall be an expense of the Servicer; the cost of all additional inspections referred to in this paragraph shall be a Trust Fund Expense (unless such expense is required to be borne by the Companion Loans pursuant to the terms of the Intercreditor Agreement) and, if paid by the Servicer or Special Servicer, shall constitute a Property Protection Advance.  If funds in the Collection Account allocable to the Junior B Notes pursuant to the terms of the Intercreditor Agreement are insufficient to reimburse any such Property Protection Advance, then any deficiency shall be paid from amounts on deposit in the Collection Account allocable to the Junior A Notes on a Pro Rata and Pari Passu Basis (based on the outstanding principal balances of the Junior A Notes) and then from amounts on deposit in the Collection Account allocable to the Senior Notes, on a Pro Rata and Pari Passu Basis (based on the outstanding principal balances of the Senior Notes), pursuant to the terms of the Intercreditor Agreement.  If such amounts are reimbursed from amounts allocable to the Mortgage Loan, the Servicer or the Special Servicer, as applicable, will be required, after receiving payment from amounts on deposit in the Collection Account allocable to the Mortgage Loan, if any, to (i) promptly notify the Companion Loan Holders and (ii) use commercially reasonable efforts to exercise on behalf of the Issuing Entity the rights of the Issuing Entity under the Intercreditor Agreement to obtain reimbursement for the portion of such amount allocable to the applicable Companion Loans in Note Reverse Sequential Order.  The Servicer or Special Servicer, as the case may be, shall prepare a written report of inspection and deliver it to the Certificate Administrator and the Companion Loan Holders.  The Certificate Administrator shall post such report on the Certificate Administrator’s Website pursuant to Section 8.14(b).

 

3.23.        Advances. (a)  If a Monthly Payment (or an Assumed Monthly Payment, as applicable) (other than the Balloon Payment) or any portion of a Monthly Payment (or an

 

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Assumed Monthly Payment,
as applicable) (other than any Balloon Payment) on the Mortgage Loan has not been received by the close of the Business Day immediately
prior to the Remittance Date (to the extent such Monthly Payment or Assumed Monthly Payment would be allocable to the Mortgage
Loan pursuant to the Intercreditor Agreement), the Servicer, subject to its determination that such amounts would not be Nonrecoverable
Advances, shall make an advance to the Certificate Administrator for deposit into the Distribution Account on such Remittance
Date, in an amount equal to the Monthly Payment or an Assumed Monthly Payment, as applicable, or any such portion of the Monthly
Payment or an Assumed Monthly Payment, as applicable, on such Mortgage Loan that was delinquent as of the close of the Business
Day immediately prior to such Remittance Date, in each case, net of the Servicing Fee (which will not be paid to the Servicer
until the funds in the Collection Account are available for payment of such fee).  The portion of any such Advance that
is equal to any accrued and unpaid CREFC® Intellectual Property Royalty License Fee shall not be deposited
into the Distribution Account but shall instead be remitted directly to CREFC® by the Servicer.  For
the avoidance of doubt, in the event that the amount of interest on the Mortgage Loan is reduced as a result of any modification
to the Mortgage Loan, any future Monthly Payment Advance made with respect to such modified Mortgage Loan shall be in such amounts
as may be required as a result of such reduction.  Neither the Servicer nor the Trustee shall be entitled to interest on
any Monthly Payment Advance on the Mortgage Loan until the related Loan Payment Date has passed and any grace period for late
payments applicable to the Mortgage Loan has expired.  The Servicer shall maintain a record of each Monthly Payment Advance
it has made pursuant to this Section 3.23(a) on the Mortgage Loan and shall notify the Certificate Administrator thereof
in the appropriate CREFC® Reports in order to permit allocation thereof pursuant to Sections 3.4 and
3.5.  In the event that the Servicer does not remit any amounts required to be remitted to the Certificate Administrator
on each Remittance Date (including any amounts required to be remitted pursuant to Section 3.5 and any required Monthly
Payment Advance) to the Certificate Administrator for deposit in the Distribution Account on the Remittance Date, the Servicer
shall pay to the Certificate Administrator interest on such amounts at the federal funds rate for the period from and including
the Remittance Date to but excluding the Distribution Date or, if earlier, the actual remittance date.

 

The Servicer and the Trustee, as applicable, shall be entitled to reimbursement for a Monthly Payment Advance (and interest thereon) and any Administrative Advance (and interest thereon) from any collections on the Whole Loan prior to any distributions to the Certificateholders; provided that such reimbursement shall be deemed allocable first, from amounts due to the Junior B Notes on a Pro Rata and Pari Passu Basis (based on the outstanding principal balances of the Junior B Notes), then from amounts due to the Junior A Notes on a Pro Rata and Pari Passu Basis (based on the outstanding principal balances of the Junior A Notes), and then from amounts due to the Senior Notes on a Pro Rata and Pari Passu Basis (based on the outstanding principal balances of the Senior Notes).

 

At any time that an Appraisal Reduction Amount exists, the amount that would otherwise be required to be advanced by the Servicer in respect of delinquent payments of interest on the Mortgage Loan shall be reduced by multiplying such amount by a fraction, the numerator of which is the then outstanding principal balance of the Mortgage Loan minus the applicable Appraisal Reduction Amount allocated to the Mortgage Loan and the denominator of which is the then outstanding principal balance of the Mortgage Loan.

 

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(b)          
Subject to Section 3.23(e), the Servicer shall advance, to the extent it determines that such amount is recoverable,
all customary and reasonable out-of-pocket costs and expenses incurred by the Servicer or the Special Servicer in the performance
of its servicing obligations, including, but not limited, to the costs and expenses incurred in connection with (i) the preservation,
restoration, operation and protection of the Property which, in the Servicer’s or the Special Servicer’s, as applicable,
sole discretion, exercised in accordance with Accepted Servicing Practices, are necessary to prevent an immediate or material
loss to the Trust Fund’s interest in the Property, (ii) the payment of (A) real estate taxes, assessments and
governmental charges that may be levied or assessed against the Borrower or any of its affiliates or the Property or revenues
therefrom or which become liens on the Property, (B) insurance premiums and (C) the out-of-pocket costs and expenses
of the Servicer or the Special Servicer, as applicable (including, without limitation, reasonable attorneys’ fees and expenses)
to the extent not paid by the Borrower that are incurred in connection with assumption of the Whole Loan or a release of the Property
securing the Whole Loan from the lien of the Mortgage, (iii) any enforcement or judicial proceedings, including foreclosures
and including, but not limited to, court costs, reasonable attorneys’ fees and expenses and costs for third-party experts,
including appraisers and environmental and engineering consultants, and (iv) the management, operation and liquidation of
the Property if the Property is acquired by the Special Servicer or its affiliate in the name of the Trustee on behalf of the
Trust and the Companion Loan Holders (collectively, “Property Protection Advances”). 
In addition, subject to Section 3.23(e), the Servicer shall advance, solely with respect to the Mortgage Loan for
the benefit of the Certificateholders, to the extent it determines such amount is recoverable and to the extent required to be
paid by the Borrower (but not so paid and such failure to pay would result in a shortfall in the amounts distributable to the
Certificateholders), the amount of any Borrower Reimbursable Trust Fund Expenses that would be allocated to the Mortgage Loan
pursuant to the terms of the Intercreditor Agreement; provided, that in no event will Administrative Advances include advances
for such amounts that are otherwise required to be advanced as Property Protection Advances (collectively, “Administrative
Advances”).  During the continuation of a Special Servicing Loan Event, the Special Servicer shall give the Servicer
and the Trustee not less than five Business Days’ written notice before the date on which the Servicer is requested to
make any Property Protection Advance with respect to the Whole Loan or the Foreclosed Property; provided, that only three
Business Days’ written notice shall be required in respect of Property Protection Advances required to be made on an urgent
or emergency basis (which may include, without limitation, Property Protection Advances required to make tax or insurance payments). 
In addition, the Special Servicer shall provide the Servicer with such information in its possession as the Servicer may reasonably
request to enable the Servicer to determine whether a requested Property Protection Advance would constitute a Nonrecoverable
Advance. 

 

Any determination by the Servicer that a Property Protection Advance, if made, will be, or any Property Protection Advance previously made, is, a Nonrecoverable Advance, will be conclusive and binding on the holder of each Companion Loan (and related Other Servicer or Other Trustee).

 

With respect to a Property Protection Advance, the Servicer shall be entitled to reimbursement from any collections on the Whole Loan prior to any distributions to the Certificateholders or the Companion Loan Holders; provided that such reimbursement shall be deemed allocable first from amounts due to the Trust (and therefore the Certificateholders as

 

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beneficial owners thereof) as holder of the Junior B Notes on a Pro Rata and Pari Passu Basis (based on the principal balances of the Junior B Notes), and, then, from amounts due to the Trust (and therefore the Certificateholders as beneficial owners thereof) and the other holders of the Junior A Notes, on a Pro Rata and Pari Passu Basis (based on the principal balances of the Junior A Notes) and, then, from amounts due to the Trust (and therefore the Certificateholders as beneficial owners thereof) and the Senior Non-Trust Note holders as holders of the Senior Notes, on a Pro Rata and Pari Passu Basis (based on the principal balances of the Senior Notes); provided, that the Servicer or the Special Servicer, as applicable, will be required, after receiving payment from amounts on deposit in the Collection Account, if any, to (i) promptly notify the Companion Loan Holders and (ii) use commercially reasonable efforts to exercise on behalf of the Issuing Entity the rights of the Issuing Entity under the Intercreditor Agreement to obtain reimbursement for the portion of such amount allocable to the applicable Companion Loans in Note Reverse Sequential Order.

 

(c)           To the extent the Servicer fails to make an Advance that it is required to make under this Agreement, the Trustee shall be required to make such Advance pursuant to Section 7.6.  It is understood that the obligation of the Servicer and the Trustee (pursuant to Section 7.6) to make such Advances is mandatory, subject to the limitations set forth in this Agreement, and shall continue to apply after any modification or amendment of the Mortgage Loan pursuant to Section 3.24 hereof, beyond the Maturity Date of the Mortgage Loan if a payment default shall have occurred on such date and through any court appointed stay period or similar payment delay resulting from any insolvency of the Borrower or related bankruptcy, notwithstanding any other provision of this Agreement, other than the requirement of recoverability, and shall continue, subject to the requirement of recoverability, until the earlier of (i) the payment in full of the Mortgage Loan and (ii) the date on which the Property becomes liquidated.

 

(d)           Interest on each Advance made by the Servicer or the Trustee shall accrue for each day that such Advance is outstanding at a rate of interest equal to the Prime Rate (the “Advance Rate”) for each such day (or the most recent day on which the Prime Rate was reported, if not reported on such day) on the basis of a year of 360 days and the actual number of days elapsed in a month.  Interest on the Advances shall compound annually.

 

(e)           
Notwithstanding any other provision in this Agreement, the Servicer or the Trustee, as applicable, shall be obligated to make
an Advance only to the extent that the Servicer, the Special Servicer or the Trustee, as applicable, has determined that such
Advance, together with any previous unreimbursed Advances and interest on all those Advances at the Advance Rate, would not constitute
a Nonrecoverable Advance if made.  The Trustee and the Servicer, in that order, shall be entitled to reimbursement for any
such Advances from the Collection Account (provided that, in the case of interest on Property Protection Advances, the
Servicer shall, after receiving payment from amounts on deposit in the Collection Account, if any, promptly notify the Companion
Loan Holders (or, to the extent that a Companion Loan is included in an Other Securitization Trust, the Other Servicer under the
related Other Pooling and Servicing Agreement)) and shall obtain such reimbursement in accordance with Section 3.4(c). 
If the context requires, each reference to the reimbursement or payment of an Advance shall be deemed to include, whether or not
specifically referred to, payment or reimbursement of interest thereon at the Advance Rate through the date of payment or reimbursement.

 

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(f)            The determination by the Servicer or the Trustee, as applicable, that it has made a Nonrecoverable Advance or that any proposed Advance, if made, would constitute a Nonrecoverable Advance, shall be evidenced by the delivery of an Officer’s Certificate to the Certificate Administrator, the Trustee (if such determination is made by the Servicer), the Controlling Class Representative (during any Subordinate Control Period and any Subordinate Consultation Period) and the Companion Loan Holders (or, to the extent that a Companion Loan is included in an Other Securitization Trust, the related Other Servicer and Other Trustee) detailing the reasons for such determination together with, to the extent such information, report or document is in the Servicer’s possession, and, if such information, reports or documents are used by the Servicer to determine that an Advance would be a Nonrecoverable Advance, any related financial information such as related income and expense statements, rent rolls, occupancy status, property inspections and any Appraisals performed within the last twelve (12) months on the Property, any engineers’ reports, environmental surveys, internal final valuations or other information relevant thereto which support such determination.   The determination by the Special Servicer that an Advance is Nonrecoverable or that any proposed Advance, if made, would constitute a Nonrecoverable Advance, shall be evidenced by an Officer’s Certificate to the Servicer, the Certificate Administrator, the Operating Advisor, the Trustee, the Controlling Class Representative (during any Subordinate Control Period or Subordinate Consultation Period) and the Companion Loan Holders (or, to the extent that a Companion Loan is included in an Other Securitization Trust, the related Other Servicer and Other Trustee) detailing the reasons for such determination together with, to the extent such information, report or document is in the Special Servicer’s possession, and, if such information, reports or documents are used by the Special Servicer to determine that an Advance would be a Nonrecoverable Advance, any related financial information such as related income and expense statements, rent rolls, occupancy status, property inspections and any Appraisals performed within the last twelve (12) months on the Property, any engineers’ reports, environmental surveys, internal final valuations or other information relevant thereto which support such determination.  Such Officer’s Certificate shall be made available to any Privileged Person by the Certificate Administrator posting such Officer’s Certificate to the Certificate Administrator’s Website pursuant to Section 8.14(b).  The Servicer or the Trustee, as applicable, shall be entitled to rely conclusively on the Special Servicer’s determination that an Advance is a Nonrecoverable Advance.  The costs of any appraisals, reports or surveys and other information requested by the Servicer or the Trustee establishing an Advance as a Nonrecoverable Advance shall be treated as Trust Fund Expenses (unless such expenses are reimbursed with funds otherwise paid from amounts allocable to the Companion Loans pursuant to the terms of the Intercreditor Agreement), payable from the Collection Account pursuant to Section 3.4(c), and shall constitute a Property Protection Advance if paid by the Servicer or the Trustee from its funds.  If funds in the Collection Account allocable to the Junior B Notes pursuant to the terms of the Intercreditor Agreement are insufficient to reimburse any Property Protection Advance, then any deficiency shall be paid from amounts on deposit in the Collection Account allocable to the Junior A Notes on a Pro Rata and Pari Passu Basis (based on the outstanding principal balances of the Junior A Notes) and then from amounts on deposit in the Collection Account allocable to the Senior Notes, on a Pro Rata and Pari Passu Basis (based on the outstanding principal balances of the Senior Notes), pursuant to the terms of the Intercreditor Agreement.  If such amounts are reimbursed from amounts allocable to the Mortgage Loan, the Servicer or the Special Servicer, as applicable, will be required, after receiving payment from amounts on deposit in the

 

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Collection Account allocable to the Mortgage Loan, if any, to (i) promptly notify the Companion Loan Holders and (ii) use commercially reasonable efforts to exercise on behalf of the Issuing Entity the rights of the Issuing Entity under the Intercreditor Agreement to obtain reimbursement for the portion of such amount allocable to the applicable Companion Loans in Note Reverse Sequential Order (including, if such amounts cannot be recovered from the Whole Loan, from general collections of the related Other Securitization Trust, if applicable).  The Servicer’s determination of nonrecoverability in accordance with the above provisions shall be conclusive and binding on the Trustee and the Certificateholders and the Trustee shall be entitled to rely conclusively thereupon.  In addition, if the Special Servicer determines that the Servicer or the Trustee has made a Nonrecoverable Advance or that any proposed Advance, if made, would constitute a Nonrecoverable Advance, the Servicer and the Trustee shall be entitled to rely conclusively thereupon.  If the Special Servicer requests that the Servicer make an Advance, the Trustee and the Servicer may (but shall not be obligated to) conclusively rely on such request as evidence that such advance is not a Nonrecoverable Advance. The Trustee, in determining whether or not a proposed Advance would be a Nonrecoverable Advance, shall make such determination in its good faith business judgment.

 

(g)           The Servicer and the Trustee are not obligated to advance (i) the Balloon Payment with respect to the Mortgage Loan (but are required to advance the Assumed Monthly Payment) or the Balloon Payment with respect to any Companion Loan, (ii) any Default Interest, (iii) amounts required to cure any damages resulting from Uninsured Causes (except as required pursuant to Section 3.12(c)), any failure of the Property to comply with any applicable law, including any environmental law, or (except in connection with the foreclosure or other acquisition of the Property in accordance with Section 3.12 upon the occurrence of an Event of Default) to investigate, test, monitor, contain, clean up, or remedy an environmental condition present at the Property, (iv) any losses arising with respect to defects in the title to the Property, (v) any costs of capital improvements to the Property other than those necessary to prevent an immediate or material loss to the Trust’s interest in the Property, (vi) any yield maintenance amounts or prepayment premiums, including any Yield Maintenance Premiums, (vii) any monthly payment advances of principal or interest with respect to the Companion Loans or (viii) any administrative advances with respect to the Companion Loans. 

 

(h)           Notwithstanding anything contained herein to the contrary, the Servicer and the Trustee shall each be entitled to make its own determination that a Monthly Payment Advance previously made with respect to the Mortgage Loan is a Nonrecoverable Advance or that any proposed Monthly Payment Advance, if made, would constitute a Nonrecoverable Advance with respect to the Mortgage Loan in accordance with the terms of this Agreement, independently of any determination made by any Other Servicer or Other Trustee under any related Other Pooling and Servicing Agreement in respect of a Companion Loan following the deposit of such Companion Loan into an Other Securitization Trust, and each Other Servicer and Other Trustee, as applicable, shall each make its own determination that a Monthly Payment Advance is or, if made, will be a Nonrecoverable Advance (both as defined in the related Other Pooling and Servicing Agreement) or that any proposed Monthly Payment Advance, if made, would constitute a Nonrecoverable Advance (both as defined in the related Other Pooling and Servicing Agreement) with respect to such Companion Loan, in accordance with the related Other Pooling and Servicing Agreement.  No determination by the Servicer or the Trustee that any such Monthly Payment Advance is a Nonrecoverable Advance shall be binding on the Other

 

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Servicer or the Other Trustee or the holders of any Companion Loan Securities.  No determination by the Other Servicer or the Other Trustee that any Monthly Payment Advance (as defined in the related Other Pooling and Servicing Agreement) is nonrecoverable shall be binding on the Servicer, the Trustee or the Certificateholders.

 

If the Servicer determines that a Monthly Payment Advance would be (if made), or any outstanding Monthly Payment Advance previously made is, a Nonrecoverable Advance, the Servicer shall provide the Other Servicer written notice of such determination.  If the Servicer or Trustee receives written notice by the Other Servicer or the Other Trustee that it has determined, with respect to the Mortgage Loan, that any proposed future Monthly Payment Advance would be, or any outstanding Monthly Payment Advance is, a Nonrecoverable Advance, the Servicer shall use reasonable efforts to consult on a non-binding basis with the Other Servicer or the Other Trustee, as applicable, regarding the circumstances with respect to the Mortgage Loan, but the Servicer or Trustee, as applicable, shall be allowed to make its own recoverability determination.

 

Following a securitization of a Companion Loan, the Servicer shall be required to deliver to the related Other Servicer the following information in accordance with the Intercreditor Agreement:  (i) any loan related information (in the form received), including without limitation CREFC® Reports relating to the Mortgage Loan, applicable to a determination that an Advance is or would be a Nonrecoverable Advance, on the same day such information is provided to the Certificate Administrator, (ii) notice of any Monthly Payment Advance, Property Protection Advance or Administrative Advance it or the Trustee makes with respect to the Mortgage Loan (in the case of any Monthly Payment Advance or Administrative Advance) or the Whole Loan (with respect to any Property Protection Advance) within two (2) Business Days of the making of such Advance and (iii) notice of any determination that any Monthly Payment Advance, Property Protection Advance or Administrative Advance is a Nonrecoverable Advance within two (2) Business Days of the notice provided under Section 3.23(f) above.

 

3.24.        Modifications of Loan Documents. (a)  (i) The Servicer (if no Special Servicing Loan Event has occurred and is continuing) or the Special Servicer (during the existence of a Special Servicing Loan Event) may, subject to the rights of the Controlling Class Representative (during any Subordinate Control Period or Subordinate Consultation Period), modify, waive or amend any term of the Mortgage Loan or the Companion Loans if such modification, waiver or amendment (A) is consistent with Accepted Servicing Practices and (B) does not either (1) cause either the Lower-Tier REMIC or the Upper-Tier REMIC to fail to qualify as a REMIC under the Code or (2) constitute a “significant modification” of the Mortgage Loan pursuant to Treasury Regulations Section 1.860G-2(b) (and the Servicer or the Special Servicer, as applicable, may obtain and be entitled to rely upon an Opinion of Counsel in connection with such determination).  Notwithstanding anything herein to the contrary, in no event may the Servicer or the Special Servicer permit an extension of the Maturity Date beyond the date that is the earlier of (i) seven (7) years prior to the Rated Final Distribution Date and (ii) 20 years prior to the end of the term of the earliest terminating ground lease (including any extensions that are exercisable unilaterally at the option of the Borrower).

 

In connection with the taking of the Property or any portion thereof by exercise of the power of eminent domain or condemnation, if the Loan Documents require the Servicer or

 

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the Special Servicer, as applicable, to calculate the loan-to-value ratio of the remaining Property or the fair market value of the real property constituting the remaining Property, for purposes of REMIC qualification of the Mortgage Loan, then, unless then permitted by the REMIC Provisions, such calculation shall exclude the value of personal property and going concern value, if any.

 

(b)   
      All modifications, waivers or amendments of the Mortgage
Loan or the Companion Loans shall be in writing and shall be effected in a manner consistent with Accepted Servicing
Practices, the REMIC Provisions and the provisions of the Intercreditor Agreement.  The Servicer or the Special
Servicer, as applicable, shall notify the Servicer (if notice is from the Special Servicer), the Special Servicer (if such
notice is from the Servicer), the Operating Advisor, the Trustee, the Certificate Administrator, the Depositor and the
Companion Loan Holders (or, to the extent that a Companion Loan is included in an Other Securitization Trust, the Other
Depositor and Other Servicer under the related Other Pooling and Servicing Agreement), in writing, of any modification,
waiver or amendment of any term of the Mortgage Loan or a Companion Loan and the date thereof, and shall deliver to the
Certificate Administrator (or the Custodian on its behalf) an original recorded (if applicable) counterpart of the agreement
relating to such modification, waiver or amendment within ten (10) Business Days following the execution (with a copy thereof
to the Servicer) and, if applicable, within ten (10) Business Days of the recordation thereof (with a copy thereof to the
Servicer, the Special Servicer and the Companion Loan Holders, as applicable).  If the Servicer or Special
Servicer modifies the interest rate applicable to the Mortgage Loan or a Companion Loan, any aggregate adverse economic
effect of the modification shall be borne by the Junior B Notes on a Pro Rata and Pari Passu Basis, and then by the Junior A
Notes on a Pro Rata and Pari Passu Basis, and then by the Senior Notes on a Pro Rata and Pari Passu Basis, and any such
adverse economic effect allocable to the Mortgage Loan shall be applied to the Certificates in reverse order of
priority.  If the Mortgage Loan is modified, the Mortgage Rate shall not change for purposes of calculating
distributions on the Certificates.  Notwithstanding the foregoing, neither the Servicer nor the Special Servicer shall
modify the Mortgage Rate, the Maturity Date or the timing of payments on the Whole Loan (or any Note forming a part thereof)
unless the Whole Loan is in default or default is reasonably foreseeable.

 

(c)          Any modification, extension, waiver or amendment of the payment terms of the Mortgage Loan and the Companion Loans will be required to be structured to be consistent with the allocation and payment priorities in the related Loan Documents and the Intercreditor Agreement, such that neither the Trust as holder of the Mortgage Loan nor any Companion Loan Holder gains a priority over the other such holder that is not reflected in the related Loan Documents and the Intercreditor Agreement.  Neither the 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 the Whole Loan in a manner that would be inconsistent with the allocation and payment priorities set forth in Section 1.3 of this Agreement or in the Intercreditor Agreement.  Any modification, waiver or amendment with respect to a Companion Loan may be subject to the consent of the related Companion Loan Holder(s) and the Special Servicer as described pursuant to the terms of the Intercreditor Agreement and this Agreement.

 

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(d)           Subject to Section 3.26, any modification of the Loan Documents that requires a Rating Agency Confirmation (including a Companion Loan Rating Agency Confirmation) pursuant to the Loan Documents, or any modification that would eliminate, modify or alter the requirement of obtaining such Rating Agency Confirmation (or Companion Loan Rating Agency Confirmation) in the Loan Documents, shall not be made without the Servicer’s or the Special Servicer’s, as applicable, first receipt of such Rating Agency Confirmation (or Companion Loan Rating Agency Confirmation).  Such Rating Agency Confirmation shall be obtained at the Borrower’s expense in accordance with the Loan Agreement or, if not so provided in the Loan Agreement or if the Borrower does not pay, at the expense of the Trust Fund.

 

(e)            Subject to Section 3.26, prior to implementing any of the actions or decisions contemplated by clauses (vi)-(x) of the definition of “Major Decision” or the approval of securities pursuant to Section 5.1.2(vi)(C) of the Loan Agreement, the Servicer or the Special Servicer shall obtain a Rating Agency Confirmation with respect to such action or decision.  In addition: (i) upon the execution of any assumption agreement, or any amendment, termination or other modification of any ground lease or condominium documentation related to the Property, the Servicer or the Special Servicer, as applicable, shall notify the Rating Agencies of the completion of such action; (ii) with respect to any incurrence of mezzanine financing by any beneficial owner of the Borrower, to the extent that the lender has consent rights pursuant to the Loan Documents (for purposes of the determination whether the lender has such consent rights pursuant to the Loan Documents, any provision in the Loan Documents that requires that an intercreditor agreement be reasonably or otherwise acceptable to the lender will constitute such consent rights)), the Servicer or Special Servicer, as applicable, shall not consent to such mezzanine financing unless the related intercreditor agreement is in compliance with Moody’s published criteria in the paper, dated October 19, 2018, entitled “Mezzanine loan intercreditor agreements have evolved, to mixed credit reviews” for remaining “credit neutral”; and (iii) with respect to the approval of an accounting firm pursuant to Section 5.1.11(b)(i) of the Loan Agreement, the Servicer or Special Servicer, as applicable, shall require that the applicable financial statements be audited by a nationally recognized accounting firm.

 

(f)            Notwithstanding the foregoing, the Servicer and Special Servicer (if a Special Servicing Loan Event is continuing) may, if in accordance with the Accepted Servicing Practices (but without any Rating Agency Confirmation or consent of the Controlling Class Representative or consultation with the Operating Advisor), grant the Mortgage Loan Borrower’s request for consent to subject the Property to an easement, right-of-way or similar agreement for utilities, access, parking, public improvements or another similar purpose and may consent to subordination of the Mortgage Loan or a Companion Loan to such easement, right-of-way or similar agreement.

 

(g)           If the Mortgage Loan permits release of the Property through defeasance:

 

(i)            If the Mortgage Loan requires that the Mortgage Loan Lender purchase the required government securities, then the Servicer shall purchase, or shall cause the purchase of, such obligations on behalf of the Trust, at the Borrower’s expense, in accordance with the terms of the Mortgage Loan; provided, that the Servicer shall not

 

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accept the amounts paid by the Borrower to effect defeasance until acceptable government securities have been identified;

 

(ii)            To the extent not inconsistent with the Mortgage Loan, the Servicer shall require the Borrower to provide an Opinion of Counsel (which shall be an expense of the 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;

 

(iii)          To the extent not inconsistent with the Mortgage Loan, the Servicer shall require a certificate at the 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 the Mortgage Loan in compliance with the requirements of the terms of the related Loan Documents;

 

(iv)          Prior to permitting release of the Property through defeasance, the Servicer shall require an Opinion of Counsel to the effect that such release will not cause either the Lower Tier REMIC or the Upper Tier REMIC to fail to qualify as a REMIC at any time that any Certificates are outstanding or 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, the Borrower shall pay the cost related to the Opinion of Counsel (and shall otherwise be a Property Protection Advance);

 

(v)           No defeasance shall occur on or prior to the second anniversary of the startup date of any REMIC established in connection with the last securitization involving any Note;

 

(vi)          The Servicer shall, at the expense of the Borrower (to the extent not inconsistent with the related Loan Documents), cause the U.S. government securities to be held for the benefit of the Certificateholders, and apply payments of principal and interest received on the government obligations in respect of the defeased Mortgage Loan in accordance with the terms of the Loan Documents;

 

(vii)         The Servicer shall, in accordance with Accepted Servicing Practices, enforce any provisions in the Mortgage Loan requiring the Borrower to pay all reasonable expenses associated with a defeasance;

 

(viii)        To the extent not inconsistent with the Mortgage Loan, or to the extent the Loan Documents provide the Mortgage Loan Lender with discretion, the Servicer shall require a single purpose entity, formed solely for the purpose of owning and pledging the government securities related to the Mortgage Loan, to act as a successor borrower;

 

(ix)           To the extent not inconsistent with the Mortgage Loan, each Rating Agency must provide a Rating Agency Confirmation; and

 

(x)           To the extent not required or permitted to be placed in a separate account, the Servicer shall deposit all payments received by it from defeasance collateral

 

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substituted for the Property into the Collection Account and treat any such payments as payments made on the Mortgage Loan in advance of its Loan Payment Date in accordance with clause (i) of the definition of Regular Principal Distribution Amount, and not as a prepayment of the Mortgage Loan.  Notwithstanding anything herein to the contrary, in no event shall the Servicer permit such amounts to be maintained in the Collection Account for a period in excess of 365 days.

 

Notwithstanding the
foregoing, the Servicer shall not permit the substitution of the Property pursuant to the defeasance provisions of the Mortgage
Loan (or any portion thereof), if any, unless such defeasance complies with Treasury Regulations Section 1.860G-2(a)(8)(ii) and
satisfies the conditions set forth in this Section 3.24(g).  In addition, notwithstanding anything herein or in the
Loan Documents to the contrary, the 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 the Property pursuant to the defeasance provisions of the
Mortgage Loan (or any portion thereof) in lieu of the defeasance collateral specified in the Loan Documents; provided that,
the 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 the Mortgage Loan
pursuant to Treasury Regulations Section 1.860G-2(b) and would not otherwise endanger the status of the Lower-Tier REMIC
or the Upper-Tier REMIC as a REMIC or result in the imposition of a tax upon the Lower-Tier REMIC, the Upper-Tier 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”).

 

3.25.        Servicer and Special Servicer May Own Certificates. The Servicer, the Special Servicer and any agent thereof in its individual or any other capacity may become the owner or pledgee of Certificates with the same rights it would have if it were not the Servicer, the Special Servicer or such agent except as otherwise provided herein subject to the restrictions on voting set forth in the definition of Certificateholder.

 

3.26.        Rating Agency Confirmations; Companion Loan Rating Agency Confirmations. (a)  Notwithstanding the terms of any Loan Documents or other provisions of this Agreement, if any action under any Loan Documents or this Agreement requires a Rating Agency Confirmation as a condition precedent to such action, if the party (the “Requesting Party”) attempting to obtain such Rating Agency Confirmation from each Rating Agency has made a request to any such 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, and 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 a Rating Agency Confirmation, then such Requesting Party shall be required (without providing notice to the 17g-5 Information Provider) to (i) confirm that the applicable Rating Agency has received the Rating Agency Confirmation request, and, if it has not, promptly request the related Rating Agency Confirmation again and (ii) if there is no response to either

 

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Rating Agency Confirmation request within 5 Business Days of such confirmation or such second request (after seeking to confirm that the applicable Rating Agency received such second Rating Agency Confirmation request), as applicable, then (x) with respect to any condition in the Loan Documents requiring a Rating Agency Confirmation or any other matter under this Agreement relating to the servicing of the Mortgage Loan or the Whole Loan (other than as set forth in clause (y) below), the Requesting Party (or, if the Requesting Party is the Borrower, then the Servicer or the Special Servicer, as applicable) will be required to determine, in accordance with its duties under this Agreement and in accordance with Accepted Servicing Practices, whether or not such action would be in the best interest of Certificateholders and the Companion Loan Holders, and if the Requesting Party (or, if the Requesting Party is the Borrower, then the Servicer or the Special Servicer, as applicable) determines that such action would be in the best interest of the Certificateholders and the Companion Loan Holders, then the requirement for a Rating Agency Confirmation shall not apply, for such agency and such matter at such time (provided, that with respect to defeasance, any Rating Agency Confirmation requirement that the Servicer or Special Servicer would have been permitted to waive pursuant to this Agreement will not apply without any such determination by the Requesting Party (or the Servicer or the Special Servicer, as applicable) (it being understood that the Requesting Party (or the Servicer, or the Special Servicer, as applicable) will in any event review the conditions required under the Loan Documents with respect to such defeasance and confirm to its satisfaction in accordance with the Accepted Servicing Practices that such conditions (other than the requirement for a Rating Agency Confirmation) have been satisfied)), and (y) with respect to a replacement of the Servicer or Special Servicer, such condition will not apply if such replacement Servicer or Special Servicer is a Qualified Servicer (provided, that such Servicer or Special Servicer shall be required to certify to the parties hereto as to its status as a Qualified Servicer).  For all other matters or actions (a) not specifically discussed above in clauses (x) or (y) or (b) that are not the subject of a Rating Agency Declination, the applicable Requesting Party shall be required to obtain a Rating Agency Confirmation from each of the Rating Agencies.

 

(b)           Any Rating Agency Confirmation requests made by the Servicer, Special Servicer, Certificate Administrator or the Trustee, as applicable, pursuant to this Agreement, shall be made in writing (an email shall be sufficient as a writing), which writing shall contain a cover page indicating the nature of the Rating Agency Confirmation request, and shall contain all back-up material the Servicer, the Special Servicer, the Certificate Administrator or the Trustee, as applicable, deems necessary for the Rating Agency to process such request.  Subject to Section 12.18, the Servicer, the Special Servicer, the Certificate Administrator or the Trustee, as applicable, shall furnish such written Rating Agency Confirmation to the 17g-5 Information Provider (which shall promptly post the same to the 17g-5 Information Provider’s Website).

 

(c)           Each Certificateholder, by its acceptance of the Certificates, acknowledges and agrees to the foregoing with respect to Rating Agency Confirmations.

 

(d)         Promptly following the Servicer’s or Special Servicer’s determination to take any action discussed in this Section 3.26 following any requirement to obtain a Rating Agency Confirmation being considered satisfied, the 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

 

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notice on the 17g-5 Information Provider’s Website in accordance with Section 12.18 of this Agreement.

 

(e)           Notwithstanding the terms of the related Loan Documents, the other provisions of this Agreement or the Intercreditor Agreement, with respect to the Companion Loans as to which there exists Companion Loan Securities, if any action relating to the servicing and administration of the Whole Loan or any Foreclosed Property (the “Relevant Action”), including, without limitation, the termination, resignation and/or replacement of the Servicer or Special Servicer, requires delivery of a Rating Agency Confirmation as a condition precedent to such action pursuant to this Agreement, then, except as set forth below in this paragraph, such action will also require delivery of a Companion Loan Rating Agency Confirmation as a condition precedent to such action from each Companion Loan Rating Agency.  Each Companion Loan Rating Agency Confirmation shall be sought by the party that is seeking the corresponding Rating Agency Confirmation(s) in connection with the Relevant Action.  The requirement to obtain a Companion Loan Rating Agency Confirmation with respect to any Companion Loan Securities will be subject to, will be permitted to be waived by the 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 party that is seeking the subject Companion Loan Rating Agency Confirmation, shall forward to the Other Servicer and the Other Special Servicer, as applicable, the 17g-5 Information Provider’s counterpart, or such other party or parties (as are agreed to by the Servicer or the Special Servicer, as applicable, and the applicable parties for the related Other Securitization Trust), at the expense of the Other Securitization Trust to the extent not borne by the Borrower, and in such format as the sender and recipient may reasonably agree, (i) the request for such Companion Loan Rating Agency Confirmation at the same time (or prior to the time) that it is sent to the applicable Companion Loan Rating Agency, (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 Companion Loan Rating Agency may reasonably request in connection with such Companion Loan Rating Agency Confirmation promptly following such request.

 

(f)      
    The Certificate Administrator shall, promptly following the written request from the Servicer or the
Special Servicer, provide to the Servicer or the Special Servicer, as applicable, the contact information for the related
Other Servicer, Other Special Servicer, Other Certificate Administrator, Other Trustee any other 17g-5 information provider
for the Other Securitization Trust related to a Companion Loan, solely to the extent actually known to a Responsible Officer
of the Certificate Administrator.

 

(g)           To the extent the Loan Documents permit the incurrence of a PACE Loan, the Servicer and Special Servicer, prior to permitting the incurrence of such PACE Loan, shall receive a Rating Agency Confirmation in accordance with Section 3.26(a) and approval of the Controlling Class Representative if required pursuant to Section 9.3.  The Servicer and Special Servicer, as applicable, shall take all reasonable actions to collect all expenses accrued in connection with such request for a Rating Agency Confirmation from the Borrower on behalf of the Trust Fund.

 

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3.27.        Other Asset Representations Reviewer. If a Companion Loan becomes the subject of an Asset Review pursuant to an Other Pooling and Servicing Agreement, the Servicer, the Special Servicer, the Trustee and the Custodian shall reasonably cooperate with the related Other Asset Representations Reviewer or any other party to the related Other Pooling and Servicing Agreement in connection with such Asset Review by providing such Other Asset Representations Reviewer or such other requesting party any documents reasonably requested by such Other Asset Representations Reviewer or such other requesting party, but only to the extent such documents are in the possession of the Servicer, the Special Servicer, the Trustee or the Custodian, as the case may be.

 

3.28.        Horizontal Credit Risk Retention. (a)  The Third Party Purchaser, prior to its acquisition of the Class HRR Certificates, will be required to enter into an agreement with the Retaining Sponsor (the “Credit Risk Retention Compliance Agreement”).

 

(b)           None of the Servicer, the Special Servicer, the Operating Advisor, the Trustee, the Certificate Administrator or the Custodian shall be obligated to monitor, supervise or enforce the performance of any party under the Credit Risk Retention Compliance Agreement.

 

3.29.        Resignation Upon Prohibited Credit Risk Retention Affiliation. As long as the applicable prohibition under the Credit Risk Retention Rules or the Securities Act exists, upon the occurrence of (i) a Servicing Officer of the Servicer or a Responsible Officer of the Certificate Administrator or the Trustee, as applicable, obtaining actual knowledge that the Servicer, the Certificate Administrator or the Trustee, as applicable, is or has become a Credit Risk Retention Affiliate of the Third Party Purchaser (an “Impermissible TPP Affiliate”), (ii) the Servicer, the Certificate Administrator or the Trustee receiving written notice from any other party to this Agreement, the Third Party Purchaser, any Mortgage Loan Seller or any Initial Purchaser that the Servicer, the Certificate Administrator or the Trustee, as applicable, is or has become an Impermissible TPP Affiliate, or (iii) an officer or manager of the Operating Advisor that is responsible for performing the duties of the Operating Advisor obtaining actual knowledge that it is or has become a Credit Risk Retention Affiliate of the Third Party Purchaser or any other party to this Agreement (an “Impermissible Operating Advisor Affiliate”; and either of an Impermissible TPP Affiliate or an Impermissible Operating Advisor Affiliate being an “Impermissible Credit Risk Retention Affiliate”), then in each such case the Impermissible Credit Risk Retention Affiliate shall promptly notify the Retaining Sponsor and the other parties to this Agreement and resign in accordance with Section 6.4, Section 8.7 or Section 9.5(o), as applicable.  The resigning Impermissible Credit Risk Retention Affiliate shall bear all reasonable out-of-pocket costs and expenses of each other party to this Agreement, the Trust and each Rating Agency in connection with such resignation as and to the extent required under this Agreement; provided, that if the affiliation causing an Impermissible Credit Risk Retention Affiliate is the result of the Third Party Purchaser acquiring an interest in such Impermissible Credit Risk Retention Affiliate or an affiliate of such Impermissible Credit Risk Retention Affiliate, then such costs and expenses will be an expense of the Trust.

 

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4.         PAYMENTS AND STATEMENTS TO CERTIFICATEHOLDERS

 

4.1.           Distributions. (a)  On each Distribution Date, to the extent of Available Funds, amounts held in the Distribution Account shall be withdrawn and paid in the following amounts:

 

first, to the Class A, Class X-A and Class X-B Certificates, on a pro rata basis, based on each such Class’s respective Interest Distribution Amount for such Distribution Date, in respect of interest, up to the Interest Distribution Amount for each such Class and such Distribution Date;

 

second, to the Class A Certificates, in reduction of the Certificate Balance of such Class, up to the Principal Distribution Amount for such Distribution Date until the Certificate Balance of such Class is reduced to zero;

 

third, to the Class A Certificates, up to the amount of all Applied Realized Loss Amounts previously allocated to such Class and not reimbursed on prior Distribution Dates;

 

fourth, to the Class B Certificates, in respect of interest, up to the Interest Distribution Amount for such Class and such Distribution Date;

 

fifth, to the Class B Certificates, in reduction of the Certificate Balance of such Class, up to the Principal Distribution Amount for such Distribution Date (reduced by any portion thereof distributed to a more senior Class) until the Certificate Balance of such Class is reduced to zero;

 

sixth, to the Class B Certificates, up to the amount of all Applied Realized Loss Amounts previously allocated to such Class and not reimbursed on prior Distribution Dates;

 

seventh, to the Class C Certificates, in respect of interest, up to the Interest Distribution Amount for such Class and such Distribution Date;

 

eighth, to the Class C Certificates, in reduction of the Certificate Balance of such Class, up to the Principal Distribution Amount for such Distribution Date (reduced by any portion thereof distributed to a more senior Class) until the Certificate Balance of such Class is reduced to zero;

 

ninth, to the Class C Certificates, up to the amount of all Applied Realized Loss Amounts previously allocated to such Class and not reimbursed on prior Distribution Dates;

 

tenth, to the Class D Certificates, in respect of interest, up to the Interest Distribution Amount for such Class and such Distribution Date;

 

eleventh, to the Class D Certificates, in reduction of the Certificate Balance of such Class, up to the Principal Distribution Amount for such Distribution Date (reduced by any portion thereof distributed to a more senior Class) until the Certificate Balance of such Class is reduced to zero;

 

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twelfth, to the Class D Certificates, up to the amount of all Applied Realized Loss Amounts previously allocated to such Class and not reimbursed on prior Distribution Dates;

 

thirteenth, to the Class E Certificates, in respect of interest, up to the Interest Distribution Amount for such Class and such Distribution Date;

 

fourteenth, to the Class E Certificates, in reduction of the Certificate Balance of such Class, up to the Principal Distribution Amount for such Distribution Date (reduced by any portion thereof distributed to a more senior Class) until the Certificate Balance of such Class is reduced to zero;

 

fifteenth, to the Class E Certificates, up to the amount of all Applied Realized Loss Amounts previously allocated to such Class and not reimbursed on prior Distribution Dates;

 

sixteenth, to the Class HRR Certificates, in respect of interest, up to the Interest Distribution Amount for such Class and such Distribution Date;

 

seventeenth, to the Class HRR Certificates, in reduction of the Certificate Balance of such Class, up to the Principal Distribution Amount for such Distribution Date (reduced by any portion thereof distributed to a more senior Class) until the Certificate Balance of such Class is reduced to zero;

 

eighteenth, to the Class HRR Certificates, up to the amount of all Applied Realized Loss Amounts previously allocated to such Class and not reimbursed on prior Distribution Dates; and

 

nineteenth, to the Class R Certificates (in respect of the Class UT-R Interest), any remaining amounts.

 

In no event will any Class of Certificates receive distributions in reduction of its Certificate Balance (i) that in the aggregate exceed the original Certificate Balance of such Class or (ii) subject to the immediately preceding paragraph, prior to the reduction of the Certificate Balance of each Class of Certificates with an earlier alphabetical and/or numerical designation to such Class to zero.

 

(b)           [Reserved].

 

(c)          On each Distribution Date, each Uncertificated Lower-Tier Interest shall be deemed to receive distributions in respect of principal or reimbursement of Realized Losses in an amount equal to the amount of principal or reimbursement of Realized Losses actually distributable to its respective Related Certificates as provided in Sections 4.1(a), 4.1(c) and 4.1(g).  On each Distribution Date, each Uncertificated Lower-Tier Interest shall be deemed to receive distributions in respect of interest in an amount equal to the Interest Distribution Amount in respect of the Class of Related Certificates, plus, (i) in the case of the Class LA Uncertificated Interest, the Interest Distribution Amount in respect of the Class X-A Certificates and (ii) in the case of the Class LB and Class LC Uncertificated Interests, the Interest Distribution Amount in respect of the Class X-B Certificates, in each case to the extent actually distributable thereon as provided in Section 4.1(a).  Amounts distributable pursuant to this paragraph and any Yield

 

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Maintenance Premium distributed pursuant to Section 4.3(b) are referred to herein collectively as the “Lower-Tier Distribution Amount”, and shall be deemed to be made by the Certificate Administrator by being deemed to deposit such Lower-Tier Distribution Amount into the Upper-Tier Distribution Account on each Distribution Date.

 

As of any date, the principal balance of each Uncertificated Lower-Tier Interest shall equal its Lower-Tier Principal Amount.  The Pass-Through Rate with respect to each Uncertificated Lower-Tier Interest shall be the rate per annum set forth in the Introductory Statement hereto.

 

Any amount that remains in the Lower-Tier Distribution Account on each Distribution Date after distribution of the Lower-Tier Distribution Amount shall be distributed to the Holders of the Class R Certificates (in respect of the Class LT-R Interest, but only to the extent of the amount remaining in the Lower-Tier Distribution Account, if any).

 

Distributions to the Class R Certificateholders (in respect of the Class LT-R Interest) from the Lower-Tier Distribution Account and to the Class R Certificateholders (in respect of the Class UT-R Interest) and to other Certificateholders from the Upper-Tier Distribution Account on each Distribution Date shall be made by the Certificate Administrator to each Certificateholder of record on the related Record Date (other than as provided in Section 11.1 in respect of the final distribution), by wire transfer in immediately available funds to the account of such Certificateholder at a bank or other entity located in the United States and having appropriate facilities therefor; provided that the Certificate Administrator has received appropriate wire transfer instructions therefrom, or by check by first class mail to the address set forth therefor in the Certificate Register if wiring instructions have not been received at least five (5) Business Days prior to the Distribution Date.

 

(d)       
  All amounts distributable to a Class of Certificates pursuant to this Section 4.1 on each Distribution Date
shall be allocated pro rata among the outstanding Certificates in each such Class based on their respective Percentage
Interests.  Such distributions shall be made on each Distribution Date to each Certificateholder of record on the related
Record Date by wire transfer of immediately available funds to the account of such Certificateholder at a bank or other entity
located in the United States and having appropriate facilities therefor provided that the Certificate Administrator has
received appropriate wire transfer instructions therefrom, or by check by first class mail to the address set forth therefor in
the Certificate Register if wiring instructions have not been received at least five (5) Business Days prior to the Distribution
Date.  The final distribution on each Certificate shall be made in like manner, but only upon presentment and surrender of
such Certificate at the location specified by the Certificate Administrator in the notice to Certificateholders of such final
distribution.

 

(e)          The Certificate Administrator shall, as soon as reasonably possible after notice thereof by the Servicer to the Certificate Administrator that the final distribution with respect to any Class of Certificates is expected to be made, mail to each Holder of such Class of Certificates on such date a notice to the effect that:

 

(i)             the Certificate Administrator reasonably expects based upon information previously provided to it that the final distribution with respect to such Class of

 

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Certificates shall be made on such Distribution Date, but only upon presentation and surrender of such Certificates at the office of the Certificate Administrator therein specified; and

 

(ii)            if such final distribution is made on such Distribution Date, no interest shall accrue on such Certificate from and after the Interest Accrual Period related to such Distribution Date.

 

(f)           Any funds not distributed to any Holder or Holders of Certificates of such Class on such Distribution Date because of the failure of such Holder or Holders to tender their Certificates shall, on such date, be set aside and held in trust for the benefit of the appropriate non-tendering Holder or Holders.  If any Certificates as to which notice has been given pursuant to this Section shall not have been surrendered for cancellation within six months after the time specified in such notice, the Certificate Administrator shall mail a second notice to the remaining non-tendering Certificateholders to surrender their Certificates for cancellation to receive the final distribution with respect thereto.  If within one year after the second notice not all of such Certificates shall have been surrendered for cancellation, the Certificate Administrator may, directly or through an agent, take appropriate steps to contact the remaining non-tendering Certificateholders concerning surrender of their Certificates.  The costs and expenses of holding such funds in trust and of contacting such Certificateholders shall be paid out of such funds.  All such amounts shall be held by the Certificate Administrator in trust in accordance herewith until the expiration of a two-year period following such second notice, notwithstanding any termination of the Trust Fund.  If within two years after the second notice any such Certificates shall not have been surrendered for cancellation, the Certificate Administrator shall hold all amounts distributable to the Holders thereof for the benefit of such Holders until the earlier of (i) its termination as Certificate Administrator hereunder and the transfer of such amounts to a successor Certificate Administrator and (ii) the termination of the Trust Fund, at which time all unclaimed funds shall be distributed, subject to applicable escheatment law, to the Depositor.  No interest shall accrue or be payable to any Certificateholder on any amount held in trust hereunder or by the Certificate Administrator as a result of such Certificateholder’s failure to surrender its Certificate(s) for final payment thereof in accordance with this Section 4.1(f).  Any such amounts transferred to the Certificate Administrator will remain uninvested.  In the event the Certificate Administrator is permitted or required to invest any amounts in Permitted Investments under this Agreement in the event of its assumption of the duties of, or becoming the successor to, the Servicer or the Special Servicer, as applicable, in accordance with the terms of this Agreement, it shall invest such amounts in Permitted Investments under clause (i) of the definition of Permitted Investments.

 

(g)       
   Subject to the following sentence, the Certificate Administrator shall be responsible for the calculations with respect
to distributions from the Trust so long as the Trust Fund has not been terminated in accordance with this Agreement; provided,
that the Certificate Administrator shall have no duty to recompile, recalculate or verify the accuracy of information provided
to it by the Servicer pursuant to Section 3.18(a) and, in the absence of manifest error in such information, may conclusively
rely upon it.

 

(h)           On each Distribution Date, Realized Losses with respect to the Mortgage Loan shall be allocated to and applied as a reduction of the Certificate Balance of each Class of

 

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Sequential Pay Certificates in the following order:  first, to the Class HRR Certificates, second, to the Class E Certificates; third, to the Class D Certificates; fourth, to the Class C Certificates, fifth, to the Class B Certificates; and sixth, to the Class A Certificates, in each case to reduce the Certificate Balance of that Class of Certificates, until the Certificate Balance of such Class or Classes has been reduced to zero. 

 

On any Distribution Date, allocations of Applied Realized Loss Amounts to (i) the Class A Certificates shall result in a corresponding reduction in the Notional Amount of the Class X-A Certificates on the same Distribution Date and (ii) the Class B and/or Class C Certificates shall result in a corresponding reduction in the Notional Amount of the Class X-B Certificates on the same Distribution Date. Allocations of Applied Realized Loss Amounts to any Class of Sequential Pay Certificates shall be deemed to result in a corresponding reduction of the Lower-Tier Principal Amount of the Related Uncertificated Lower-Tier Interest.

 

To the extent any Realized Losses are subsequently recovered, the amount of such recovery shall be reimbursed to the applicable Certificateholders in the following order:  first, to the Class A Certificates, second, to the Class B Certificates, third, to the Class C Certificates, fourth, to the Class D Certificates, fifth, to the Class E Certificates, and sixth, to the Class HRR Certificates (and the Related Uncertificated Lower-Tier Interests), in each case up to the amount of unreimbursed Applied Realized Loss Amounts, if any, that have been allocated to such Class of Certificates. 

 

4.2.          Withholding Tax. Notwithstanding any other provision of this Agreement, the Certificate Administrator shall comply with all federal withholding requirements with respect to payments to Certificateholders that the Certificate Administrator reasonably believes are applicable under the Code.  The consent of Certificateholders shall not be required for any such withholding, and each Certificateholder shall be deemed by the acceptance of its Certificate to agree to provide the Certificate Administrator information relating to such Certificateholder solely to the extent necessary for the Certificate Administrator to determine any required withholding amounts.  In the event the Certificate Administrator withholds any amount from interest payments or advances thereof to any Certificateholder pursuant to federal withholding requirements, amounts so withheld shall be treated as having been entirely distributed to such Certificateholder, and the Certificate Administrator shall indicate the amount withheld to such Certificateholder through a report.

 

For the avoidance of doubt, the Collection Account and the Lower-Tier Distribution Account (including interest, if any, earned on the investment of funds in such accounts) will be owned by the Lower-Tier REMIC, and the Upper-Tier Distribution Account (including interest, if any, earned on the investment of funds such account) and the Interest Reserve Account, will be owned by the Upper-Tier REMIC, each for federal income tax purposes.

 

4.3.        Allocation and Distribution of Yield Maintenance Premiums.  Any Yield Maintenance Premiums collected with respect to prepayments of the Mortgage Loan during any particular Collection Period shall be distributed by the Certificate Administrator on the following Distribution Date as follows:

 

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 (a)          
(i) to the Holders of each Class of Sequential Pay Certificates then entitled to distributions of principal for such Distribution
Date, an amount equal to the product of (A) the amount of such Yield Maintenance Premium, (B) a fraction, the numerator of which
is the amount distributed as principal to such Class on that Distribution Date, and the denominator of which is the total amount
distributed as principal to all Classes of Sequential Pay Certificates on that Distribution Date and (C) the Base Interest Fraction
for the related principal prepayment and that Class; (ii) to the Class X-A Certificates, in an amount equal to the excess, if
any, of (a) the product of (I) such Yield Maintenance Premium and (II) a fraction, the numerator of which is equal to the amount
distributed as principal to the Class A Certificates on that Distribution Date, and the denominator of which is the total amount
distributed as principal to the Sequential Pay Certificates on that Distribution Date, over (b) the amount of such Yield Maintenance
Premium distributed to the Class A Certificates as described in clause (i) above, and (iii) to the Class X-B Certificates, in
an amount equal to any remaining portion of such Yield Maintenance Premium not distributed as described above.

 

(b)           All Yield Maintenance Premiums distributable pursuant to Section 4.3(a) shall first be deemed to have been distributed from the Lower-Tier REMIC to the Upper-Tier REMIC in respect of the Related Uncertificated Interest (whether or not the Lower-Tier Principal Amount of such Uncertificated Lower-Tier Interest has been reduced to zero). 

 

(c)           Yield Maintenance Premiums shall first be allocated to the Whole Loan pursuant to the terms of the Intercreditor Agreement and any such amount allocable to the Companion Loans pursuant to the terms of the Intercreditor Agreement shall be distributed to the Companion Loan Holders in accordance with the terms of the Intercreditor Agreement.

 

4.4.         Statements to Certificateholders. (a)        On each Distribution Date, based in part on information provided by the Servicer or the Special Servicer, as applicable, the Certificate Administrator shall prepare and make available on the Certificate Administrator’s Website pursuant to Section 8.14(b) to any Privileged Person (including the Guarantor, the Sponsor, the Property Manager or any Affiliate of any of the foregoing, a Borrower Party, or any agent of any of the foregoing) that certifies that it is a Certificateholder or Beneficial Owner of a Certificate, a statement in respect of the distributions made on such Distribution Date (a “Distribution Date Statement”) setting forth, among other things:

 

(i)             for each Class of Certificates (other than the Class R Certificates), (a) the amount of the distributions made on such Distribution Date allocable to interest at the Pass-Through Rate and/or the amount allocable to principal (separately identifying the amount of any principal payments (specifying the source of such payments)), (b) the amount of any Yield Maintenance Premiums collected on the Mortgage Loan allocable to each Class of Certificates and (c) the amount of interest paid on Advances from Default Interest and allocable to such Class of Certificates;

 

(ii)           if the amount of the distributions to the Holders of each Class of Certificates was less than the full amount that would have been distributable to such holders if there had been sufficient Available Funds, the amount of the shortfall allocable to such Class of Certificates, stating separately the amounts allocable to interest and principal;

 

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(iii)          the amount of any Monthly Payment Advance, Property Protection Advance or Administrative Advance for such Distribution Date;

   

(iv)        the Certificate Balance or Notional Amount, as applicable, of each Class of Certificates (other than the Class R Certificates) after giving effect to any distribution in reduction of the Certificate Balance or Notional Amount, as applicable, on such Distribution Date, the allocation of Realized Losses on such Distribution Date, and the amount of Realized Losses allocated to each Class;

 

(v)           the principal balance of the Mortgage Loan as of the end of the Collection Period for such Distribution Date;

 

(vi)           the aggregate amount of unscheduled payments made during the related Collection Period;

 

(vii)         a statement as to whether the Mortgage Loan was modified, extended or waived during the related Collection Period (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);

 

(viii)        the amount of the servicing compensation (other than the Servicing Fee) paid to the Servicer and the Special Servicer with respect to such Distribution Date, separately listing any Liquidation Fees or Workout Fees and any other Borrower charges retained by the Servicer or Special Servicer and the amount of compensation paid to the Servicer, the Special Servicer, the Operating Advisor and the Certificate Administrator, separately listing the Certificate Administrator Fee, the Operating Advisor Fee and the Special Servicing Fee, and the amount of compensation paid to CREFC® listing the CREFC® Intellectual Property Royalty License Fee with respect to such Distribution Date;

 

(ix)           the number of days the Borrower is delinquent in the event that the Borrower is delinquent at least 30 days and the date upon which any foreclosure proceedings have been commenced;

 

(x)            whether the Property as of the close of business on the Loan Payment Date immediately preceding such Distribution Date had become a Foreclosed Property;

 

(xi)           information with respect to any declared bankruptcy of the Borrower or the Property Manager;

 

(xii)         as to any item of Collateral released, liquidated or disposed of during the preceding Collection Period, the identity of such item and the amount of proceeds of any liquidation or other amounts, if any, received therefrom during the related Collection Period;

 

(xiii)         statement as to whether the Mortgage Loan was defeased since the previous Determination Date;

 

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(xiv)         the aggregate amount of all Advances, if any, not yet reimbursed;

 

(xv)          the amount of any reimbursement of Nonrecoverable Advances paid to the Servicer;

 

(xvi)        any Appraisal Reduction Amount or Collateral Deficiency Amount and the amount of the Appraisal Reduction Amount or Collateral Deficiency Amount allocated to the Mortgage Loan as of such Distribution Date;

 

(xvii)        an itemized listing of any Disclosable Special Servicer Fees received by the Special Servicer or any of its Affiliates during the related Collection Period;

 

(xviii)       the amount of Default Interest, if any, and late payment charges, if any, paid by the Borrower during the related Collection Period;

 

(xix)         the original rating of each Class of Certificates and the current rating of each Class of Certificates;

 

(xx)          the aggregate amount of Borrower Reimbursable Trust Fund Expenses; and

 

(xxi)        a statement that there is available on the Certificate Administrator’s Website information regarding ongoing compliance by the Retaining Party with certain specified provisions of the Credit Risk Retention Rules.

 

The Depositor, the Trustee, the Certificate Administrator, the Operating Advisor, the Servicer and the Special Servicer may agree to enhance the reporting requirements of the Distribution Date Statement without Certificateholder approval.  Assistance in using the Certificate Administrator’s Website can be obtained by calling the Certificate Administrator’s customer service desk at (866) 846-4526.

 

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, a statement containing the information set forth in clauses (i), (ii), (vi) and (xviii) above as to the applicable Class, aggregated for such calendar year or applicable portion of such year during which such Person was a Certificateholder, together with such other information as the Certificate Administrator deems necessary or desirable, or that a Certificateholder or Beneficial Owner of a Certificate reasonably requests, to enable Certificateholders to prepare their tax returns for such calendar year.  Such obligation of the Certificate Administrator shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Certificate Administrator pursuant to any requirements of the Code as from time to time are in force.

 

Absent manifest error, the Certificate Administrator will be entitled to rely on all information provided to it by the Servicer or the Special Servicer without independent verification, and the Servicer, the Special Servicer, the Trustee and the Certificate Administrator will be entitled to rely on information supplied by the Borrower without independent verification.

 

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The Certificate Administrator shall include on each Distribution Date Statement a statement that each Certificateholder and Beneficial Owner of Certificates may access any notice of a request of a vote to terminate and replace the Special Servicer on the Certificate Administrator’s Website, and each Certificateholder and Beneficial Owner of Certificates may register to receive email notifications when such notices are posted on the Certificate Administrator’s Website.  The Certificate Administrator will be entitled to reimbursement from the requesting Certificateholders for the reasonable expenses of posting notices of such requests.

 

(b)          The Certificate Administrator shall, on each Distribution Date make the Distribution Date Statement available to Privileged Persons pursuant to Section 8.14(b).  The Certificate Administrator’s obligation to provide such information to Certificateholders and others shall be contingent on the Certificate Administrator’s receipt of such information from the Servicer and the Special Servicer, as applicable.  The Certificate Administrator shall be entitled to rely on such information provided to it by the Servicer or the Special Servicer without independent verification.  To the extent that the information required to be furnished by the Servicer is based on information required to be provided by the Borrower or the Special Servicer, the Servicer’s obligation to furnish such information to the Certificate Administrator shall be contingent on its receipt of such information from the Borrower or the Special Servicer, as applicable.  To the extent that information required to be furnished by the Special Servicer is based on information required to be provided by the Borrower, the Special Servicer’s obligation to furnish such information shall be contingent upon its receipt of such information from the Borrower.  The Servicer, the Special Servicer, the Trustee and the Certificate Administrator shall be entitled to rely on information supplied by the Borrower without independent verification.

 

The Certificate Administrator shall, to the extent provided to it by the Servicer in electronic format, make available to Privileged Persons pursuant to Section 8.14(b) reports or analyses of net operating income from the Property.  Such net operating income reports or analyses shall be prepared pursuant to Section 3.18 hereof by the Servicer in CREFC® format based on the quarterly, annual and periodic statements and rent rolls with respect to the Property obtained by the Servicer from the Borrower.

 

If so authorized by the Depositor, the Certificate Administrator may make available on the Certificate Administrator’s Website to any Privileged Person certain other information with respect to the Mortgage Loan (subject to the limitations of Section 8.14).

 

In addition, the Certificate Administrator shall make available on the Certificate Administrator’s Website such information as set forth in Section 8.14(b) herein.  The Certificate Administrator may require payment for the reasonable costs and expenses of providing the copies and may also require a confirmation executed by the requesting Person, in a form reasonably acceptable to the Certificate Administrator, to the effect that the Person making the request is a Beneficial Owner or prospective purchaser of Certificates, is requesting the information solely for use in evaluating its investment in the Certificates and will otherwise keep the information confidential.  Certificateholders, by the acceptance of their Certificates, shall be deemed to have agreed to keep this information confidential.

 

4.5.        Investor Q&A Forum and Investor Registry. (a)  The Certificate Administrator shall make available to Privileged Persons only, the Investor Q&A Forum.  The

 

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“Investor Q&A Forum” shall be a service available on the Certificate Administrator’s Website, where Privileged Persons may (i) submit questions to the Certificate Administrator relating to the Distribution Date Statement, or submit questions to be forwarded to the Servicer or the Special Servicer, as applicable, relating to the reports being made available pursuant to Section 8.14(b)(ii)(B) and 8.14(b)(iii)(A)(B) and (C), the Mortgage Loan, the Companion Loans or the Property, or to be forwarded to the Operating Advisor relating to the Operating Advisor Annual Report or other reports prepared by the Operating Advisor or actions by the Special Servicer referenced in any Operating Advisor Annual Report (each, an “Inquiry” and collectively, “Inquiries”), and (ii) view Inquiries that have been previously submitted and answered, together with the answers thereto.  Upon receipt of an Inquiry for the Servicer or the Special Servicer, the Operating Advisor, the Certificate Administrator shall forward the Inquiry to the appropriate person at the Servicer, the Special Servicer or the Operating Advisor, as applicable, in each case via email within a reasonable period of time following receipt thereof.  Following receipt of an Inquiry, the Certificate Administrator, the Servicer, the Special Servicer or the Operating Advisor, as applicable, unless it determines not to answer such Inquiry as provided below, shall reply to the Inquiry, which in the case of a reply of the Servicer or Special Servicer shall be by email to the Certificate Administrator.   The Certificate Administrator shall post (within a commercially reasonable period of time following preparation or receipt of such answer, as the case may be) such Inquiry and the related answer to the Certificate Administrator’s Website.  If the Certificate Administrator, Servicer, Special Servicer or Operating Advisor determines, in its respective sole discretion, that (i) any Inquiry is not of a type described above, (ii) answering any Inquiry would not be in the best interests of the Trust Fund and/or the Certificateholders, (iii) answering any Inquiry would be in violation of applicable law, the Loan Documents or this Agreement, (iv) answering any Inquiry would, or is, reasonably expected to result in a waiver of attorney client privilege or the disclosure of attorney work-product; (v) answering any Inquiry would materially increase the duties of, or result in significant additional cost or expense to, the Certificate Administrator, Servicer, Special Servicer or Operating Advisor, as applicable, (vi) answering any Inquiry would require the disclosure of Privileged Information (subject to the Privileged Information Exception) or (vii) answering any Inquiry is otherwise, for any reason, not advisable, it shall not be required to answer such Inquiry and, in the case of the Servicer, Special Servicer or Operating Advisor, shall promptly notify the Certificate Administrator.  The Certificate Administrator shall notify the Person who submitted such Inquiry in the event that the Inquiry will not be answered.  Any notice by the Certificate Administrator to the Person who submitted an Inquiry that will not be answered shall include the following statement: “Because the Trust and Servicing Agreement provides that the Certificate Administrator, Servicer, Special Servicer or Operating Advisor shall not answer an Inquiry if it determines, in its respective sole discretion, that (i) any Inquiry is not of a type described in the Trust and Servicing Agreement, (ii) answering any Inquiry would not be in the best interests of the Trust and/or the Certificateholders, (iii) answering any Inquiry would be in violation of applicable law or the Loan Documents, (iv) answering any Inquiry would, or is, reasonably expected to result in a waiver of attorney client privilege or the disclosure of attorney work-product, (v) answering any Inquiry would materially increase the duties of, or result in significant additional cost or expense to, the Certificate Administrator, Servicer, Special Servicer or Operating Advisor, as applicable, (vi) answering any Inquiry would require the disclosure of Privileged Information (subject to the Privileged Information Exception) or (vii) answering any Inquiry is otherwise, for any reason, not advisable to answer, no inference should be drawn from

 

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the fact that the Certificate Administrator, Servicer, Special Servicer or Operating Advisor has declined to answer the Inquiry.” Answers posted on the Investor Q&A Forum will be attributable only to the respondent, and shall not be deemed to be answers from any of the Depositor, the Initial Purchasers or the Certificate Administrator (as applicable) or any of their respective affiliates.   None of the Initial Purchasers, the Depositor, or any of their respective affiliates will certify to any of the information posted in the Investor Q&A Forum and no such party shall have any responsibility or liability for the content of any such information.  The Certificate Administrator shall not be required to post to the Certificate Administrator’s Website any Inquiry or answer thereto that the Certificate Administrator determines, in its sole discretion, is administrative or ministerial in nature.  No party shall post or otherwise disclose information known to such party to be Privileged Information; provided, that the Certificate Administrator shall have no obligation to review any inquiry or answer received by it for posting to the Investor Q&A Forum to determine if such inquiry or answer contains any Privileged Information, or otherwise to consult with the party from whom such Inquiry or answer is received to confirm the same, and the Certificate Administrator shall have no liability in connection with its posting to the Investor Q&A Forum of any Inquiry or answer containing such direct communication. The Investor Q&A Forum will not reflect questions, answers and other communications that are not submitted via the Certificate Administrator’s Website.  In addition to the Certificate Administrator’s receipt of the Investor Certification to confirm that such Person is a Privileged Person, the Certificate Administrator may require acceptance of an additional waiver and disclaimer for access to the Investor Q&A Forum.

 

(b)          The Certificate Administrator shall make available to any Certificateholder and any Beneficial Owner, the Investor Registry.  The “Investor Registry” shall be a voluntary service via the Certificate Administrator’s Website, where Certificateholders and Beneficial Owners can register and thereafter obtain information with respect to any other Certificateholder or Beneficial Owner that has so registered.  Any Person registering to use the Investor Registry shall certify that (a) it is a Certificateholder or a Beneficial Owner and (b) it grants authorization to the Certificate Administrator to make its name and contact information available on the Investor Registry for at least forty-five (45) days from the date of such certification to other registered Certificateholders and registered Beneficial Owners and such other certifications as the Certificate Administrator may require.  Such Person shall then be asked to provide certain mandatory fields such as the individual’s name, the company name and email address, as well as certain optional fields such as address, phone, and Class(es) of Certificates owned.  If any Certificateholder or Beneficial Owner notifies the Certificate Administrator in writing that it wishes to be removed from the Investor Registry (which notice may not be within forty-five (45) days of its registration), the Certificate Administrator shall promptly remove it from the Investor Registry.  The Certificate Administrator will not be responsible for verifying or validating any information submitted on the Investor Registry, or for monitoring or otherwise maintaining the accuracy of any information thereon.  In addition to the Certificate Administrator’s receipt of the Investor Certification to confirm that such Person is a Privileged Person, the Certificate Administrator may require acceptance of a waiver and disclaimer for access to the Investor Registry. 

 

(c)           An Investor Certification is required for any Person to access the Certificate Administrator’s Website and to receive other information available pursuant to this Agreement, and the Investor Certification will be substantially in the form of one or more

 

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exhibits to this Agreement or may be in the form of an electronic certification contained on the Certificate Administrator’s Website.  Investor Certifications may be submitted electronically via the Certificate Administrator’s Website.  The Certificate Administrator may require that Investor Certifications be resubmitted from time to time in accordance with its policies and procedures.

 

5.         THE CERTIFICATES

 

5.1.         The Certificates. (a)  The Certificates shall be issued in substantially the respective forms set forth as Exhibits A-1 through A-7 hereto, with such appropriate insertions, omissions, substitutions and other variations as are required or permitted by this Agreement or as may, in the reasonable judgment of the Certificate Registrar, be necessary, appropriate or convenient to comply, or facilitate compliance, with applicable laws, and may have such letters, numbers or other marks of identification and such legends or endorsements placed thereon as may be required by law, or as may, consistently herewith, be determined by the officers executing such Certificates, as evidenced by their execution thereof.

 

(b)           The Certificates of each Class of Sequential Pay Certificates shall be issued in minimum denominations of $10,000 initial Certificate Balance and integral multiples of $1,000 initial Certificate Balance in excess of $10,000.  If the Original Certificate Balance of any Class of Sequential Pay Certificates does not equal an integral multiple of $1,000, then a single additional Certificate of such Class may be issued in a minimum denomination of authorized Original Certificate Balance that includes the excess of (i) the Original Certificate Balance of such Class over (ii) the largest integral multiple of $1,000 that does not exceed such amount.  The Certificates of the Class X Certificates shall be issued in minimum denominations of $1,000,000 initial Notional Amount and integral multiples of $1 initial Notional Amount in excess of $1,000,000. The Class R Certificates shall be issued, maintained and transferred in minimum percentage interests of 10% of each such Class R Certificates and in integral multiples of 1% in excess of 10%.

 

(c)            One authorized signatory shall sign the Certificates for the Certificate Registrar by manual or facsimile signature.  If an authorized signatory whose signature is on a Certificate no longer holds that office at the time the Certificate Registrar countersigns the Certificate, the Certificate shall be valid nevertheless.  A Certificate shall not be valid until an authorized signatory of the Certificate Registrar (who may be the same officer who executed the Certificate) manually countersigns the Certificate.  The signature shall be conclusive evidence that the Certificate has been executed and countersigned under this Agreement.

 

5.2.          Form and Registration. (a)  Each Class of the Certificates (other than the Class HRR and Class R Certificates) sold to non-U.S. persons (within the meaning of Regulation S under the Act) in offshore transactions in reliance on Regulation S under the Act shall be initially be represented by a temporary global certificate in definitive, fully registered form without interest coupons, substantially in the applicable form set forth as an exhibit hereto (each a “Temporary Regulation S Global Certificate”), which shall be deposited on the Closing Date on behalf of the purchasers of the Certificates represented thereby with the Certificate Registrar, at its Corporate Trust Office, as custodian, for the Depository, and registered in the name of the Depository or the nominee of the Depository for the account of designated agents holding on behalf of the Euroclear System (“Euroclear”) and/or Clearstream Banking, société anonyme

 

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(“Clearstream”). 
Prior to the expiration of the 40-day period commencing on the later of the commencement of the offering and the Closing Date
(the “Restricted Period”), beneficial interests in each Temporary Regulation S
Global Certificate may be held only through Euroclear or Clearstream.  After the expiration of the Restricted Period, a beneficial
interest in a Temporary Regulation S Global Certificate may be exchanged for a beneficial interest in the related permanent
global certificate of the same Class (a “Regulation S Global Certificate”)
in definitive, fully registered form without interest coupons as set forth as an exhibit hereto in accordance with the procedures
set forth in Section 5.3(f).  During the Restricted Period, distributions due in respect of a beneficial interest
in a Temporary Regulation S Global Certificate shall only be made upon delivery to the Certificate Registrar by Euroclear
or Clearstream, as applicable, of a Non-U.S. Beneficial Ownership Certification.  After the expiration of the Restricted
Period, distributions due in respect of any beneficial interests in a Temporary Regulation S Global Certificate shall not
be made to the holders of such beneficial interests unless exchange for a beneficial interest in the Regulation S Global
Certificate of the same Class is improperly withheld or refused.  The aggregate Certificate Balance of a Temporary Regulation S
Global Certificate or a Regulation S Global Certificate may from time to time be increased or decreased by adjustments made
on the records of the Certificate Registrar, as custodian for the Depository, as hereinafter provided.

 

On the Closing Date, the Certificate Administrator shall execute, the Authenticating Agent shall authenticate, and the Certificate Administrator shall deliver to the Certificate Registrar the Regulation S Global Certificates, which shall be held by the Certificate Registrar for purposes of effecting the exchanges contemplated by the preceding paragraph.

 

(b)           Certificates of each Class (other than the Class R Certificates and the Class HRR Certificates during the Class HRR Certificate Transfer Restriction Period) offered and sold to QIBs in reliance on Rule 144A under the Act (“Rule 144A”) shall be represented by a single, global certificate in definitive, fully registered form without interest coupons, substantially in the applicable form set forth as an exhibit hereto (each, a “Rule 144A Global Certificate” and, together with the Temporary Regulation S Global Certificates and the Regulation S Global Certificates, the “Global Certificates”), which shall be deposited with the Certificate Registrar or an agent of the Certificate Registrar, as custodian for the Depository, and registered in the name of the Depository or a nominee of the Depository.  The aggregate Certificate Balance of a Rule 144A Global Certificate may from time to time be increased or decreased by adjustments made on the records of the Certificate Registrar, as custodian for the Depository, as hereinafter provided.

 

(c)           (i) Certificates of each Class that are initially offered and sold to investors that are Institutional Accredited Investors that are not QIBs, (ii) the Class R Certificates and (iii) the Class HRR Certificates at all times during the Class HRR Certificate Transfer Restriction Period (collectively, the “Non-Book Entry Certificates”) shall be in the form of Definitive Certificates, substantially in the applicable form set forth as an exhibit hereto, and shall be registered in the name of such investors or their nominees by the Certificate Registrar who shall deliver the certificates for such Non-Book Entry Certificates to the respective beneficial owners or owners.

 

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(d)   
      Owners of beneficial interests in Global Certificates of any Class shall not be entitled to receive
physical delivery of certificated Certificates unless:  (i) the Depository advises the Certificate Registrar in writing
that the Depository is no longer willing or able to discharge properly its responsibilities as depository with respect to the
Global Certificates of such Class or ceases to be a Clearing Agency, and the Certificate Registrar and the Depository are unable
to locate a qualified successor within 90 days of such notice or (ii) the Trustee has instituted or has been directed to
institute any judicial proceeding to enforce the rights of the Holders of such Class and the Trustee has been advised by counsel
that in connection with such proceeding it is necessary or appropriate for the Certificate Registrar to obtain possession of the
Certificates of such Class; provided, that under no circumstances will certificated Certificates be issued to beneficial
owners of a Temporary Regulation S Global Certificate.  Upon notice of the occurrence of any of the events described
in clause (i) or (ii) above with respect to any Certificates of a Class that are in the form of Global Certificates and upon
surrender by the Depository of any Global Certificate of such Class and receipt from the Depository of instructions for reregistration,
the Certificate Registrar shall issue Certificates of such Class in the form of Definitive Certificates (bearing, in the case
of a Definitive Certificate issued for a Rule 144A Global Certificate, the same legends regarding transfer restrictions borne
by such Global Certificate), and thereafter the Certificate Registrar shall recognize the holders of such Definitive Certificates
as Certificateholders under this Agreement.

 

(e)          During the Class HRR Certificate Transfer Restriction Period, the Class HRR Certificates shall only be held as one or more Definitive Certificates in the Third Party Purchaser Safekeeping Account by the Certificate Administrator (and the Retaining Party’s interest therein shall be tracked in the form of an entry in the Certificate Administrator’s trust accounting system under the Third Party Purchaser Safekeeping Account), for the benefit of the Holder of the related Certificate.  The Certificate Administrator shall hold the Class HRR Certificates in safekeeping and shall release or transfer (subject to Section 5.3(i)) any Definitive Certificate evidencing the same (and, in the case of a transfer, replace or substitute the physical certificate being held by the Certificate Administrator) only upon receipt of written instructions from the Holder thereof with the consent of the Retaining Sponsor and the Depositor, and in accordance with any authentication procedures as may be utilized by the Certificate Administrator and in accordance with this Agreement.  In connection with the transfer or release, as applicable, of any Definitive Certificate evidencing a Class HRR Certificate, the Certificate Administrator shall deliver such Definitive Certificate to (or at the direction of) the Holder thereof, via overnight delivery, by any nationally recognized courier, to the location designated by such Holder. After the release of any such Definitive Certificate, the Certificate Administrator shall have no liability with respect to the safekeeping of such Definitive Certificate. The Certificate Administrator shall be indemnified and held harmless for any such release in accordance with Section 8.12 hereof.  There shall be, and hereby is, established by the Certificate Administrator an account which will be designated the “Third Party Purchaser Safekeeping Account” and into which the Class HRR 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 Third Party Purchaser Safekeeping Account for the Retaining Party.  The Class HRR Certificates to be delivered in physical form to the Certificate Administrator shall be delivered as set forth herein. No amounts distributable to the Class HRR Certificates shall be remitted to the Third Party Purchaser Safekeeping Account, but shall be remitted directly to the Holder of the Class HRR Certificates

 

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in accordance with written instructions provided separately by the Holder of the Class HRR Certificates to the Certificate Administrator.  Under no circumstances by virtue of safekeeping the Class HRR Certificates shall the Certificate Administrator be obligated to bring legal action or institute proceedings against any person on behalf of the Holder of the Class HRR Certificates. During the Class HRR Certificates Transfer Restriction Period and for such longer time as the Holder of the Class HRR Certificates may request, the Certificate Administrator shall hold the Definitive Certificate representing the Class HRR Certificates at the below location, or any other location; provided the Certificate Administrator has given notice to the Holder of the Class HRR Certificates of such new location:

 

Wells Fargo Bank, N.A. 

Attn: Security Control and Transfer (SCAT) – MAC N9345-010 

425 E Hennepin Avenue 

Minneapolis, Minnesota 55414

 

On the Closing Date and upon the transfer of the Class HRR Certificates pursuant to Section 5.3(i), the Certificate Administrator shall deliver written confirmation to the Depositor, the Retaining Sponsor and the initial Third Party Purchaser substantially in the form of Exhibit X to this Agreement evidencing its receipt of the Class HRR Certificates.

 

The Certificate Administrator shall make available to the Holder of the Class HRR Certificates its account information as mutually agreed upon by the Certificate Administrator and the Holder of the Class HRR Certificates, and in accordance with the Certificate Administrator’s policies and procedures.  Any transfer of the Class HRR Certificates shall be subject to Section 5.3(g) and Section 5.3(i). 

 

Notwithstanding anything to the contrary, the provisions of this Section 5.2(e) shall only apply while the Certificate Administrator holds the Definitive Certificate evidencing the Class HRR Certificates in the Third Party Purchaser Safekeeping Account.

 

5.3.         Registration of Transfer and Exchange of Certificates. (a)  The Certificate Administrator shall keep or cause to be kept at the Corporate Trust Office books (the “Certificate Register”) in which, subject to such reasonable regulations as it may prescribe, the Certificate Administrator shall provide for the registration of Certificates and of transfers and exchanges of Certificates as herein provided (the Certificate Administrator, in such capacity, being the “Certificate Registrar”).  In such capacity, the Certificate Administrator shall be responsible for, among other things, (i) maintaining the Certificate Register and a record of the aggregate holdings of Certificates of each Class represented by a Temporary Regulation S Global Certificate, a Regulation S Global Certificate and a Rule 144A Global Certificate and accepting Certificates for exchange and registration of transfer, (ii) holding the Class HRR Certificates as Definitive Certificates on behalf of each Holder of such Class and (iii) transmitting to the Depositor, the Trustee, the Servicer, the Special Servicer and the Operating Advisor any notices from the Certificateholders.

 

(b)           Subject to the restrictions on transfer set forth in this Article 5, upon surrender for registration of transfer of any Certificate, the Certificate Registrar shall execute,

 

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authenticate and deliver, in the name of the designated transferee or transferees, one or more new Certificates in authorized denominations, in like aggregate interest and of the same Class.

 

(c)           Rule 144A Global Certificate to Temporary Regulation S Global Certificate.  If a holder of a beneficial interest in the Rule 144A Global Certificate deposited with the Certificate Registrar as custodian for the Depository wishes at any time to exchange its interest in such Rule 144A Global Certificate for an interest in the Temporary Regulation S Global Certificate of the same Class, or to transfer its interest in such Rule 144A Global Certificate to an entity that is required to take delivery thereof in the form of an interest in the Temporary Regulation S Global Certificate of the same Class, such holder may, subject to the rules and procedures of the Depository, exchange or cause the exchange of such interest for an equivalent beneficial interest in such Temporary Regulation S Global Certificate.  Upon receipt by the Certificate Registrar, as registrar, at its office designated in Section 5.7 hereof, of (1) instructions given in accordance with the Depository’s procedures from a Depository Participant directing the Certificate Registrar to credit, or cause to be credited, a beneficial interest in the Temporary Regulation S Global Certificate in an amount equal to the beneficial interest in the Rule 144A Global Certificate to be exchanged, (2) a written order given in accordance with the Depository’s procedures containing information regarding the Euroclear or Clearstream account to be credited with such increase and the name of such account and (3) a certificate in the form of Exhibit C hereto given by the holder of such beneficial interest stating that the transfer of such interest has been made in compliance with the transfer restrictions applicable to the Global Certificates and pursuant to and in accordance with Regulation S, then the Certificate Registrar shall instruct the Depository to reduce, or cause to be reduced, the Certificate Balance of the Rule 144A Global Certificate and to increase, or cause to be increased, the Certificate Balance of the Temporary Regulation S Global Certificate by the aggregate Certificate Balance of the beneficial interest in the Rule 144A Global Certificate to be exchanged, to credit or cause to be credited to the account of the entity specified in such instructions (who shall be the agent member of Euroclear or Clearstream, or both) a beneficial interest in the Temporary Regulation S Global Certificate equal to the reduction in the Certificate Balance of the Rule 144A Global Certificate, and to debit, or cause to be debited, from the account of the Person making such exchange or transfer the beneficial interest in the Rule 144A Global Certificate that is being exchanged or transferred.

 

(d)    
     Rule 144A Global Certificate to Regulation S Global Certificate.  If a holder of
a beneficial interest in the Rule 144A Global Certificate deposited with the Certificate Registrar as custodian for the Depository
wishes at any time to exchange its interest in such Rule 144A Global Certificate for an interest in the Regulation S
Global Certificate of the same Class, or to transfer its interest in such Rule 144A Global Certificate to an entity that
is required to take delivery thereof in the form of an interest in a Regulation S Global Certificate, such holder may, subject
to the rules and procedures of the Depository, exchange, or cause the exchange of, such interest for an equivalent beneficial
interest in such Regulation S Global Certificate.  Upon receipt by the Certificate Registrar, as registrar, at its office
designated in Section 5.7 hereof, of (1) instructions given in accordance with the Depository’s procedures
from a Depository Participant directing the Certificate Registrar to credit or cause to be credited a beneficial interest in the
Regulation S Global Certificate in an amount equal to the beneficial interest in the Rule 144A Global Certificate to
be exchanged, (2) a written order given in accordance with the Depository’s procedures containing information regarding
the participant

 

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account of the Depository to be credited with such increase and (3) a certificate in the form of Exhibit D hereto given by the holder of such beneficial interest stating (A) that the transfer of such interest has been made in compliance with the transfer restrictions applicable to the Global Certificates and pursuant to and in accordance with Regulation S or (B) that the transferee is otherwise entitled to hold its interest in the applicable Certificates in the form of an interest in the Regulation S Global Certificate, without any registration of such Certificates under the Act (in which case such certificate shall enclose an Opinion of Counsel to such effect and such other documents as the Certificate Registrar may reasonably require), then the Certificate Registrar shall instruct the Depository to reduce, or cause to be reduced, the Certificate Balance of the Rule 144A Global Certificate and to increase, or cause to be increased, the Certificate Balance of the Regulation S Global Certificate by the aggregate Certificate Balance of the beneficial interest in the Rule 144A Global Certificate to be exchanged, to credit or cause to be credited to the account of the entity specified in such instructions a beneficial interest in the Regulation S Global Certificate equal to the reduction in the Certificate Balance of the Rule 144A Global Certificate, and to debit, or cause to be debited, from the account of the Person making such exchange or transfer the beneficial interest in the Rule 144A Global Certificate that is being exchanged or transferred.

 

(e)       
   Temporary Regulation S Global Certificate or Regulation S Global Certificate to Rule 144A
Global Certificate.  If a holder of a beneficial interest in a Temporary Regulation S Global Certificate or
Regulation S Global Certificate deposited with the Certificate Registrar as custodian for the Depository wishes at any
time to exchange its interest in such Temporary Regulation S Global Certificate or Regulation S Global Certificate
for an interest in the Rule 144A Global Certificate of the same Class, or to transfer its interest in such Temporary
Regulation S Global Certificate or Regulation S Global Certificate to a Person who is required to take delivery
thereof in the form of an interest in the Rule 144A Global Certificate, such holder may, subject to the rules and
procedures of Euroclear or Clearstream, as the case may be, and the Depository, exchange or cause the exchange of such
interest for an equivalent beneficial interest in the Rule 144A Global Certificate of the same Class.  Upon receipt
by the Certificate Registrar, as registrar, at its office designated in Section 5.7 hereof, of
(1) instructions from Euroclear or Clearstream, if applicable, and the Depository, directing the Certificate Registrar,
as registrar, to credit or cause to be credited a beneficial interest in the Rule 144A Global Certificate equal to the
beneficial interest in the Temporary Regulation S Global Certificate or Regulation S Global Certificate to be
exchanged, such instructions to contain information regarding the participant account with the Depository to be credited with
such increase, (2) with respect to a transfer of an interest in the Regulation S Global Certificate, information
regarding the participant account of the Depository to be debited with such decrease and (3) with respect to a transfer
of an interest in the Temporary Regulation S Global Certificate (but not the Regulation S Global Certificate) for
an interest in the Rule 144A Global Certificate, a certificate in the form of Exhibit E hereto given by
the holder of such beneficial interest and stating that the entity transferring such interest in the Temporary
Regulation S Global Certificate reasonably believes that the Person acquiring such interest in the Rule 144A Global
Certificate is a QIB and is obtaining such beneficial interest in a transaction meeting the requirements of Rule 144A,
then the Certificate Registrar shall instruct the Depository to reduce, or cause to be reduced, the Certificate Balance of
the Temporary Regulation S Global Certificate or Regulation S Global Certificate and to increase, or cause to be
increased, the Certificate Balance of the Rule 144A Global Certificate by the aggregate Certificate Balance of the
beneficial interest in the Temporary Regulation S Global Certificate or

 

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Regulation S Global Certificate to be exchanged, and the Certificate Registrar shall instruct the Depository, concurrently with such reduction, to credit, or cause to be credited, to the account of the Person specified in such instructions, a beneficial interest in the Rule 144A Global Certificate equal to the reduction in the Certificate Balance of the Temporary Regulation S Global Certificate or Regulation S Global Certificate and to debit, or cause to be debited, from the account of the entity making such transfer the beneficial interest in the Temporary Regulation S Global Certificate or Regulation S Global Certificate that is being transferred.

 

(f)           Temporary Regulation S Global Certificate to Regulation S Global Certificate.  Interests in a Temporary Regulation S Global Certificate as to which the Certificate Registrar has received from Euroclear or Clearstream, as the case may be, a certificate (a “Non-U.S. Beneficial Ownership Certification”) to the effect that Euroclear or Clearstream, as applicable, has received a certificate substantially in the form of Exhibit F hereto from the holder of a beneficial interest in such Temporary Regulation S Global Certificate, shall be exchanged after the Restricted Period, for interests in the Regulation S Global Certificate of the same Class.  The Certificate Registrar shall effect such exchange by delivering to the Depository for credit to the respective accounts of such holders, a duly executed and authenticated Regulation S Global Certificate, representing the aggregate Certificate Balance of interests in the Temporary Regulation S Global Certificate initially exchanged for interests in the Regulation S Global Certificate.  The delivery to the Certificate Registrar by Euroclear or Clearstream of the certificate or certificates referred to above may be relied upon by the Depositor and the Certificate Registrar as conclusive evidence that the certificate or certificates referred to therein has or have been delivered to Euroclear or Clearstream pursuant to the terms of this Agreement and the Temporary Regulation S Global Certificate.  Upon any exchange of interests in the Temporary Regulation S Global Certificate for interests in the Regulation S Global Certificate, the Certificate Registrar shall endorse the Temporary Regulation S Global Certificate to reflect the reduction in the Certificate Balance represented thereby by the amount so exchanged and shall endorse the Regulation S Global Certificate to reflect the corresponding increase in the amount represented thereby.  Until so exchanged in full and except as provided therein, the Temporary Regulation S Global Certificate, and the Certificates evidenced thereby, shall in all respects be entitled to the same benefits under this Agreement as the Regulation S Global Certificate and Rule 144A Global Certificate authenticated and delivered hereunder.

 

(g)    
      Non-Book Entry Certificate to Global Certificate.  If a Holder of a Non-Book Entry
Certificate (other than (a) a Class R Certificate or (b) a Class HRR Certificate during the Class HRR Certificates Transfer Restriction
Period) wishes at any time to exchange its interest in such Non-Book Entry Certificate for an interest in a Global Certificate
of the same Class, or to transfer all or part of such Non-Book Entry Certificate to a Person who is entitled to take delivery
thereof in the form of an interest in a Global Certificate, such Holder may, subject to the rules and procedures of Euroclear
or Clearstream, if applicable, and the Depository, cause the exchange of all or part of such Non-Book Entry Certificate for an
equivalent beneficial interest in the appropriate Global Certificate of the same Class.  Upon receipt by the Certificate
Registrar, as registrar, at its office designated in Section 5.7 hereof, of (1) such Non-Book Entry Certificate,
duly endorsed as provided herein, (2) instructions from such Holder directing the Certificate Registrar, as registrar, to
credit, or cause to be credited, a beneficial interest in the applicable Global Certificate equal to the portion of the Certificate
Balance of the Non-Book Entry Certificate to be exchanged, such instructions to contain information regarding the

 

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participant account with the Depository to be credited with such increase and (3) a certificate in the form of Exhibit G hereto (in the event that the applicable Global Certificate is the Temporary Regulation S Global Certificate), in the form of Exhibit H hereto (in the event that the applicable Global Certificate is the Regulation S Global Certificate) or in the form of Exhibit I hereto (in the event that the applicable Global Certificate is the Rule 144A Global Certificate), then the Certificate Registrar, as registrar, shall cancel, or cause to be canceled, all or part of such Non-Book Entry Certificate, shall, if applicable, execute, authenticate and deliver to the transferor a new Non-Book Entry Certificate equal to the aggregate Certificate Balance of the portion retained by such transferor and shall instruct the Depository to increase, or cause to be increased, such Global Certificate by the aggregate Certificate Balance of the portion of the Non-Book Entry Certificate to be exchanged and to credit, or cause to be credited, to the account of the Person specified in such instructions a beneficial interest in the applicable Global Certificate equal to the Certificate Balance of the portion of the Non-Book Entry Certificate so canceled.

 

(h)      
    Non-Book Entry Certificates on Initial Issuance Only.  Subject to the issuance of Definitive Certificates,
if and when permitted by Section 5.2(d), and subject to the issuance and transfer of the Class HRR Certificates during
the Class HRR Certificate Transfer Restriction Period in accordance with Section 5.3(i), no Non-Book Entry Certificate
shall be issued to a transferee of an interest in any Rule 144A Global Certificate, Temporary Regulation S Global Certificate
or Regulation S Global Certificate (or any portion thereof).

 

(i)            Transfers of Class HRR Certificates.  At all times that the Class HRR Certificates are held in the Third Party Purchaser Safekeeping Account, if a Transfer of any Class HRR Certificate after the Closing Date is to be made, then the following documents shall be provided to the Certificate Administrator, which shall facilitate the transfer in conjunction with the Certificate Registrar and shall refuse to register such transfer unless it receives (and, upon receipt, may conclusively rely upon) (i) a certification from such Certificateholder’s prospective Transferee substantially in the form attached hereto as Exhibit J-3, which such certification must be countersigned by the Retaining Sponsor, (ii) a certification from the Certificateholder desiring to effect such transfer substantially in the form attached hereto as Exhibit J-4, which such certification must be countersigned by the Retaining Sponsor, (iii) an IRS Form W-9 completed by the prospective transferee and (iv) wire instructions and contact information of the prospective transferee. In addition to the foregoing, for so long as the Class HRR Certificates are held in the Third Party Purchaser Safekeeping Account, in order to effectuate a transfer of the Class HRR Certificates, the holder of the Class HRR Certificates must provide the Certificate Administrator written instructions requesting such transfer, with the consent of the Retaining Sponsor and the Depositor. Upon receipt of the foregoing certifications, the Certificate Registrar shall, subject to Section 5.2(e) and Section 5.3(a), reflect such Class HRR Certificate in the name of the prospective Transferee.  For the avoidance of doubt, in no event shall a Class HRR Certificate be held as a Book-Entry Certificate during the Class HRR Certificate Transfer Restriction Period. If the Class HRR Certificates are no longer held in the Third Party Purchaser Safekeeping Account, the Certificate Registrar shall refuse to register and transfer a Class HRR Certificate unless it receives (and upon receipt may conclusively rely upon) certificates substantially in the forms of Exhibit J-3 and Exhibit J-4 hereto, provided, that following the expiration of the Class HRR Certificate Transfer Restriction Period, the countersignature of the Retaining Sponsor to such certifications shall not be required.

 

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(j)           Other Exchanges.  In the event that a Global Certificate is exchanged for a Definitive Certificate, such Certificates may be exchanged only in accordance with such procedures as are substantially consistent with the provisions of clauses (c) through (f) above (including the certification requirements intended to ensure that such transfers comply with Rule 144A or Regulation S under the Act, at the case may be) and such other procedures as may from time to time be adopted by the Certificate Registrar.

 

(k)           Restricted Period.  Prior to the termination of the Restricted Period with respect to the issuance of the Certificates, transfers of interests in the Temporary Regulation S Global Certificate to U.S. persons (as defined in Regulation S) shall be limited to transfers made pursuant to the provisions of clause (e) above.

 

(l)            Restrictive Legend.  If Certificates are issued upon the transfer, exchange or replacement of Certificates bearing a restrictive legend relating to compliance with the Act, or if a request is made to remove such legend on Certificates, the Certificates so issued shall bear the restrictive legend, or such legend shall not be removed, as the case may be, unless there is delivered to the Certificate Registrar such satisfactory evidence, which may include an Opinion of Counsel that neither such legend nor the restrictions on transfer set forth therein are required to ensure that transfers thereof comply with the provisions of Rule 144A or Regulation S under the Act.  Upon provision of such satisfactory evidence, the Certificate Registrar shall authenticate and deliver Certificates that do not bear such legend.

 

(m)         All Certificates surrendered for registration of transfer and exchange shall be canceled and subsequently destroyed by the Certificate Registrar in accordance with the Certificate Registrar’s customary procedures.

 

(n)           Except as provided in this Section 5.3(n), no ERISA Restricted Certificate may be purchased by or transferred to any prospective purchaser or transferee that is or will be an employee benefit plan or other plan subject to the fiduciary responsibility provisions of ERISA or Section 4975 of the Code (each, an “ERISA Plan”) or a governmental plan (as defined in Section 3(32) of ERISA) 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”) (together with ERISA Plans, “Plans”), or any Person acting on behalf of any such Plan or using the assets of a Plan to purchase such ERISA Restricted Certificate.  Each purchaser of an ERISA Restricted Certificate shall represent and warrant (or shall be deemed to have represented and warranted) either that it is not a Plan and is not acting on behalf of or using the assets of a Plan to purchase the ERISA Restricted Certificate.  Each prospective transferee of an ERISA Restricted Certificate shall deliver to the transferor, the Certificate Registrar and the Certificate Administrator a representation letter, substantially in the form of Exhibit J-5, stating that the prospective transferee is not a Plan or a Person acting on behalf of or using the assets of a Plan.  Any attempted or purported transfer in violation of these transfer restrictions shall be null and void ab initio and shall vest no rights in any purported transferee and shall not relieve the transferor of any obligations with respect to the applicable Certificates.

 

(o)           Each Person who has or acquires any Residual Ownership Interest shall be deemed by the acceptance or acquisition of such Residual Ownership Interest to have agreed to

 

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

 

(i)           Each Person acquiring or holding any Residual Ownership Interest shall be a Permitted Transferee and shall not acquire or hold such Residual Ownership Interest as agent (including a broker, nominee or other middleman) on behalf of any Person that is not a Permitted Transferee.  Any such Person shall promptly notify the Certificate Registrar of any change or impending change in its status (or the status of the beneficial owner of such Residual Ownership Interest) as a Permitted Transferee.  Any acquisition of a Residual Ownership Interest by a Person who is not a Permitted Transferee or by a Person who is acting as an agent of a Person who is not a Permitted Transferee shall be void ab initio and of no effect, and the immediately preceding owner who was a Permitted Transferee shall be restored to registered and beneficial ownership of the Residual Ownership Interest as soon and as fully as possible.

 

(ii)          No Residual Ownership Interest may be Transferred, and no such Transfer shall be registered in the Certificate Register, without the express written consent of the Certificate Registrar, and the Certificate Registrar shall not recognize the Transfer, and such proposed Transfer shall not be effective, without such consent with respect thereto.  In connection with any proposed Transfer of any Residual Ownership Interest, other than in connection with the initial Transfer thereof to an Initial Purchaser, the Certificate Registrar shall, as a condition to such consent, (x) require the proposed transferee to deliver, and the proposed transferee shall deliver to the Certificate Registrar and to the proposed transferor, an affidavit in substantially the form attached as Exhibit J-1 (a “Transferee Affidavit”) of the proposed transferee (A) that such proposed transferee is a Permitted Transferee and (B) stating that (1) the proposed transferee historically has paid its debts as they have come due and intends to do so in the future, (2) the proposed transferee understands that, as the holder of a Residual Ownership Interest, it may incur liabilities in excess of cash flows generated by the residual interest, (3) the proposed transferee intends to pay taxes associated with holding the Residual Ownership Interest as they become due, (4) the proposed transferee will not cause income with respect to the Residual Ownership Interest to be attributable to a foreign permanent establishment or fixed base, within the meaning of an applicable income tax treaty, of such proposed transferee or any other U.S. Person, (5) the proposed transferee will not transfer the Residual Ownership Interest to any Person that does not provide a Transferee Affidavit or as to which the proposed transferee has actual knowledge that such Person is not a Permitted Transferee or is acting as an agent (including a broker, nominee or other middleman) for a Person that is not a Permitted Transferee, and (6) the proposed transferee expressly agrees to be bound by and to abide by the provisions of this Section 5.3(o) and (y) other than in connection with the initial issuance of a Class R Certificate, require a statement from the proposed transferor substantially in the form attached as Exhibit J-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 preceding clauses (x)(B)(1), (3) and (4) are false.

 

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(iii)          Notwithstanding the delivery of a Transferee Affidavit by a proposed transferee under clause (ii) above, if a Responsible Officer of the Certificate Registrar has actual knowledge that the proposed transferee is not a Permitted Transferee, no Transfer to such proposed transferee shall be effected and such proposed Transfer shall not be registered on the Certificate Register; provided, that the Certificate Registrar shall not be required to conduct any independent investigation to determine whether a proposed transferee is a Permitted Transferee.  Upon notice to the Certificate Registrar that there has occurred a Transfer to any Person that is a Disqualified Organization or an agent thereof (including a broker, nominee or middleman) in contravention of the foregoing restrictions, and in any event not later than 60 days after a request for information from the transferor of such Residual Ownership Interest or such agent, the Certificate Registrar and the Certificate Administrator agree to furnish to the IRS and the transferor of such Residual Ownership Interest or such agent such information necessary to the application of Section 860E(e) of the Code as may be required by the Code, including, but not limited to, the present value of the total anticipated excess inclusions with respect to such Class R Certificate (or portion thereof) for periods after such Transfer.  At the election of the Certificate Registrar, the Certificate Registrar may charge a reasonable fee for computing and furnishing such information to the transferor or to such agent referred to above; provided, that such Persons shall in no event be excused from furnishing such information.

 

(iv)          The Class R Certificates may only be issued as Definitive Certificates, and transferred to and owned by QIBs.

 

5.4.   
      Mutilated, Destroyed, Lost or Stolen Certificates. If (a) any
mutilated Certificate is surrendered to the Certificate Registrar, or the Certificate Registrar receives evidence to its satisfaction
of the destruction, loss or theft of any Certificate and (b) there is delivered to the Certificate Registrar such security
or indemnity as may be required by it to save it harmless, then, in the absence of actual notice to the Certificate Registrar
that such Certificate has been acquired by a bona fide purchaser, the Certificate Registrar shall execute, authenticate and deliver,
in exchange for or in lieu of any such mutilated, destroyed, lost or stolen Certificate, a new Certificate of like tenor and interest
in the Trust Fund.  In connection with the issuance of any new Certificate under this Section 5.4, the Certificate
Registrar may require the payment of a sum sufficient to cover any expenses (including the fees and expenses of the Certificate
Registrar) connected therewith and such evidence as may be reasonably requested by it to establish the identity and or signatures
of the transferor and transferee.  Any replacement Certificate issued pursuant to this Section 5.4 shall constitute
complete and indefeasible evidence of ownership in the Trust Fund, as if originally issued, whether or not the lost, stolen or
destroyed Certificate shall be found at any time.

 

5.5.     
   Persons Deemed Owners. The Servicer, the Special Servicer, the Operating
Advisor, the Certificate Administrator, the Trustee and the Certificate Registrar, and any agent of any of them, may treat the
Person in whose name any Certificate is registered as the owner of such Certificate for the purpose of receiving distributions
as provided in this Agreement and for all other purposes whatsoever, and none of the Servicer, the Special Servicer, the Operating
Advisor, the Certificate Administrator, the Trustee, the Certificate Registrar, nor any agent of any of them shall be affected
by any notice to the contrary; provided, that to the

 

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extent that a party to this Agreement responsible for distributing any report, statement or other information required to be distributed to Certificateholders has been provided an Investor Certification, such party to this Agreement shall distribute such report, statement or other information to such beneficial owner (or prospective transferee).

 

5.6.         Access to List of Certificateholders’ Names and Addresses; Special Notices. The Certificate Registrar shall maintain in as current form as is reasonably practicable the most recent list available to it of the names and addresses of the Certificateholders.  If any Certificateholder that has provided an Investor Certification (a) requests in writing from the Certificate Registrar a list of the names and addresses of Certificateholders, (b) states that such Certificateholder desires to communicate with other Certificateholders with respect to its rights under this Agreement or under the Certificates and (c) provides a copy of the communication which such Certificateholder proposes to transmit, then the Certificate Registrar shall, within ten Business Days after the receipt of such request, afford such Certificateholder access during normal business hours to a current list of the Certificateholders.  Every Certificateholder, by receiving and holding a Certificate, agrees that the Certificate Registrar shall not be held accountable by reason of the disclosure of any such information as to the list of the Certificateholders hereunder, regardless of the source from which such information was derived.  The Servicer, the Special Servicer, the Operating Advisor, the Trustee and the Depositor shall be entitled to a list of the names and addresses of Certificateholders from time to time upon request therefor.

 

Upon the written request
of any Certificateholder that (a) has provided an Investor Certification, (b) 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 (a “Special Notice”) and (c) provides a copy of the Special
Notice which such Certificateholder proposes to transmit, the Certificate Administrator shall post such Special Notice to the
Certificate Administrator’s Website pursuant to Section 8.14(b) and shall mail such Special Notice to all Certificateholders
at their respective addresses appearing on the Certificate Register.  The costs and expenses of the Certificate Administrator
associated with delivering any such Special Notice shall be borne by the party requesting such Special Notice.  Every Certificateholder,
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.

 

5.7.         Maintenance of Office or Agency. The Certificate Registrar shall maintain or cause to be maintained an office or offices or agency or agencies where Certificates may be surrendered for registration of transfer or exchange and where notices and demands to or upon the Certificate Registrar in respect of the Certificates and this Agreement may be served.  The Certificate Registrar initially designates its office at Wells Fargo Bank, National Association, 600 South 4th Street, 7th Floor, MAC: N9300-070, Minneapolis, Minnesota 55479, Attention: Certificate Transfer Services (CMBS) – BX 2019-OC11 as its office for such purposes.  The Certificate Registrar shall give prompt written notice to the Certificateholders and the Borrower of any change in the location of the Certificate Register or any such office or agency. 

 

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6.         THE DEPOSITOR, THE SERVICER, THE SPECIAL SERVICER AND THE OPERATING ADVISOR

 

6.1.         Respective Liabilities of the Depositor, the Servicer, the Special Servicer and the Operating Advisor.  The Depositor, the Servicer, the Special Servicer and the Operating Advisor each shall be liable in accordance herewith only to the extent of the obligations specifically imposed by this Agreement.

 

6.2.          Merger or Consolidation of the Servicer, the Special Servicer or the Operating Advisor. Each of the Servicer, the Special Servicer and the Operating Advisor shall keep in full effect its existence and rights as an entity under the laws of the jurisdiction of its organization, and shall be in compliance with the laws of all jurisdictions to the extent necessary to perform its duties under this Agreement.

 

Any Person into which the Servicer, the Special Servicer or the Operating Advisor may be merged or consolidated, as applicable, or any Person resulting from any merger or consolidation to which the Servicer, the Special Servicer or the Operating Advisor, as applicable, shall be a party, or any Person succeeding to all of the business (or, if applicable, the portion of its business germane to this securitization) of the Servicer, the Special Servicer or the Operating Advisor (which, in the case of the Servicer, the Special Servicer or the Operating Advisor, may be limited to all or substantially all of its assets relating to acting as a servicer or operating advisor, as applicable, for commercial mortgage backed securitization transactions), as applicable, shall be the successor of the Servicer, the Special Servicer or the Operating Advisor, as the case may be, hereunder, and shall be deemed to have assumed all of the liabilities and obligations of the Servicer, the Special Servicer or the Operating Advisor, as the case may be, hereunder, without the execution or filing of any paper or any further act on the part of any of the parties hereto, anything herein to the contrary notwithstanding; provided, that (except if the successor or surviving Person is the Servicer, the Special Servicer or the Operating Advisor, as the case may be) each of the Certificate Administrator and the Trustee has received a Rating Agency Confirmation with respect to such successor or surviving Person.

 

6.3.    
    Limitation on Liability of the Depositor, the Servicer, the Special Servicer, the Operating Advisor and
Others. (a)  None of the Depositor, the Servicer, the Special Servicer or the
Operating Advisor or any of their respective directors, officers, members, managers, partners, employees, Affiliates or agents
shall be under any liability to the Trust, the Certificateholders or the Companion Loan Holders for any action taken or for refraining
from the taking of any action in good faith pursuant to this Agreement, actions taken or not taken at the direction of Certificateholders
or the Companion Loan Holders, or for errors in judgment; provided, that this provision shall not protect the Depositor,
the Servicer, the Special Servicer, the Operating Advisor or any such other person against any breach of warranties or representations
made herein or any liability which would otherwise be imposed by reason of willful misconduct, bad faith or negligence in the
performance of its duties or by reason of negligent disregard of its obligations and duties hereunder.  The Depositor, the
Servicer, the Special Servicer, the Operating Advisor and any of their respective directors, officers, employees, members, managers,
partners, Affiliates or agents may reasonably rely on any document of any kind prima facie properly executed and submitted by
any Person respecting any matters arising hereunder.  The Depositor, the Servicer, the Special Servicer, the Operating

 

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Advisor and any of their
respective directors, officers, members, managers, partners, employees, agents, Affiliates or other “controlling persons”
within the meaning of the Act (“Controlling Persons”), shall be indemnified
by the Trust (in accordance with the procedures set forth in Section 3.4(c)) and held harmless against any loss, liability,
claim, demand or expense (including, without limitation, reasonable attorneys’ fees and any expenses incurred in connection
with the pursuit of enforcement of any indemnity afforded to the applicable party hereunder) any legal action or other claims,
losses, penalties, fines, foreclosures, judgments or liabilities relating to this Agreement, the Intercreditor Agreement, the
Mortgage Loan, a Companion Loan, the Property, or the Certificates (except as any such loss, liability or expense shall be otherwise
reimbursable and reimbursed pursuant to this Agreement), other than any loss, liability or expense incurred by reason of willful
misconduct, bad faith or negligence by it in the performance of its duties hereunder or by reason of its negligent disregard of
its obligations and duties hereunder.  None of the Depositor, the Servicer, the Special Servicer or the Operating Advisor
shall be under any obligation to appear in, prosecute or defend any legal action which is not incidental to its respective duties
under this Agreement and which in its opinion may involve it in any expense or liability; provided, that the Depositor,
the Servicer, the Special Servicer or the Operating Advisor may, in its discretion, undertake any such action which it may deem
necessary or desirable in accordance with Accepted Servicing Practices in respect of this Agreement and the rights and duties
of the parties hereto and the interests of the Certificateholders and the Companion Loan Holders hereunder.  In such event,
the legal expenses and costs of such action and any liabilities of the Trust Fund, and the Depositor, the Servicer, the Special
Servicer and the Operating Advisor shall be entitled to be reimbursed therefor pursuant to Section 3.4(c) from funds
on deposit in the Collection Account, first, from amounts allocable to the Junior B Notes on a Pro Rata and Pari Passu
Basis (based on the outstanding principal balances of the Junior B Notes), and then, from amounts allocable to the Junior
A Notes on a Pro Rata and Pari Passu Basis (based on the outstanding principal balances of the Junior A Notes) and, then,
from amounts allocable to the Senior Notes on a Pro Rata and Pari Passu Basis (based on the outstanding principal balances of
the Senior Notes).

 

With respect to a Companion Loan, the expenses, costs and liabilities described in the above paragraph that are allocable to such Companion Loan pursuant to the terms of the Intercreditor Agreement shall be paid out of amounts allocated to such Companion Loan in accordance with the expense allocation provision of the Intercreditor Agreement.  If such amounts relating to a Companion Loan are insufficient, the Servicer or the Special Servicer, as applicable, shall, after receiving payment from amounts on deposit in the Collection Account with respect to the Mortgage Loan, if any, (i) promptly notify the Companion Loan Holders and (ii) use commercially reasonable efforts to exercise on behalf of the Trust the rights of the Trust under the Intercreditor Agreement to obtain reimbursement for the portion of such amount allocable to the applicable Companion Loans in Note Reverse Sequential Order.

 

(b)           The Depositor shall not be obligated to monitor or supervise the performance of the Servicer, the Special Servicer, the Trustee, the Operating Advisor, the Custodian or the Certificate Administrator under this Agreement.  The Depositor may, but shall not be obligated to, enforce the obligations of the Servicer, the Special Servicer, the Operating Advisor, the Trustee, the Custodian and the Certificate Administrator under this Agreement.

 

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(c)           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 any party (or in particular, CREFC®).

 

(d)          In order to comply with Applicable Laws, the Servicer and the Special Servicer may be required to obtain, verify and record certain information relating to individuals and entities that maintain a business relationship with the Servicer or the Special Servicer. Accordingly, each of the parties hereto agrees to provide to the Servicer and the Special Servicer, upon its respective request from time to time, such identifying information and documentation as may be available for such party in order to enable the Servicer and the Special Servicer to comply with Applicable Laws.

 

6.4.     
   Servicer and Special Servicer Not to Resign. (a)  Each of the
Servicer and Special Servicer may resign and assign its respective rights and delegate its duties and obligations under this Agreement
to any Person or to an entity, provided that:

 

(i) 
          the Person accepting such assignment and delegation (A) shall be an established
mortgage finance institution, bank or mortgage servicing institution having a net worth of not less than $25,000,000, organized
and doing business under the laws of the United States or of any state of the United States or the District of Columbia, authorized
under such laws to perform the duties of the Servicer or Special Servicer, as the case may be, (B) shall execute and deliver
to the Trustee an agreement in form and substance reasonably satisfactory to the Trustee, which contains an assumption by such
Person of the performance and observance of each covenant and condition to be performed or observed by the Servicer or the Special
Servicer, as the case may be, under this Agreement from and after the date of such agreement; provided, that to the extent
such agreement modifies in any respect any of the covenants, terms or conditions in this Agreement to be performed by the Servicer
or Special Servicer, as the case may be, such agreement shall be subject to the approval of the Trustee, such approval not to
be unreasonably withheld, (C) shall make such representations and warranties of the Servicer or Special Servicer, as the
case may be, as provided in Section 2.6 or 2.7, respectively, (D) (x) during any Subordinate Control Period,
with respect to the Special Servicer, is reasonably acceptable to the Controlling Class Representative, (y) during any Subordinate
Consultation Period, with respect to the Special Servicer, is reasonably acceptable to the Controlling Class Representative, and
(z) is reasonably acceptable to the Depositor and the Trustee, in each case such approval not to be unreasonably withheld or delayed;

 

(ii)           Rating Agency Confirmation has been received (or the requirements of Section 3.26 with respect to a Rating Agency Confirmation are otherwise satisfied);

 

(iii) 
      the Servicer or Special Servicer, as the case may be, shall not be released from its obligations under
this Agreement that arose prior to the effective date of such assignment and delegation under this Section 6.4(a);

 

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(iv)         the rate at which the Servicing Fee or Special Servicing Fee, as applicable (or any component thereof) is calculated shall not exceed the rate then in effect; and

 

(v)           the Servicer or Special Servicer, as the case may be, shall reimburse the Trustee, the Certificate Administrator, the Trust, and the Rating Agencies for any expenses of such assignment, sale or transfer.

 

Upon satisfaction of the foregoing requirements and acceptance of such assignment, such Person shall be the successor Servicer or Special Servicer, as the case may be, hereunder.  Notwithstanding the foregoing, neither the Operating Advisor nor any of its Affiliates may be a successor Servicer or Special Servicer.

 

(b)           Subject to the provisions of Sections 6.2 and 6.4(a), none of the Servicer and the Special Servicer shall resign from its obligations and duties hereby imposed on it, except upon determination that performance of its duties hereunder is no longer permissible under applicable law or are in material conflict by reason of applicable law with any other activities carried on by it.  Any such determination permitting the resignation of the Servicer or the Special Servicer, as the case may be, shall be evidenced by an Opinion of Counsel delivered to the Depositor and the Trustee.  No resignation by the Servicer or the Special Servicer, as applicable, under this Agreement shall become effective until a successor Servicer or Special Servicer, as applicable, shall have assumed the responsibilities and obligations of the Servicer or the Special Servicer, as applicable, under this Agreement in accordance with Section 7.2.    In connection with any such resignation, the successor special servicer shall be appointed by the Trustee, and otherwise satisfy the requirements for a successor special servicer set forth in Section 6.4(a)(i); provided that in either case the Trustee shall have obtained a Rating Agency Confirmation from each Rating Agency.  Notwithstanding the previous sentence, each of the Servicer or Special Servicer may assign its duties and obligations under this Agreement under certain limited circumstances as described herein.

 

6.5.         Indemnification by the Servicer, the Special Servicer, the Operating Advisor and the Depositor. Each of the Servicer, the Special Servicer, the Operating Advisor and the Depositor, severally and not jointly, shall indemnify and hold harmless the Trust and each other party to this Agreement and the Companion Loan Holders from and against any claims, losses, liabilities, damages, penalties, fines, forfeitures, reasonable legal fees and expenses and related costs, judgments and other costs (including, without limitation, reasonable attorneys’ fees and any expenses incurred in connection with the pursuit and enforcement of any indemnity afforded to such party hereunder) and expenses incurred by the Trust, the Trustee, the Certificate Administrator, the Servicer, the Special Servicer, the Operating Advisor, the Depositor or the Companion Loan Holders, as applicable, that arise out of or are based upon (i) a breach by the Servicer, the Special Servicer, the Operating Advisor or the Depositor, as the case may be, of its representations and warranties under this Agreement or (ii) negligence, bad faith or willful misconduct on the part of the Servicer, the Special Servicer, the Operating Advisor or the Depositor, as the case may be, in the performance of its obligations and duties under this Agreement (or for or its negligent disregard thereof).

 

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7.         SERVICER TERMINATION EVENTS; SPECIAL SERVICER TERMINATION EVENTS; TERMINATION OF SPECIAL SERVICER WITHOUT CAUSE

 

7.1.          Servicer Termination Events; Special Servicer Termination Events.  (a)  “Servicer Termination Event,” or “Special Servicer Termination Event” wherever used herein with respect to the Servicer or the Special Servicer, as the case may be, means any one of the following events whether it shall be voluntary or involuntary or be effected by operation of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation of any administrative or governmental body:

 

(i)            any failure by the Servicer or Special Servicer, as applicable, to remit any payment required to be made or remitted by it (other than Advances or remittances described under clause (ii) below), when required to be remitted under the terms of this Agreement, which failure is not cured by 11:00 a.m., New York time, on the first Business Day following the date on which such remittance was required to be made;

 

(ii)           any failure of the Servicer (a) to make any Monthly Payment Advance required to be made pursuant to this Agreement on or prior to the applicable Remittance Date that is not cured by 11:00 a.m., New York time, on the related Distribution Date, (b) to make any Administrative Advance or Property Protection Advance required to be made pursuant to this Agreement when the same is due and such failure continues unremedied for 10 Business Days (or such shorter period (not less than one Business Day) as would prevent a lapse in insurance or a delinquent payment of real estate taxes or ground rents) following the date on which the Servicer receives notice thereof or should have had notice thereof if it had been acting in accordance with Accepted Servicing Practices or (c) to remit to any Companion Loan Holder, as and when required by this Agreement or the Intercreditor Agreement, any amount required to be so remitted which failure is not cured within two (2) Business Days following the date on which such remittance was required to be made;

 

(iii) 
       any failure by the Servicer or the Special Servicer, as applicable, to observe or perform in any material
respect any other of its covenants or agreements or the material breach of its representations or warranties under this Agreement,
which failure or breach shall continue unremedied for a period of 30 days after the date on which written notice of such failure
or breach is given to the Servicer or Special Servicer, as applicable, by the Trustee or to the Servicer or Special Servicer,
as applicable, and the Trustee by the Holders of Certificates having greater than 25% of the aggregate Voting Rights of all then
outstanding Certificates or by the Companion Loan Holders; provided, that with respect to any such failure or breach that
is not curable within such 30-day period, the Servicer or the Special Servicer, as applicable, will have an additional cure period
of 30 days to effect such cure so long as the Servicer or the Special Servicer, as appropriate, has commenced to cure such failure
within the initial 30-day period and has provided the Trustee with an officer’s certificate certifying that it has diligently
pursued, and is continuing to diligently pursue, such cure;

 

(iv)           a decree or order of a court or agency or supervisory authority having jurisdiction in the premises in an involuntary case under any present or future federal or

 

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state
bankruptcy, insolvency or similar law for the appointment of a conservator or receiver or liquidator in any insolvency, readjustment
of debt, marshaling of assets and liabilities or similar proceedings, or for the winding-up or liquidation of its affairs, shall
have been entered against the Servicer or the Special Servicer, as applicable, and such decree or order has remained in force
undischarged or unstayed for a period of sixty (60) days; provided, that, with respect to any such decree or order that
cannot be discharged, dismissed or stayed within such sixty (60) day period, the Servicer or the Special Servicer, as appropriate,
will have an additional period of thirty (30) days to effect such discharge, dismissal or stay so long as it has commenced proceedings
to have such decree or order dismissed, discharged or stayed within the initial sixty (60) day period and has diligently pursued,
and is continuing to pursue, such discharge, dismissal or stay;

 

(v)           the Servicer or the Special Servicer, as applicable, shall consent to the appointment of a conservator or receiver or liquidator or liquidation committee in any insolvency, readjustment of debt, marshaling of assets and liabilities, voluntary liquidation, or similar proceedings of or relating to the Servicer or the Special Servicer or of or relating to all or substantially all of its property;

 

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

 

(vii)       (a) Moody’s has (1) qualified, downgraded or withdrawn its rating or ratings of one or more Classes of Certificates or (2) placed one or more Classes of Certificates on “watch status” in contemplation of possible rating downgrade or withdrawal (and, in the case of either of clause (1) or (2), such qualification, downgrade or withdrawal or “watch status” placement has not been withdrawn by Moody’s within sixty (60) days), and, in the case of either of clause (1) or (2), publicly citing servicing concerns with the Servicer or the Special Servicer, as applicable, as the sole or a material factor in such rating action or (b) KBRA has (1) qualified, downgraded or withdrawn its rating or ratings of one or more Classes of Certificates or (2) placed one or more Classes of Certificates on “watch status” in contemplation of a rating downgrade or withdrawal (and, in the case of either of clauses (1) or (2), such qualification, downgrade, withdrawal or “watch status” placement has not been withdrawn by KBRA within sixty (60) days) and, in the case of either of clauses (1) or (2), KBRA has publicly cited servicing concerns with the Servicer or the Special Servicer, as the case may be, as the sole or a material factor in such rating action;

 

(viii)          a Companion Loan Rating Agency has (A) qualified, downgraded or withdrawn its rating or ratings of one or more classes of Companion Loan Securities, or (B) placed one or more classes of Companion Loan Securities on “watch status” in contemplation of rating downgrade or withdrawal and, in the case of either of clauses (A) or (B), publicly citing servicing concerns with the Servicer or the Special Servicer, as applicable, as the sole or material factor in such rating action (and such qualification, downgrade, withdrawal or “watch status” placement has not been withdrawn by such Companion Loan Rating Agency within sixty (60) days of such event); and

 

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(ix)          if and for so long as a Companion Loan is included in an Other Securitization Trust that is subject to the reporting requirements of the Exchange Act, the Servicer or the Special Servicer, as applicable, or any primary servicer, Sub-Servicer or Servicing Function Participant (such entity, the “Sub-Servicing Entity”) retained by the Servicer or the Special Servicer, as applicable, shall fail to deliver the items required to be delivered by this Agreement (including any applicable grace periods) to enable such Other Securitization Trust to comply with its reporting obligations under the Exchange Act (any Sub-Servicing Entity that defaults in accordance with this clause (ix) shall be terminated at the direction of the Depositor) or, in the case of such failure by a Sub-Servicing Entity, the failure of the Servicer or Special Servicer, as applicable to terminate such Sub-Servicing Entity for such failure; provided, that the Depositor may waive any such Servicer Termination Event or Special Servicer Termination Event, as applicable, under this clause (ix) in its sole discretion without the consent of the Trustee or any Certificateholders.

 

(b)          Upon written notice or receipt by a Responsible Officer of the Trustee of actual knowledge of the occurrence of any Servicer Termination Event or Special Servicer Termination Event, unless such Servicer Termination Event or Special Servicer Termination Event has been cured or waived, the Trustee shall promptly notify the Certificate Administrator in writing. The Certificate Administrator shall, upon receipt of such notice, (i) provide written notice to the Depositor and post notice of the same upon its receipt thereof on the Certificate Administrator’s Website; (ii) provide written notice to the 17g-5 Information Provider (who shall promptly post to the 17g-5 Information Provider’s Website) pursuant to Section 12.18; and (iii) provide notice thereof to all Certificateholders and the Companion Loan Holders by mail to the addresses set forth on the Certificate Register or, in the case of the Companion Loan Holders, otherwise provided to the Certificate Administrator.  For avoidance of doubt, (i) the occurrence of a Servicer Termination Event with respect to the Servicer shall not cause there to have occurred a Special Servicer Termination Event with respect to the Special Servicer unless the relevant event also constitutes a Special Servicer Termination Event and (ii) the occurrence of a Special Servicer Termination Event with respect to the Special Servicer shall not cause there to have occurred a Servicer Termination Event with respect to the Servicer unless the relevant event also constitutes a Servicer Termination Event. 

 

(c)             If a Servicer Termination Event or Special Servicer Termination Event shall occur then, and in each and every such case, so long as such Servicer Termination Event or Special Servicer Termination Event shall not have been remedied, either (i) the Trustee may, or (ii) upon the written direction of Holders of Certificates having at least 25% of the Voting Rights (taking into account the application of the Appraisal Reduction Amount and Collateral Deficiency Amounts allocated to the Mortgage Loan to notionally reduce the Certificate Balances of the Certificates) of the Certificates, or if affected thereby (and solely with respect to a termination of the Special Servicer), by any Companion Loan Holder, the Trustee shall terminate all of the rights and obligations of the Servicer or the Special Servicer, as applicable, under this Agreement, other than rights and obligations accrued prior to such termination, and in and to the Mortgage Loan or the Whole Loan and the proceeds thereof by notice in writing to the Servicer or the Special Servicer, as applicable; provided that, notwithstanding anything to the contrary, if a Servicer Termination Event or Special Servicer Termination Event, as applicable, under clauses (i), (ii), (iii), (viii) and/or (ix) of Section 7.1(a) only has an adverse effect on a

 

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Companion Loan, a Companion Loan Holder or a rating on any Companion Loan Securities, but has no adverse effect on the Mortgage Loan, the Certificateholders or a rating on any of the Certificates, then (A) the Servicer or the Special Servicer, as applicable, shall not be terminated by the Trustee pursuant to clause (i) above of this sentence or upon the written direction of the Holders of Certificates pursuant to clause (ii) above of this sentence, but (B) (x) with respect to a Servicer Termination Event or Special Servicer Termination Event under clause (ix) of Section 7.1(a), the related Other Depositor or (y) with respect to a Servicer Termination Event or Special Servicer Termination Event under clauses (i), (ii), (iii) and/or (viii) of Section 7.1(a), the related affected Companion Loan Holder, shall be able to require termination of the Servicer or Special Servicer, as applicable, pursuant to clause (ii) above of this sentence.  Upon any termination of the Servicer or the Special Servicer, as applicable, and appointment of a successor to the Servicer or the Special Servicer, as applicable, the Trustee shall notify the Servicer or the Special Servicer, to the extent it is not the party being terminated, and the Certificate Administrator who shall post to the Certificate Administrator’s Website such written notice thereof, and forward the same to the Depositor, the Operating Advisor, the Certificateholders and the Companion Loan Holders and, comply with giving notice to the Rating Agencies pursuant to Section 12.18.  Notwithstanding anything herein to the contrary, the Depositor shall have the right, but not the obligation, to notify the Trustee of any Servicer Termination Event or Special Servicer Termination Event of which the Depositor becomes aware.

 

(d)           Notwithstanding the foregoing, if a Servicer Termination Event on the part of the Servicer affects only a Companion Loan, any holder thereof or the rating on a class of Companion Loan Securities, then the Servicer may not be terminated at the direction of the Holders of any Certificates (acting in such capacity); however, the related Companion Loan Holder may direct the Trustee to direct the Servicer to appoint a sub-servicer (or if the Whole Loan is currently being sub-serviced, then such Companion Loan Holder may direct the Trustee to direct the Servicer to replace such sub-servicer with a new sub-servicer but only if such original sub-servicer is in default (beyond any applicable cure periods) under the related sub-servicing agreement, and the Servicer may terminate the sub-servicing agreement due to such default) that will be responsible for servicing the Whole Loan.

 

(e)           During any Subordinate Control Period, the Controlling Class Representative shall have the right to direct the Trustee to terminate the Special Servicer (subject to such terminated Special Servicer’s rights to indemnification, payment of outstanding fees, and other rights set forth in this Agreement which survive termination) at any time, with or without cause, and the Controlling Class Representative shall have the right to, and shall, appoint a successor Special Servicer who shall execute and deliver to the other parties hereto an agreement, in form and substance reasonably satisfactory to the Trustee, whereby the successor Special Servicer agrees to assume and perform punctually the duties of the Special Servicer specified in this Agreement; provided that the Trustee (who shall provide it to the Certificate Administrator) shall have received a Rating Agency Confirmation from each Rating Agency prior to the termination of the Special Servicer.  The Special Servicer shall not be terminated pursuant to this paragraph until a successor Special Servicer shall have been appointed.  All costs and expenses of any such removal made by the Controlling Class Representative without cause shall be paid by the Holders of the Controlling Class.  Notwithstanding anything to the contrary in this Agreement, no successor Special Servicer appointed by the Controlling Class

 

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Representative pursuant to Section 6.4 or 7.1(c) or this Section 7.1(e) or otherwise pursuant to this Agreement will be required to meet any net worth requirements.

 

(f)           If the Special Servicer becomes a Borrower Party, the Special Servicer shall resign at its own expense. If such resignation occurs during a Subordinate Control Period or Subordinate Consultation Period, the Controlling Class Representative (so long as it is not also a Borrower Party) shall be entitled to appoint a successor Special Servicer that is not a Borrower Party.  If such Controlling Class Representative is a Borrower Party, then the largest Holder of the Controlling Class, by Certificate Balance, that is not a Borrower Party shall be entitled to appoint a successor Special Servicer that is not also a Borrower Party.  If each such Holder of the Controlling Class is also a Borrower Party, then the successor Special Servicer shall be appointed in accordance with the provisions in the next paragraph.

 

Other than during a Subordinate Control Period or Subordinate Consultation Period (or under the circumstances described in the last sentence of the preceding paragraph), in connection with any resignation by the Special Servicer because it is a Borrower Party, at the expense of the resigning Special Servicer, the Certificate Administrator, upon receipt of a written notice from the Special Servicer, shall promptly provide written notice of such pending resignation to all Certificateholders by posting the Special Servicer’s notice on the Certificate Administrator’s Website.  Following such notice, a successor Special Servicer that is not also a Borrower Party may be appointed upon the written direction of more than 50% of the Voting Rights of the Certificates that exercise their right to vote (provided that Holders of at least 20% of the Voting Rights of the Certificates exercise their right to vote). If a successor Special Servicer that is not a Borrower Party has not been appointed pursuant to the preceding sentence within thirty (30) days after the Special Servicer provides its written notice of resignation, the Certificate Administrator shall provide written notice to the resigning Special Servicer that an Independent successor Special Servicer has not been appointed, and the resigning Special Servicer shall appoint a successor Special Servicer that is not a Borrower Party.

 

If any party referred to in the two preceding paragraphs is entitled (but not required) to appoint the successor Special Servicer but does not so appoint within thirty (30) days, the resigning Special Servicer shall be required to appoint a successor Special Servicer that is not a Borrower Party.

 

(g)           At any time other than during a Subordinate Control Period, upon (i) the written direction of Holders of Certificates evidencing not less than 25% of the aggregate Voting Rights allocable to the Sequential Pay Certificates (taking into account Realized Losses, principal payments and the application of any Appraisal Reduction Amount or Collateral Deficiency Amount allocated to the Mortgage Loan to notionally reduce the Certificate Balances of the Certificates) requesting a vote to terminate and replace the Special Servicer with a proposed successor Special Servicer meeting the requirements of Section 6.4(a)(i), (ii) payment by such Holders to the Certificate Administrator of the reasonable fees and expenses (including any legal fees and any Rating Agency fees and expenses) to be incurred by the Certificate Administrator in connection with administering such vote, (iii) delivery by such holders to the certificate administrator (if any) and the trustee for each Other Securitization Trust (with a copy to the Certificate Administrator and the Trustee) of a Companion Loan Rating Agency Confirmation with respect to the appointment of such new special servicer (which Companion

 

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Loan Rating Agency Confirmations shall be obtained at the expense of such holders) and (iv) delivery by such Certificateholders to the Certificate Administrator of a Rating Agency Confirmation from each Rating Agency with respect to the appointment of such new special servicer (which Rating Agency Confirmations shall be obtained at the expense of those Holders requesting such vote), the Certificate Administrator shall promptly provide written notice thereof to all Certificateholders by posting such notice on the Certificate Administrator’s Website pursuant to Section 8.14(b) and by mailing at their addresses appearing in the Certificate Register and shall conduct the solicitation of votes of all Certificates in such regard.  Upon the written direction of (x) Holders of Sequential Pay Certificates evidencing at least 75% of a Certificateholder Quorum or (y) Holders of Non-Reduced Certificates evidencing more than 50% of the Voting Rights allocable to each Class of Non-Reduced Certificates, the Trustee shall terminate all of the rights and obligations of the Special Servicer under this Agreement by written notice to the Special Servicer and appoint the successor Special Servicer designated by such Certificateholders; 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.  Upon any such termination of the Special Servicer and appointment of a successor to the Special Servicer, the Certificate Administrator shall, as soon as possible, post written notice of such event on the Certificate Administrator’s Website and give written notice of such termination and appointment to the Servicer, the Operating Advisor, the Depositor, the Certificateholders, the Companion Loan Holders and the 17g-5 Information Provider (who shall promptly post to the 17g-5 Information Provider’s Website).  The Certificateholders that initiated the vote to replace the Special Servicer shall pay the costs and expenses incurred in connection with the removal and replacement of the Special Servicer pursuant to this paragraph.  The Certificate Administrator shall include on each Distribution Date Statement a statement that each Certificateholder may access such notices on the Certificate Administrator’s Website and that each Certificateholder may register to receive email notifications when such notices are posted thereon. The Certificate Administrator shall be entitled to reimbursement from the requesting Certificateholders or the Companion Loan Holders for the reasonable expenses of posting notices of such requests.  The Special Servicer shall not be terminated pursuant to this paragraph until a successor Special Servicer shall have been appointed. 

 

(h)           If at any time the Operating Advisor, in its sole discretion exercised in good faith, determines that (i) the Special Servicer is not performing its duties as required hereunder or is otherwise not acting in accordance with Accepted Servicing Practices, and (ii) the replacement of the Special Servicer would be in the best interest of the Certificateholders as a collective whole, the Operating Advisor shall deliver to the Trustee and the Certificate Administrator, with a copy to the Special Servicer, a written report, substantially in the form of Exhibit W attached hereto, setting forth the reasons supporting its recommendation (along with any information the Operating Advisor considered relevant to its recommendation) and recommending a Qualified Replacement Special Servicer (which form may be modified or supplemented from time to time to cure any ambiguity or error or to incorporate any additional information, subject to compliance of such form with the terms and provisions of this Agreement; provided, further, that in no event shall the information or any other content included in such written recommendation contravene any provision of this Agreement) detailing the reasons supporting its recommendation (along with relevant information justifying its recommendation). In such event, the Certificate Administrator shall promptly post notice to all

 

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Certificateholders of such recommendation and the related report on the Certificate Administrator’s Website in accordance with Section 8.14(b), and by mail conduct the solicitation of votes of all Certificates in such regard. Upon (i) the affirmative vote within 180 days of posting of the Operating Advisor’s recommendation to the Certificate Administrator’s Website of holders of Sequential Pay Certificates representing a majority of the aggregate outstanding Certificate Balance of all Sequential Pay Certificates whose holders voted on the matter, provided that the Sequential Pay Certificate holders that so voted on the matter (x) hold Sequential Pay Certificates representing at least 20% of the outstanding Certificate Balance of all Sequential Pay Certificates on an aggregate basis and (y) include at least three (3) Certificateholders and/or Certificate Owners that are not Credit Risk Retention Affiliated with each other and (ii) following satisfaction of the foregoing clause (i), delivery of written notice to each Rating Agency by the Certificate Administrator with respect to the termination of the Special Servicer and the appointment of the successor special servicer recommended by the Operating Advisor, the Trustee shall (A) terminate all of the rights and obligations of the Special Servicer under this Agreement and appoint the successor special servicer recommended by the Operating Advisor (provided such successor special servicer is a Qualified Replacement Special Servicer), and (B) promptly notify such outgoing Special Servicer of the effective date of such termination. The reasonable out-of-pocket costs and expenses (including reasonable legal fees and expenses of outside counsel) associated with providing such written notices to the Rating Agencies and administering such vote and the Operating Advisor’s identification of a Qualified Replacement Special Servicer shall be a Trust Fund Expense. In the event that the Certificate Administrator does not receive the affirmative vote described in clause (i) of the second preceding sentence, then the Trustee shall have no obligation to remove the Special Servicer. Prior to the appointment of any replacement Special Servicer, such replacement Special Servicer shall have agreed to succeed to the obligations of the Special Servicer under this Agreement and to act as the Special Servicer’s successor hereunder. The Certificateholders that initiated the vote to replace the Special Servicer shall pay the costs and expenses incurred in connection with the removal and replacement of the Special Servicer pursuant to this paragraph.

 

In the event the Special Servicer is terminated as a result of the recommendation of the Operating Advisor described in this Section 7.1(f), the Controlling Class Representative may not subsequently reappoint as Special Servicer such terminated Special Servicer or any Credit Risk Retention Affiliate of such terminated Special Servicer.

 

For the avoidance of doubt, the indemnification of the Operating Advisor in Section 6.3(a) shall include, subject to the limitations set forth in such Section 6.3(a), any action or claim arising from, or relating to, the Operating Advisor’s determination under this Section 7.1(f) (regarding removal of the Special Servicer), or the result of the vote of the Certificateholders (regarding removal of the Special Servicer).

 

Notwithstanding anything to the contrary in this Section 7.1(f), any successor Special Servicer appointed pursuant to this Section 7.1(f) must be a Qualified Replacement Special Servicer.

 

(i)            Any termination of the Special Servicer under this Section 7.1 and appointment of a successor special servicer shall not be effective until (i) the delivery of a Rating Agency Confirmation from each Rating Agency and a Companion Loan Rating Agency

 

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Confirmation from each Companion Loan Rating Agency to the Trustee and the Certificate Administrator, (ii) the assumption by the successor special servicer of all of the responsibilities, duties and liabilities of the Special Servicer under this Agreement pursuant to a writing reasonably satisfactory to the Trustee and the Certificate Administrator and (iii) receipt by the Trustee and the Certificate Administrator 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.

 

(j)        
   In the event that the Servicer or Special Servicer is terminated pursuant to this Section 7.1, the Trustee
(the “Terminating Party”) shall, by notice in writing to the Servicer or
Special Servicer, as the case may be (the “Terminated Party”) (with a copy
to the Borrower), terminate all of its rights and obligations under this Agreement and in and to the Mortgage Loan and the Companion
Loans and the proceeds thereof, other than any rights the Terminated Party may have hereunder as a Certificateholder and any rights
or obligations that accrued prior to the date of such termination (including the right to receive all amounts accrued or owing
to it under this Agreement with respect to periods prior to the date of such termination (including, to the extent described in
Section 3.17, any Liquidation Fee or Workout Fees relating to a written agreement entered into by the Terminated Party
prior to the earlier of (i) notice from the Controlling Class Representative under Section 7.1(e) directing the Trustee
to terminate the Special Servicer, or (ii) termination) and the right to the benefits of Section 6.3 notwithstanding any
such termination).  On or after the receipt by the Terminated Party of such written notice, subject to the foregoing, all
of its authority and power under this Agreement, whether with respect to the Certificates (except that the Terminated Party shall
retain its rights as a Certificateholder in the event and to the extent that it is a Certificateholder) or the Whole Loan or otherwise,
shall pass to and be vested in the Terminating Party pursuant to and under this Section (absent the appointment of a successor,
and such successor’s assumption of obligations hereunder) and the Terminated Party shall reasonably cooperate with the
Terminating Party to execute and deliver, on behalf of and at the expense of the Terminated Party, 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 servicing rights with respect to the Mortgage
Loan and related documents, or otherwise; provided, that if the Terminated Party fails to reasonably cooperate in executing such
power of attorney, then the Terminating Party, without limitation, 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 servicing rights with respect to the Mortgage Loan and related
documents, or otherwise.  The Servicer and the Special Servicer, as applicable, each agrees that, in the event it is terminated
pursuant to this Section 7.1, or resigns under Section 6.4(b), to promptly (and in any event no later
than ten Business Days subsequent to such notice) provide, at its own expense, the Terminating Party (which term shall include
for the purposes of the remainder of this Section 7.1(j), the Trustee (or a successor Servicer or Special Servicer)
in connection with a resignation of the Servicer or the Special Servicer under Section 6.4(b)) with all documents
and records requested by the Terminating Party to enable the Terminating Party to assume its functions hereunder, and to cooperate
with the Terminating Party and the successor to its

 

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responsibilities hereunder
in effecting the termination of its responsibilities and rights hereunder, including, without limitation, the transfer to the
successor Servicer or Special Servicer, as applicable, or the Terminating Party, as applicable, for administration by it of all
cash amounts which shall at the time be or should have been credited by the Terminated Party (which term shall include, for the
purposes of the remainder of this Section 7.1(j), the resigning party in connection with a resignation of the Servicer
or the Special Servicer under Section 6.4(b)) to the Collection Account, any Foreclosed Property Account or shall
thereafter be received with respect to the Whole Loan, and shall promptly provide the Terminating Party or such successor Servicer
or Special Servicer, as applicable (which may include the Trustee), as applicable, all documents and records reasonably requested
by it, such documents and records to be provided in such form as the Terminating Party or such successor Servicer or the Special
Servicer, as applicable, shall reasonably request (including electronic form), to enable it to assume the function of the Servicer
or Special Servicer, as applicable, hereunder.  All reasonable out-of-pocket costs and expenses of the Terminating Party
or the successor Servicer or Special Servicer, as applicable, incurred in connection with transferring the Mortgage File to the
Terminating Party or to the successor Servicer or Special Servicer, as applicable, and amending this Agreement to reflect such
succession pursuant to this Section 7.1 shall be paid by the Terminated Party upon presentation of reasonable documentation
of such costs and expenses.  If the Terminated Party has not reimbursed the Terminating Party or such successor Servicer
or Special Servicer, as applicable, for such expenses within 90 days after the presentation of reasonable documentation, such
expense shall be reimbursed by the Trust pursuant to Section 3.4(c); provided that the Terminated Party shall
not thereby be relieved of its liability for such expenses.  Notwithstanding the foregoing, in the event that the Special
Servicer is terminated by the Controlling Class Representative without cause pursuant to Section 7.1(e), all out-of-pocket
costs and expenses incurred or payable by the terminated Special Servicer under this Section 7.1 shall be paid by
the Holders of the Controlling Class.

 

(k)           Notwithstanding anything herein to the contrary, the Depositor shall have the right, but not the obligation, to notify the Trustee of any Servicer Termination Event or Special Servicer Termination Event of which the Depositor becomes aware.  In no event shall the Trustee be deemed to have knowledge of or be aware of any Servicer Termination Event or Special Servicer Termination Event until a Responsible Officer of the Trustee has received written notice thereof or has actual knowledge thereof.

 

7.2.     
  Trustee to Act; Appointment of Successor.  On and after the time the Servicer
or Special Servicer, as the case may be, receives a notice of termination pursuant to Section 7.1, or resigns pursuant
to Section 6.4(b), the Terminating Party (which term shall include, for the purposes of the remainder of this Section 7.2,
the Trustee (or a successor Servicer or Special Servicer including a successor appointed under Section 6.4(a)) in
connection with a resignation of the Servicer or the Special Servicer under Section 6.4(b)) shall, unless prohibited
by law, be the successor to the Terminated Party (which term shall include, for the purposes of the remainder of this Section 7.2,
the resigning party in connection with a resignation of the Servicer of the Special Servicer under Section 6.4(b))
in all respects under this Agreement and the transactions set forth or provided for herein and, except as provided herein, shall
be subject to all the responsibilities, duties, limitations on liability and liabilities relating thereto and arising thereafter
placed on the Terminated Party by the terms and provisions hereof; provided, that (i) neither the Trustee nor the
Terminating Party (nor any successor Servicer or

 

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Special Servicer, as the case may be) shall have any responsibilities, duties, liabilities or obligations with respect to any act or omission of the Terminated Party and (ii) any failure to perform, or delay in performing, such duties or responsibilities caused by the Terminated Party’s failure to provide, or delay in providing, records, tapes, disks, information or monies or failure to cooperate as required by this Agreement shall not be considered a default by the Terminating Party or such successor hereunder.  The Trustee, as successor Servicer or Special Servicer, and any other successor Servicer or Special Servicer, as the case may be, shall be indemnified to the full extent provided to the Trustee under this Agreement.  The appointment of a successor Servicer or Special Servicer, as the case may be, shall not affect any liability of the Terminated Party that may have arisen prior to its termination as such.  The Terminating Party shall not be liable for any of the representations and warranties of the Terminated Party herein or in any related document or agreement, for any acts or omissions of the Terminated Party or for any losses incurred in respect of any Permitted Investment by the Terminated Party nor shall the Terminating Party or any successor Servicer or Special Servicer be required to purchase the Mortgage Loan hereunder.  None of the Terminating Party, the Trustee or the successor Servicer or successor Special Servicer will be responsible for delays attributable to Terminated Party’s failure to deliver information, defects in the information supplied by the Terminated Party or other circumstances beyond the control of the Terminating Party, the Trustee or the successor Servicer. The Terminating Party (or any successor Servicer or Special Servicer) will make arrangements with the Terminated Party for the prompt and safe transfer of, and the Terminated Party shall use commercially reasonable efforts to provide to the successor Servicer and Special Servicer, all necessary servicing files and records on the close of business on the day immediately preceding the assumption of the servicing or special servicing by the successor Servicer or Special Servicer (but in any event such necessary servicing files and records shall be provided by the close of business on the 5th Business Day following the assumption of the servicing or special servicing by the successor Servicer or Special Servicer).  None of the Trustee, the Terminating Party, the successor Servicer or the Special Servicer shall have any responsibility nor shall any of them be in default hereunder or incur any liability for any failure, error, malfunction or any delay in carrying out any of its duties under this Agreement if any such failure or delay results from the Trustee, the Terminating Party, successor Servicer or successor Special Servicer acting in accordance with information prepared or supplied by any other Person or the failure of any such Person to prepare or provide such information. None of the Trustee, the Terminating Party, the successor Servicer or the successor Special Servicer shall have any responsibility, shall be in default or shall incur any liability (i) for any act or failure to act by any third party, including the predecessor Servicer, the predecessor Special Servicer, the current Servicer or Special Servicer (if the successor is not succeeding to such capacities), the Depositor or the Trustee or for any inaccuracy or omission in a notice or communication received by the successor from any third party or (ii) which is due to or results from the invalidity, unenforceability of the Whole Loan, Loan Agreement or any other agreement with applicable law or the breach or the inaccuracy of any representation or warranty made with respect thereto.  As compensation therefor, the Terminating Party as successor Servicer or Special Servicer, as the case may be, shall be entitled to all compensation with respect to the Whole Loan to which the Terminated Party would have been entitled that accrues after the date of the Terminating Party’s succession to which the Terminated Party would have been entitled if it had continued to act hereunder and, in the case of a successor Special Servicer, the Special Servicing Fee.  Notwithstanding the above, the Trustee may, if it shall be unwilling to so act, or shall, if it is

 

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unable to so act, or
if the Holders of Certificates having greater than 25% of the aggregate Voting Rights of all then outstanding Certificates so
request in writing to the Trustee, or the Trustee is not approved by the Rating Agencies as a Servicer or Special Servicer, as
the case may be, as evidenced by a Rating Agency Confirmation, or if the Rating Agencies do not provide written confirmation that
the succession of the Trustee as Servicer or Special Servicer, as the case may be, will not cause a downgrade, qualification or
withdrawal of the then current ratings of the Certificates, promptly appoint, or petition a court of competent jurisdiction to
appoint, any established loan servicing institution reasonably satisfactory to the Trustee the appointment for which a Rating
Agency Confirmation is obtained, as the successor to the Servicer or Special Servicer, as applicable, hereunder in the assumption
of all or any part of the responsibilities, duties or liabilities of the Servicer or Special Servicer, as applicable, hereunder. 
No appointment of a successor to a Terminated Party hereunder shall be effective until the assumption by such successor of all
the Terminated Party’s responsibilities, duties and liabilities hereunder.  Pending appointment of a successor to
a Terminated Party hereunder, unless the Trustee shall be prohibited by law from so acting, the Trustee shall act in the applicable
capacity as herein above provided. Any appointment or succession by the Trustee to the rights and obligations of the Special Servicer
hereunder shall be subject to the right of the Controlling Class Representative to replace the Special Servicer during any Subordinate
Control Period. In connection with such appointment and assumption described herein, the Trustee may make such arrangements for
the compensation of such successor out of payments on the Whole Loan as it and such successor shall agree; provided, that
no such compensation shall be in excess of that permitted the Terminated Party hereunder, except that if no successor to the Terminated
Party can be obtained to perform the obligations of such Terminated Party hereunder, additional amounts shall be paid to such
successor and such amounts in excess of that permitted the Terminated Party shall be paid pursuant to Section 3.4(c) (subject
to the terms of the Intercreditor Agreement).  The Depositor, the Trustee, the Certificate Administrator, the Servicer (as
applicable), the Special Servicer (as applicable) and such successor shall take such action, consistent with this Agreement, as
shall be necessary to effectuate any such succession.

 

If the Trustee or an Affiliate acts pursuant to this Section 7.2 as successor to the resigning or terminated Servicer, it may reduce the Excess Servicing Fee Rate to the extent that its or such Affiliate’s compensation as successor servicer would otherwise be below the market rate servicing compensation.  If the Trustee elects to appoint a successor to the resigning or terminated Servicer other than itself or an Affiliate pursuant to this Section 7.2, it may reduce the Excess Servicing Fee Rate to the extent reasonably necessary (in the sole discretion of the Trustee) for the Trustee to appoint a qualified successor servicer that meets the requirements of this Section 7.2.

 

Notwithstanding anything to the contrary set forth in this Agreement, neither the Operating Advisor nor any of its Affiliates may be appointed as a successor Servicer or Special Servicer.

 

7.3.          Notification to Certificateholders, the Depositor and the Rating Agencies. 

 

(a)       
Upon any termination of the Servicer or the Special Servicer, as the case may be, pursuant to Section 7.1 or appointment
of a successor to the Servicer or Special Servicer, as the case may be, the Certificate Administrator shall, as soon as practicable,
give

 

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written notice thereof to Certificateholders at their respective addresses appearing in the Certificate Register, the Companion Loan Holders and to the Depositor and 17g-5 Information Provider (who shall promptly post to the 17g-5 Information Provider’s Website).

 

(b)          Within 30 days after the occurrence of any Servicer Termination Event or Special Servicer Termination Event of which a Responsible Officer of the Certificate Administrator has actual knowledge, the Certificate Administrator shall transmit by mail to all Holders of Certificates, the Companion Loan Holders and to the Depositor and 17g-5 Information Provider (who shall promptly post to the 17g-5 Information Provider’s Website) notice of such Servicer Termination Event or Special Servicer Termination Event, as the case may be, unless such Servicer Termination Event or Special Servicer Termination Event shall have been cured or waived.

 

7.4.   
     Other Remedies of Trustee. During the continuance of any Servicer
Termination Event or Special Servicer Termination Event, as the case may be, or so long as such Servicer Termination Event or
Special Servicer Termination Event shall not have been remedied, the Trustee, in addition to the rights specified in Section 7.1,
shall have the right, in its own name as trustee of an express trust, to take all actions now or hereafter existing at law, in
equity or by statute to enforce its rights and remedies and to protect the interests, and enforce the rights and remedies, of
the Certificateholders and the Companion Loan Holders (including the institution and prosecution of all judicial, administrative
and other proceedings and the filing of proofs of claim and debt in connection therewith).  In such event, the legal fees,
expenses and costs of such action and any liability resulting therefrom shall be expenses, costs and liabilities of the Trust,
and the Trustee shall be entitled to be reimbursed therefor pursuant to Section 3.4(c) from the Collection Account. 
Except as otherwise expressly provided in this Agreement, no remedy provided for by this Agreement shall be exclusive of any other
remedy, and each and every remedy shall be cumulative and in addition to any other remedy and no delay or omission to exercise
any right or remedy shall impair any such right or remedy or shall be deemed to be a waiver of any Servicer Termination Event
or Special Servicer Termination Event.

 

7.5.        Waiver of Past Servicer Termination Events and Special Servicer Termination Events.    The Holders of Certificates evidencing not less than 66 2/3% of the aggregate Voting Rights of all then outstanding Certificates and the Companion Loan Holders may, on behalf of all Certificateholders and the Companion Loan Holders and upon adequate indemnification of the Trustee by the requesting Holders of Certificates and the Companion Loan Holders, waive any Servicer Termination Event or Special Servicer Termination Event (other than with respect to clause (ix) of the applicable definition thereof) and its consequences, except a failure to make any required deposits (including Monthly Payment Advances) to or payments from the Collection Account, the Distribution Account or any Foreclosed Property Account or in remitting payments as received, in each case in accordance with this Agreement.  Upon any such waiver of a past Servicer Termination Event or Special Servicer Termination Event, such event shall cease to exist, and the related Servicer Termination Event or Special Servicer Termination Event arising therefrom shall be deemed to have been remedied for every purpose of this Agreement.  No such waiver shall extend to any subsequent or other Servicer Termination Event or Special Servicer Termination Event or impair any right related thereto.

 

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7.6.         Trustee as Maker of Advances. In the event that the Servicer fails to fulfill its obligations hereunder to make any Advances (other than any Advance which has been determined, in accordance with this Agreement, to be a Nonrecoverable Advance if made), the Trustee shall perform such obligations (w) within five Business Days (or such shorter period (but not less than one Business Day) as may be required, if applicable, to avoid any lapse in insurance coverage required under the Loan Documents or this Agreement with respect to the Property or to avoid any foreclosure or similar action with respect to the Property by reason of failure to pay real estate taxes, assessments, ground rents or governmental charges) of a Responsible Officer of the Trustee obtaining knowledge of such failure by the Servicer or the Special Servicer with respect to Property Protection Advances and Administrative Advances and (x) by 12:00 noon New York time on the related Distribution Date with respect to Monthly Payment Advances.  With respect to any such Advance made by the Trustee, the Trustee shall succeed to all of the Servicer’s and/or the Special Servicer’s rights, as applicable, with respect to Advances hereunder, including, without limitation, the rights of reimbursement and interest on each Advance at the Advance Rate, and rights to determine that a proposed Advance is a Nonrecoverable Advance (without regard to any impairment of any such rights of reimbursement caused by such Servicer’s and/or the Special Servicer’s default in its obligations hereunder and further subject to the Trustee’s standard of good faith business judgment); provided, that if Advances made by the Trustee, the Servicer and/or the Special Servicer shall at any time be outstanding, or any interest on any Advance shall be accrued and unpaid, all amounts available to repay such Advances and the interest thereon hereunder shall be applied entirely to the Advances outstanding to the Trustee until such Advances shall have been repaid in full, together with all interest accrued thereon, prior to reimbursement of the Servicer and/or the Special Servicer, as applicable, for such Advances and interest accrued thereon.  The Trustee shall be entitled to conclusively rely on any notice given by the Servicer and/or the Special Servicer, as applicable, with respect to a Nonrecoverable Advance hereunder.  The Trustee shall notify the Other Servicer and Other Trustee with respect to each Other Securitization Trust of the amount of any Monthly Payment Advance made by it pursuant to this Section 7.6 within two (2) Business Days of making such Advance.

 

8.         THE TRUSTEE, THE CUSTODIAN AND THE CERTIFICATE ADMINISTRATOR

 

8.1.    
    Duties of the Trustee, the Custodian and the Certificate Administrator. (a)  The
Trustee, the Custodian and the Certificate Administrator undertake with respect to the Trust Fund to perform such duties and only
such duties as are specifically set forth in this Agreement.  None of the Depositor, the Servicer, the Special Servicer or
the Operating Advisor shall be obligated to monitor or supervise the performance by any such party of its duties hereunder. 
In case a Servicer Termination Event, Special Servicer Termination Event or Operating Advisor Termination Event has occurred (that
has not been cured or waived), the Trustee, subject to the provisions of Section 7.2, Section 7.4 and
Section 9.5(m), shall exercise such of the rights and powers vested in it by this Agreement, and shall use the same degree
of care and skill in their exercise, as a prudent institution would exercise or use under the circumstances in the conduct of
such institution’s own affairs.  Any permissive right of the Trustee, the Custodian or the Certificate Administrator
set forth in this Agreement shall not be construed as a duty and such party shall not be answerable for other than its negligence
or willful misconduct in performance of such right.

 

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(b)    
    Subject to Sections 8.2(a) and 8.3, each of the Trustee, the Custodian and the Certificate Administrator,
upon receipt of all resolutions, certificates, statements, opinions, reports, documents, orders or other instruments furnished
to such party that are specifically required to be furnished to it pursuant to any provision of this Agreement, shall examine,
or cause to be examined, such instruments to determine whether they conform to the requirements of this Agreement to the extent
specifically set forth herein.  If any such instrument is found on its face not to conform to the requirements of this Agreement
in a material manner, the Trustee, the Custodian and the Certificate Administrator shall make a request to the Depositor to have
the instrument corrected, and if the instrument is not corrected to the Trustee’s, the Custodian’s or the Certificate
Administrator’s reasonable satisfaction, the Trustee, the Custodian or the Certificate Administrator shall provide notice
thereof to the Certificateholders.  None of the Trustee, the Custodian or the Certificate Administrator shall be responsible
for the accuracy or content of any resolution, certificate, statement, opinion, report, document, order or other instrument furnished
by the Depositor, the Servicer, the Special Servicer or the Operating Advisor and accepted by the Trustee, the Custodian or the
Certificate Administrator, as the case may be, in good faith, pursuant to this Agreement.

 

(c)   
       Subject to Section 8.3, no provision of this Agreement shall be construed to
relieve the Trustee, the Custodian or the Certificate Administrator from liability for its own negligent action, its own negligent
failure to act, its own willful misconduct or bad faith or for any failure to perform its obligations in compliance with this
Agreement, provided, that:

 

(i) 
         no implied covenants or obligations shall be read into this Agreement against the Trustee, the
Custodian or the Certificate Administrator and each such party may conclusively rely, as to the truth of the statements and the
correctness of the opinions expressed therein, upon any certificates or opinions furnished to such party (including those provided
pursuant to Section 11.1) and conforming to the requirements of this Agreement which it reasonably believes in good
faith to be genuine and to have been duly executed by the proper authorities respecting any matters arising hereunder;

 

(ii)           none of the Trustee, the Custodian or the Certificate Administrator shall be liable for an error of judgment made in good faith by a Responsible Officer of such party unless it shall be proved that such party or such Responsible Officer, as applicable, was negligent in ascertaining the pertinent facts;

 

(iii)           none of the Trustee, the Custodian or the Certificate Administrator shall be liable with respect to any action taken, suffered or omitted to be taken by it in good faith in accordance with this Agreement or at the direction of Holders of Certificates evidencing, in the aggregate, not less than 25% of the Voting Rights of the Certificates, relating to the time, method and place of conducting any proceeding for any remedy available to such party, or exercising any trust or power conferred upon such party, under this Agreement;

 

(iv) 
        none of the Trustee, the Custodian or the Certificate Administrator shall be charged with knowledge
of any failure by the Servicer or the Special Servicer to comply with any of their respective obligations referred to in Section 7.1
or of any Operating Advisor Termination Event or any other act or circumstance upon the occurrence of

 

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which the Trustee, the Custodian or the Certificate Administrator, as applicable, may be required to take action unless a Responsible Officer of the Trustee, the Custodian or the Certificate Administrator, as applicable, obtains actual knowledge of such failure, act or circumstance or the Trustee, the Custodian or the Certificate Administrator, as applicable, receives written notice of such failure from the Servicer, the Special Servicer, the Operating Advisor, the Depositor, the Borrower or Holders of the Certificates evidencing, in the aggregate, not less than 25% of the Voting Rights of the Certificates.  In the absence of receipt of such notice or actual knowledge of a Responsible Officer, the Trustee may conclusively assume that there is no Servicer Termination Event, Special Servicer Termination Event or any other act or circumstance described in Section 7.1 or Operating Advisor Termination Event that has occurred.

 

(v) 
         subject to the other provisions of this Agreement and without limiting the generality of Sections 8.1
and 8.2, none of the Trustee, the Custodian or the Certificate Administrator shall have any duty except, in the case
of the Trustee, in its capacity as a successor Servicer or successor Special Servicer (A) to see to any recording, filing
or depositing of this Agreement or any agreement referred to herein or any financing statement or continuation statement evidencing
a security interest, or to see to the maintenance of any such recording or filing or depositing or to any re-recording, refiling
or redepositing thereof (except as set forth in Section 2.1(b)), (B) to see to any insurance, and (C) to
confirm or verify the contents of any reports or certificates of the Servicer or the Special Servicer or the Operating Advisor
delivered to the Trustee, the Custodian or the Certificate Administrator pursuant to this Agreement reasonably believed by such
party to be genuine and to have been signed or presented by the proper party or parties; and

 

(vi)          for all purposes under this Agreement, none of the Trustee, the Custodian or the Certificate Administrator shall be required to take any action with respect to, or be deemed to have notice or knowledge of any Event of Default, Servicer Termination Event, Special Servicer Termination Event or Operating Advisor Termination Event unless a Responsible Officer of such party has actual knowledge thereof or shall have received written notice thereof.  In the absence of receipt of such notice and such actual knowledge otherwise obtained, the Trustee, the Custodian and the Certificate Administrator may conclusively assume that there is no Event of Default, Servicer Termination Event or Special Servicer Termination Event.

 

(d)           None of the provisions contained in this Agreement shall in any event require the Trustee, the Custodian or the Certificate Administrator to (i) expend or risk its own funds or otherwise incur personal financial liability in the performance of any of its duties hereunder or in the exercise of any of its rights or powers hereunder if, in the opinion of the Trustee, the Custodian or the Certificate Administrator, as the case may be, there are reasonable grounds for believing that repayment of such funds or adequate indemnity against such risk or liability is not reasonably assured to it, or (ii) perform, or be responsible for the manner of performance of, any of the obligations of the Servicer, the Special Servicer or the Operating Advisor under this Agreement, except with respect to the Trustee, during such time, if any, as the Trustee shall be the successor to, and be vested with the rights, duties, powers and privileges of, the Servicer or the Special Servicer in accordance with the terms of this Agreement. 

 

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Notwithstanding anything
contained herein, none of the Trustee, the Custodian or the Certificate Administrator shall be responsible or shall have any liability
in connection with the duties assumed by the Authenticating Agent and the Certificate Registrar hereunder, unless the Trustee,
the Custodian or the Certificate Administrator is acting in any such capacity hereunder; provided, further, that
in any such capacity the Trustee, the Custodian and the Certificate Administrator shall have all of the rights, protections and
indemnities provided to it as Trustee, Custodian and Certificate Administrator hereunder, as applicable.

 

In no event shall the Trustee, the Custodian or the Certificate Administrator be liable for any failure or delay in the performance of its obligations hereunder because of circumstances beyond such party’s control, including, but not limited to force majeure.

 

8.2.   
       Certain Matters Affecting the Trustee, the Custodian and the Certificate Administrator. (a)  Except
as otherwise provided in Section 8.1:

 

(i)           each of the Trustee, the Custodian and the Certificate Administrator may request and rely upon and shall be protected in acting or refraining from acting upon any resolution, Officer’s Certificate, auditor’s certificate or any other certificate, statement, instrument, opinion, report, notice, request, direction, consent, order, approval, bond or other paper or document believed by it to be genuine and to have been signed or presented by the proper party or parties;

 

(ii)           each of the Trustee, the Custodian and the Certificate Administrator may consult with any nationally recognized counsel, and the advice of such counsel or any Opinion of Counsel shall be full and complete authorization and protection in respect of any action taken or suffered or omitted by it hereunder in good faith and in accordance therewith;

 

(iii) 
        none of the Trustee, the Custodian or the Certificate Administrator shall be under any obligation
to exercise the trusts or powers vested in it by this Agreement or to institute, conduct or defend any litigation hereunder or
in relation hereto at the request, order or direction of any of the Certificateholders pursuant to the provisions of this Agreement,
unless such Certificateholders shall have offered to the Trustee, the Custodian or the Certificate Administrator, as applicable,
security or indemnity reasonably satisfactory to it against the costs, expenses and liabilities, including reasonable legal fees,
which may be incurred therein or thereby; provided, that nothing contained herein shall relieve the Trustee, the Custodian
or the Certificate Administrator of the obligation, upon the occurrence of a Servicer Termination Event, Special Servicer Termination
Event or Operating Advisor Termination Event (which has not been cured or waived), to exercise such of the rights and powers vested
in it by this Agreement, and, with respect to the Trustee, to use the same degree of care and skill in its exercise as a prudent
person would exercise or use under the circumstances in the conduct of such person’s own affairs;

 

(iv)           none of the Trustee, the Custodian or the Certificate Administrator shall be liable for any action reasonably taken, suffered or omitted by it in good faith and

 

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reasonably believed by it to be authorized or within the discretion or rights or powers conferred upon it by this Agreement;

 

(v) 
        prior to the occurrence of a Servicer Termination Event, Special Servicer Termination Event
or Operating Advisor Termination Event hereunder and after the curing or waiver of such Servicer Termination Event, Special
Servicer Termination Event or Operating Advisor Termination Event that may have occurred, none of the Trustee, the Custodian
or the Certificate Administrator shall be bound to ascertain or inquire as to the performance or observance of any of the
terms, conditions, covenants or agreements herein (except as specifically required by this Agreement) or to make any
investigation into the facts or matters stated in any resolution, certificate, statement, instrument, opinion, report,
notice, request, direction, consent, order, approval, bond or other paper or document, unless requested in writing so to do
by Holders of Certificates evidencing, in the aggregate, not less than 25% of the Voting Rights of the outstanding
Certificates; provided, that if the payment within a reasonable time to the such party of the costs, expenses or
liabilities likely to be incurred by either party in the making of such investigation is, in the opinion of such party, not
reasonably assured to it by the security afforded to it by the terms of this Agreement, such party may require indemnity
satisfactory to it against such costs, expenses or liabilities as a condition to taking any such action.  The reasonable
expense of every such investigation shall be paid by the Trust pursuant to Section 3.4(c) in the event that such
investigation relates to a Servicer Termination Event, Special Servicer Termination Event or Operating Advisor Termination
Event, if such an event shall have occurred and is continuing, and otherwise by the Certificateholders requesting the
investigation;

 

(vi)         each of the Trustee, the Custodian and the Certificate Administrator may execute any of the trusts or powers hereunder or perform any duties hereunder either directly or by or through agents or attorneys selected by it with due care;

 

(vii)         none of the Trustee, the Custodian or the Certificate Administrator shall be required to post any kind of bond or surety in connection with the execution and performance of its duties hereunder, and except in the event of actual fraud (as determined by a final non-appealable court order), in no event shall the Trustee, the Custodian or the Certificate Administrator be liable for punitive, special, indirect or consequential loss or damage of any kind whatsoever (including but not limited to lost profits), even if the Trustee, the Custodian or the Certificate Administrator, as applicable, has been advised of the likelihood of such loss or damage;

 

(viii) 
      notwithstanding anything to the contrary herein, any and all communications (both text and attachments, excluding
any notice to the Servicer or the Special Servicer under Section 7.1(a) or to the Operating Advisor under Section 9.5(m))
by or from the Trustee, the Custodian or the Certificate Administrator, as the case may be, in any of its capacities, that it
in its sole discretion deems to contain confidential, proprietary, and/or sensitive information and sent by electronic mail will
be encrypted.  The recipient of the email communication will be required to complete a one-time registration process. Information
and assistance on registering and using the email

 

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encryption technology can be found at the Certificate Administrator’s Website or by calling the Certificate Administrator’s customer support desk at (866) 846-4526;

 

(ix)         for as long as the Person that serves as the Certificate Administrator hereunder also serves as Custodian, 17g-5 Information Provider, Authenticating Agent and/or Certificate Registrar, the protections, immunities and indemnities afforded to that Person in its capacity as Certificate Administrator hereunder shall also be afforded to such Person in its capacity as Custodian, 17g-5 Information Provider, Authenticating Agent and/or Certificate Registrar, as the case may be; and

 

(x)           no provision of this Agreement or any other transaction document shall be deemed to impose any duty or obligation on the Trustee, the Custodian or the Certificate Administrator to take or omit to take any action, or suffer any action to be taken or omitted, in the performance of its duties or obligations under the transaction documents, or to exercise any right or power thereunder, to the extent that taking or omitting to take such action or suffering such action to be taken or omitted would violate applicable law binding upon it (which determination may be based on the advice or opinion of counsel).

 

(b)           Following the Closing Date, none of the Trustee, the Custodian or the Certificate Administrator shall accept any contribution of assets to the Trust Fund not specifically contemplated by this Agreement.

 

(c)           All rights or actions under this Agreement or under any of the Certificates, enforceable by the Trustee, the Custodian or the Certificate Administrator may be enforced by such party without the possession of any of the Certificates, or the production thereof at the trial or other proceeding relating thereto, and any such suit, action or proceeding instituted by such party shall be brought in its name for the benefit of all the Holders of such Certificates, subject to the provisions of this Agreement.

 

(d)          In order to comply with the laws, rules, regulations and executive orders in effect from time to time applicable to banking institutions, including those relating to the funding of terrorist activities and money laundering (“Applicable Laws”), the Trustee, the Custodian and the Certificate Administrator are required to obtain, verify and record certain information relating to individuals and entities which maintain a business relationship with such party.  Accordingly, each of the parties agrees to provide to the Trustee, the Custodian and the Certificate Administrator, upon their request from time to time such identifying information and documentation as may be available for such party in order to enable the Trustee, the Custodian and the Certificate Administrator to comply with Applicable Laws.

 

8.3.         None of the Trustee, the Custodian or the Certificate Administrator is Liable for Certificates or the Mortgage Loan. The recitals contained herein and in the Certificates (other than the signature and authentication of the Certificate Administrator on the Certificates) shall not be taken as the statements of the Trustee, the Custodian or the Certificate Administrator and no such party assumes responsibility for their correctness.  The Trustee, the Custodian and the Certificate Administrator make no representations as to the validity or sufficiency of this Agreement, the Certificates, the Mortgage Loan or of the Whole Loan or related documents except as expressly set forth herein.  The Trustee, the Custodian and the

 

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Certificate Administrator
shall not be liable for any action or failure to take any action by the Depositor, the Servicer, the Special Servicer or the Operating
Advisor hereunder or any action or failure to take any action by the Mortgage Loan Sellers under the Mortgage Loan Purchase Agreements,
including, without limitation, in connection with (i) any failure of the Mortgage Loan Sellers to properly prepare each Assignment
of the Mortgage, assignment of the Collateral Security Document and UCC-3 financing statements pursuant to the Mortgage Loan Purchase
Agreements or (ii) any failure of the Special Servicer or any sub-servicer, agent of or counsel to the Special Servicer to
conduct a Foreclosure in accordance with the terms of this Agreement and applicable law, and none of the Trustee, the Custodian
or the Certificate Administrator shall be required to take any action in connection with any of the foregoing matters referred
to in clauses (i) and (ii) above (except to the extent otherwise expressly required pursuant to this Agreement).  The
Trustee, the Custodian and the Certificate Administrator shall not at any time have any responsibility or liability for or with
respect to the legality, ownership, title, validity or enforceability of the Mortgage or Collateral Security Documents or the
Mortgage Loan or the Companion Loans, or the perfection, sufficiency and priority of the Mortgage or Collateral Security Documents
or the maintenance of any such perfection and priority, or for or with respect to the efficacy of the Trust Fund or its ability
to generate the payments to be distributed to Certificateholders under this Agreement, including, without limitation, the existence,
condition and ownership of the Property; the existence and enforceability of any hazard insurance thereon; the validity of the
assignment of the Mortgage Loan to the Trust; the performance or enforcement of the Mortgage Loan (other than with respect to
the Servicer or the Special Servicer, if the Trustee shall assume the duties of the Servicer and/or the Special Servicer, respectively,
pursuant to Section 7.2 and then only to the extent of the obligations of the Servicer or the Special Servicer, as
applicable, hereunder); the compliance by the Depositor, the Borrower, the Servicer, the Special Servicer or the Operating Advisor
with any warranty or representation made under this Agreement or in any related document or the accuracy of any such warranty
or representation made under this Agreement or in any related document prior to the Trustee’s, the Custodian’s or
the Certificate Administrator’s, as applicable, receipt of notice or actual knowledge of any noncompliance therewith or
any breach thereof (provided, that the Trustee, the Custodian and the Certificate Administrator shall have no obligation
to investigate a breach of any such warranty or representation); any investment of monies by or at the direction of the Servicer
or the Special Servicer or any loss resulting therefrom; the failure of the Servicer, the Special Servicer or the Operating Advisor
or any sub-servicer to act or perform any duties required of it hereunder; or any action by the Trustee, the Custodian or the
Certificate Administrator taken at the direction of the Servicer or the Special Servicer (other than with respect to the Trustee,
if the Trustee shall assume the duties of the Servicer or the Special Servicer, respectively); provided, that the foregoing shall
not relieve the Trustee, the Custodian or the Certificate Administrator, as applicable, of its obligation to perform its duties
under this Agreement.  Except with respect to a claim based on the Trustee’s, the Custodian’s or the Certificate
Administrator’s negligent action, negligent failure to act or willful misconduct (or such other standard of care as may
be provided herein with respect to any particular matter), no recourse shall be had for any claim based on any provisions of this
Agreement, the Certificates, the Mortgage, the Property, the Collateral Security Documents or the Mortgage Loan or assignment
thereof against the Trustee, the Custodian or the Certificate Administrator, as applicable, in its respective individual capacity,
and none of the Trustee, the Custodian or the Certificate Administrator shall have any personal obligation, liability or duty
whatsoever to any

 

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Certificateholder or any other Person with respect to any such claim, and any such claim shall be asserted solely against the Trust Fund or any indemnitor who shall furnish indemnity as provided in this Agreement.  None of the Trustee, the Custodian or the Certificate Administrator shall have any responsibility for filing any financing or continuation statements in any public office at any time or to otherwise perfect or maintain the perfection of any security interest or lien granted to it hereunder or to record this Agreement (unless, with respect to the Trustee, the Trustee shall have become the successor Servicer or Special Servicer).  None of the Trustee, the Custodian or the Certificate Administrator shall be accountable for the use or application by the Depositor of any of the Certificates issued to it or of the proceeds of such Certificates, or for the use or application of any funds paid to the Depositor in respect of the assignment of the Mortgage Loan to the Trust Fund, or any funds deposited in or withdrawn from the Collection Account or any account maintained by or on behalf of the Servicer or the Special Servicer, as applicable (except to the extent that the Collection Account is held by the Trustee, the Custodian or the Certificate Administrator in its commercial capacity), or for investment of such amounts (other than investments made with the Trustee, the Custodian or the Certificate Administrator in their commercial capacity).

 

The Trustee, the Custodian and the Certificate Administrator, by reason of the action or inaction of its directors, officers, members, managers, partners, employees or agents shall have no liability to the Trust, the Certificateholders or the Companion Loan Holders for any action taken or for refraining from the taking of any action in good faith pursuant to this Agreement or for actions taken or not taken at the direction of Certificateholders or the Companion Loan Holders, or for errors in judgment; provided, that this provision shall not protect the Trustee, the Custodian, the Certificate Administrator or any such Person against any liability which would otherwise be imposed by reason of willful misconduct, bad faith or negligence of the Trustee, the Custodian, the Certificate Administrator or any such Person.  The Trustee, the Custodian, the Certificate Administrator in each of its capacities under this Agreement and any of their respective directors, officers, members, managers, partners, employees, Affiliates, agents or Controlling Persons shall be indemnified by the Trust Fund pursuant to Section 3.4(c) out of amounts on deposit in the Collection Account, and held harmless against any loss, liability, claim, demand or expense (including, without limitation, reasonable attorneys’ fees and any expenses incurred in connection with the pursuit of enforcement of any indemnity afforded to such party hereunder) incurred in connection with or related to the Trustee’s, the Custodian’s or the Certificate Administrator’s performance of its powers and duties under this Agreement (including, without limitation, performance under Section 8.1 hereof), the Mortgage Loan, the Companion Loans, the Property or the Certificates; provided, that this provision shall not protect the Trustee, the Custodian, the Certificate Administrator or any such Person against any breach of its representations or warranties made in this Agreement or any liability which would otherwise be imposed by reason of willful misconduct, bad faith or negligence of the Trustee, the Custodian, the Certificate Administrator or any such Person.  The indemnification provided hereunder shall survive the resignation or removal of the Trustee, the Custodian or the Certificate Administrator and the termination of this Agreement.  Anything herein to the contrary notwithstanding, the Trustee shall be responsible for its acts or failure to act as Servicer and/or Special Servicer during the time the Trustee is serving as such pursuant and subject to the terms of this Agreement.

 

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With respect to a Companion Loan, the expenses, costs and liabilities described in the previous paragraph that are allocable to such Companion Loan pursuant to the terms of the Intercreditor Agreement shall be paid out of amounts allocated to such Companion Loan in accordance with the expense allocation provision of the Intercreditor Agreement. If such amounts relating to such Companion Loan are insufficient, then any deficiency shall be paid from amounts on deposit in the Collection Account with respect to the Mortgage Loan; provided that the Servicer or the Special Servicer, as applicable, shall, after receiving payment from amounts on deposit in the Collection Account with respect to the Mortgage Loan, if any, to (i) promptly notify the Companion Loan Holders and (ii) use commercially reasonable efforts to exercise on behalf of the Trust the rights of the Trust under the Intercreditor Agreement to obtain reimbursement for the portion of such amount allocable to the applicable Companion Loans in Note Reverse Sequential Order.

 

8.4.         Trustee, Custodian and Certificate Administrator May Own Certificates. The Trustee, the Custodian and the Certificate Administrator in their individual or any other capacity may become the owner or pledgee of Certificates with the same rights, powers, and privileges as it would have if it were not the Trustee, the Custodian or the Certificate Administrator, as applicable.

 

8.5.          Trustee’s, Custodian’s and Certificate Administrator’s Fees and Expenses. The Trustee and the Certificate Administrator shall be entitled to the Trustee Fee and the Certificate Administrator Fee, respectively payable pursuant to Section 3.4(c).  The Certificate Administrator Fee and the Trustee Fee (which shall not be limited to any provision of law in regard to the compensation of a trustee of an express trust) shall constitute the Certificate Administrator’s and the Trustee’s sole form of compensation, respectively (unless otherwise set forth herein) for all services rendered by it in the execution of the trust hereby created and in the exercise and performance of any of the powers and duties of the Certificate Administrator and the Trustee hereunder.  The Trustee Fee shall be paid monthly by the Certificate Administrator out of amounts received by the Certificate Administrator as the Certificate Administrator Fee.  The Trustee, the Custodian and the Certificate Administrator shall be entitled to be reimbursed for all reasonable expenses, disbursements and advances incurred or made by it in accordance with any of the provisions of this Agreement (including the fees and expenses of its counsel and of all Persons not regularly in its employ), provided such cost would qualify as an “unanticipated expense incurred by the REMIC” within the meaning of the REMIC Provisions, except any such expense, disbursement or advance as may arise from its negligence, willful misconduct or bad faith or which is expressly the responsibility of a Certificateholder or Certificateholders hereunder, all of which reimbursements to be paid from amounts on deposit in the Collection Account pursuant to Section 3.4(c); provided, that none of the Trustee, the Custodian or the Certificate Administrator shall refuse to perform any of its obligations hereunder solely as a result of the failure to be paid any fees and expenses so long as (a) payment of such fees and expenses are reasonably assured to it or (b) to the extent that the Trustee’s obligation hereunder is expressly contingent upon receipt of an indemnity from the Certificateholders, that it has received that indemnity.  The Trustee, the Custodian and the Certificate Administrator shall provide the Servicer with an invoice, on or prior to each Loan Payment Date, setting forth the actual expenses incurred in connection with the performance of its duties hereunder for which it seeks payment or reimbursement.  Notwithstanding any other provision of this Agreement, none of the Trustee, the Custodian or the Certificate Administrator shall be entitled to reimbursement

 

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from the Trust for an expense incurred under this Agreement in connection with the performance of its ordinary and regularly recurring duties hereunder unless such reimbursement is expressly provided for herein or otherwise permitted hereunder.

 

8.6.    
    Eligibility Requirements for the Trustee, the Custodian and the Certificate Administrator; Errors and Omissions
Insurance. (a)  Each of the Trustee, the Custodian and the Certificate Administrator
hereunder shall at all times be a corporation, association or trust company organized and doing business under the laws of any
state or the United States of America, authorized under such laws to exercise corporate trust powers and to accept the trust conferred
under this Agreement, which has, a combined capital and surplus of at least $50,000,000 and a rating on its unsecured long-term
debt of at least “A2” by Moody’s, and if rated by KBRA, an equivalent rating from KBRA and is subject to
supervision or examination by federal or state authority and shall not be an Affiliate of the Servicer, the Special Servicer or
the Operating Advisor (except, with respect to the Servicer and/or Special Servicer, during any period when the Trustee has assumed
the duties of the Servicer and/or Special Servicer pursuant to Section 7.2).  If a corporation, association or
trust company publishes reports of condition at least annually, pursuant to law or to the requirements of the aforesaid supervising
or examining authority, then for purposes of this Section the combined capital and surplus of such entity shall be deemed to be
its combined capital and surplus as set forth in its most recent report of condition so published.  In the event that the
place of business from which the Trustee, the Custodian or the Certificate Administrator, as applicable, administers the Trust
Fund is a state or local jurisdiction that imposes a tax on the Trust, the Trustee, the Custodian or the Certificate Administrator,
as applicable, shall elect either to (i) resign immediately in the manner and with the effect specified in Section 8.7,
(ii) pay such tax from its own funds and continue as Trustee, Custodian or Certificate Administrator, as applicable, or (iii)
administer the Trust Fund from a state and local jurisdiction that does not impose such a tax.  In case at any time the Trustee,
the Custodian or the Certificate Administrator, as applicable, shall cease to be eligible in accordance with the provisions of
this Section, the Trustee, the Custodian or the Certificate Administrator, as applicable, shall resign immediately in the manner
and with the effect specified in Section 8.7.

 

(b)           The Trustee, the Custodian and the Certificate Administrator shall each obtain and maintain at its own expense, and keep in full force and effect throughout the term of this Agreement, a blanket fidelity bond and an errors and omissions insurance policy covering the Trustee’s, the Custodian’s or Certificate Administrator’s, as applicable, directors, officers and employees acting on behalf of the Trustee, the Custodian or the Certificate Administrator, as applicable, in connection with its activities under this Agreement; provided that such applicable error and omissions insurance policy must be issued by an insurer with Qualified Insurer Ratings.  Such insurance policy shall protect the Trustee, the Custodian and the Certificate Administrator, as applicable, against losses, forgery, theft, embezzlement, fraud, errors and omissions of such covered Persons.  The amount of coverage shall be at least equal to the coverage that is required by applicable governmental authorities having regulatory power over the Trustee, the Custodian or the Certificate Administrator, as applicable.  If any such bond or policy ceases to be in effect, the Trustee, the Custodian or the Certificate Administrator, as applicable, shall obtain a comparable replacement bond or policy. In lieu of the foregoing, the Trustee, the Custodian and the Certificate Administrator shall each be entitled to self-insure with respect to such risks so long as the Trustee, the Custodian or the Certificate Administrator, as applicable, is rated at least “A3” by Moody’s.

 

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8.7.           Resignation and Removal of the Trustee, the Custodian or the Certificate Administrator. Each of the Trustee, the Custodian and the Certificate Administrator may at any time resign and be discharged from the trusts hereby created by (i) giving written notice of resignation to the Depositor, the Borrower, the Servicer, the Special Servicer, the Operating Advisor, the Certificate Administrator (in the case of the Trustee), the Trustee (if other than the Certificate Administrator), the Custodian (if other than the Certificate Administrator), the Certificate Registrar (if other than the Certificate Administrator), the Companion Loan Holders and the 17g-5 Information Provider (who shall promptly post to the 17g-5 Information Provider’s Website) and by mailing notice of resignation by first Class mail, postage prepaid, to the Certificateholders and the Companion Loan Holders at their addresses appearing on the Certificate Register or, in the case of the Companion Loan Holders, otherwise provided to the Certificate Administrator, not less than 60 days before the date specified in such notice when, subject to Section 8.8, such resignation is to take effect, and (ii) acceptance by a successor Trustee, successor Custodian or successor Certificate Administrator, as applicable, appointed by the Depositor in accordance with Section 8.8 meeting the qualifications set forth in Section 8.6.  Upon such notice of resignation, the Depositor shall promptly appoint a successor Trustee, successor Custodian or successor Certificate Administrator, as applicable.  If no successor Trustee, successor Custodian or successor Certificate Administrator shall have been so appointed and shall have accepted appointment within 60 days after the giving of such notice of resignation, the resigning Trustee, Custodian or Certificate Administrator, as applicable, may petition any court of competent jurisdiction for the appointment of a successor Trustee, Custodian or Certificate Administrator, as applicable.

 

If at any time any
of the following occur:  (x) the Trustee, the Custodian or the Certificate Administrator shall cease to be eligible
in accordance with the provisions of Section 8.6 and shall fail to resign after written request for such party’s
resignation by the Depositor, the Servicer, the Special Servicer or the Operating Advisor, as applicable; (y) the Trustee,
the Custodian or the Certificate Administrator shall materially default in the performance of its obligations under this Agreement;
or (z) if at any time the Trustee, the Custodian or the Certificate Administrator shall become incapable of action, or shall
be adjudged a bankrupt or insolvent, or a receiver of the Trustee, the Custodian or the Certificate Administrator or of either
of their property shall be appointed, or any public officer shall take charge or control of the Trustee, the Custodian or Certificate
Administrator or of its property or affairs for the purpose of rehabilitation, conservation or liquidation then, in any such case,
(1) the Depositor may remove the Trustee, the Custodian or the Certificate Administrator, as applicable, and appoint a successor
Trustee, Custodian or Certificate Administrator, as applicable, by written instrument, in duplicate, executed by an authorized
officer of the Depositor, one copy of which instrument shall be delivered to the Trustee, the Custodian or the Certificate Administrator,
as applicable, so removed and one copy to the successor Trustee, Custodian or Certificate Administrator, as applicable, or (2) any
Certificateholder who has been a bona fide Certificateholder for at least six months may, on behalf of himself and all others
similarly situated, petition any court of competent jurisdiction for the removal of the Trustee, the Custodian or the Certificate
Administrator and the appointment of a successor thereto.  Such court may thereupon, after such notice, if any, as it may
deem proper and prescribe, remove the Trustee, the Custodian or the Certificate Administrator, as applicable, which removal and
appointment shall become effective upon acceptance of appointment by a successor thereto as provided in Section 8.8. 
The successor Trustee, Custodian or Certificate Administrator, as

 

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applicable so appointed by such court shall immediately and without further act be superseded by any successor Trustee, Custodian or Certificate Administrator, as applicable, appointed by the Certificateholders as provided below within one year from the date of appointment by such court.  Holders of Certificates evidencing, in the aggregate, not less than a majority of the Voting Rights of the outstanding Certificates, may at any time upon not less than 30 days’ written notice remove the Trustee, the Custodian or the Certificate Administrator and appoint a successor Trustee, Custodian or Certificate Administrator, as applicable, by written instrument or instruments, in triplicate, signed by such Holders or their attorney-in-fact duly authorized, one complete set of which instrument or instruments shall be delivered to the Depositor (with a copy to the Servicer, the Special Servicer and the Operating Advisor), one complete set to the Trustee, the Custodian or the Certificate Administrator, as applicable, so removed and one complete set to the successor(s) so appointed; provided, that the costs and expenses associated with such removal of the Trustee, the Custodian or the Certificate Administrator without cause shall be paid by such Holders.  Notice of any removal of the Trustee, the Custodian or the Certificate Administrator and acceptance of appointment by the successor thereto shall be given to the Companion Loan Holders and the 17g-5 Information Provider (which shall promptly post the same to the 17g-5 Information Provider’s Website) by the successor Certificate Administrator.  No removal of the Trustee, the Custodian or the Certificate Administrator shall be effective until all reasonable fees, costs, expenses and Advances (including interest thereon), together with any other amounts owing to such party have been paid to such party in full.  If no successor Trustee, successor Custodian or successor Certificate Administrator shall have been so appointed and shall have accepted appointment within 90 days after the giving of such notice of removal, the removed Trustee, Custodian or Certificate Administrator, as applicable, may petition any court of competent jurisdiction for the appointment of a successor Trustee, Custodian or Certificate Administrator, as applicable, at the expense of the Trust Fund.

 

Any resignation or
removal of the Trustee, the Custodian or Certificate Administrator and appointment of a successor trustee, successor custodian
or successor certificate administrator shall not become effective until acceptance of the appointment by the successor Trustee,
successor Custodian or successor Certificate Administrator, as applicable, as provided in Section 8.8.  Upon
any resignation or removal of the Certificate Administrator, the Certificate Administrator shall also resign or be removed in
its capacity as Custodian hereunder.

 

8.8.    
    Successor Trustee, Successor Custodian or Successor Certificate Administrator. Any
successor Trustee or Certificate Administrator appointed as provided in Section 8.7 shall execute, acknowledge and
deliver to each other party to this Agreement and to its predecessor trustee or certificate administrator an instrument (i) accepting
such appointment hereunder and (ii) making the representations and warranties of the Trustee, Certificate Administrator or
Custodian, as applicable, as provided in Section 2.3, 2.4 and 2.5, respectively, and thereupon the resignation
or removal of the predecessor trustee, certificate administrator or custodian, as applicable, shall become effective and such
successor Trustee, Certificate Administrator or Custodian, as applicable, without any further act, deed or conveyance, shall become
fully vested with all the rights, powers, duties and obligations of its predecessor hereunder, with the like effect as if originally
named as trustee, certificate administrator or custodian herein.  The predecessor custodian shall deliver or cause to be
delivered to the successor Custodian the Mortgage File and related documents and statements held by it hereunder, and the Depositor,
the Servicer, the Special Servicer, the Operating Advisor and the

 

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predecessor trustee, custodian or certificate administrator shall execute and deliver such instruments and do such other things as may reasonably be required for more fully and certainly vesting and confirming in the successor Trustee, Custodian or Certificate Administrator all such rights, powers, duties and obligations.

 

No successor Trustee,
Custodian or Certificate Administrator shall accept appointment as provided in this Section unless at the time of such acceptance
such successor Trustee, Custodian or Certificate Administrator shall be eligible under the provisions of Section 8.6
and its appointment shall not result in the qualification, downgrading, or withdrawal of the current rating of any Class of the
Certificates (prior to the resignation or termination of the Trustee, Custodian or Certificate Administrator).

 

Upon acceptance of appointment by a successor Trustee, Custodian or Certificate Administrator as provided in this Section, the successor Trustee, Custodian or Certificate Administrator shall mail notice of the succession of such entity hereunder to all Holders of Certificates at their addresses as shown in the Certificate Register, the Companion Loan Holders, the Depositor, the Borrower and the Rating Agencies.

 

8.9.           Merger or Consolidation of the Trustee, the Custodian or the Certificate Administrator. Any Person into which the Trustee, the Custodian or the Certificate Administrator may be merged or converted or with which either may be consolidated or any Person resulting from any merger, conversion or consolidation to which the Trustee, the Custodian 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, the Custodian or the Certificate Administrator shall be the successor of such party hereunder; provided that such Person shall be eligible under the provisions of Section 8.6, without the execution or filing of any paper or further act on the part of any of the parties hereto, anything herein to the contrary notwithstanding.

 

8.10.    
    Appointment of Co-Trustee or Separate Trustee. (a)  At
any time or times, for the purpose of meeting any legal requirements of any jurisdiction in which the Property may at the time
be located or in which any action of the Trustee may be required to be performed or taken, the Trustee, the Depositor or the Holders
of Certificates evidencing, in the aggregate, a majority of the Voting Rights of the outstanding Certificates, by an instrument
in writing signed by it or them, may appoint one or more individuals or corporations to act as separate trustee or separate trustees
or co-trustees, acting jointly with the Trustee, of all or any part of the Property, to the full extent that local law makes it
necessary for such separate trustee or separate trustees or co-trustee acting jointly with the Trustee to act.  The fees
and expenses of any separate trustee or co-trustee shall be paid by the Trust Fund pursuant to Section 3.4(c).

 

(b)           The Trustee shall execute, acknowledge and deliver all such instruments as may be required by the legal requirements of any jurisdiction or by any such separate trustee or separate trustees or co-trustee for the purpose of more fully conferring such title, rights or duties to such separate trustee or separate trustees or co-trustee, it, he, she or they shall be vested with such title to the Property or any part thereof, and with such rights, powers, duties and obligations as shall be specified in the instrument of appointment, and such rights, powers, duties and obligations shall be conferred or imposed upon and exercised or performed by the Trustee,

 

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or the Trustee and such separate trustee or separate trustees or co-trustees jointly with the Trustee subject to all the terms of this Agreement, except to the extent that under any law of any jurisdiction in which any particular act or acts are to be performed shall be exercised and performed by such separate trustee or separate trustees or co-trustee, as the case may be.  Any separate trustee or separate trustees or co-trustee may, at any time by an instrument in writing, constitute the Trustee, its attorney-in-fact and agent with full power and authority to do all acts and things and to exercise all discretion on its behalf and in its, her or his name.  In the event that any such separate trustee or co-trustee shall die, become incapable of acting, resign or be removed, the title to the Property and all assets, property, rights, powers, duties and obligations of such separate trustee or co-trustee shall, so far as permitted by law, vest in and be exercised by the Trustee, without the appointment of a successor to such separate trustee or co-trustee unless and until a successor is appointed.

 

(c)    
      All provisions of this Agreement which are for the benefit of the Trustee and the Certificate Administrator
shall extend to and apply to each separate trustee or co-trustee appointed pursuant to the foregoing provisions of this Section 8.10,
and to the Trustee and Certificate Administrator in each capacity that either may assume hereunder, including without limitation,
the Certificate Administrator’s capacity as Certificate Administrator, Custodian, Certificate Registrar, 17g-5 Information
Provider and Authenticating Agent, as applicable.

 

(d)          Every co-trustee and separate trustee hereunder shall, to the extent permitted by law, be appointed and act and the Trustee shall act, subject to the following provisions and conditions:  (i) all powers, duties, obligations and rights conferred upon the Trustee in respect of the receipt, custody, investment and payment of monies shall be exercised solely by the Trustee; (ii) all other rights, powers, duties and obligations conferred or imposed upon the Trustee shall be conferred or imposed and exercised or performed by the Trustee and such co-trustee or trustees and separate trustee or trustees jointly except to the extent that under any law of any jurisdiction in which any particular act or acts are to be performed, the Trustee shall be incompetent or unqualified to perform such act or acts, in which event such rights, powers, duties and obligations shall be exercised and performed by such co-trustee or trustees; (iii) no power hereby given to, or exercisable by, any such co-trustee or separate trustee shall be exercised hereunder by such co-trustee or separate trustees except jointly with, or with the consent of, the Trustee; and (iv) no trustee hereunder shall be personally liable by reason of any act or omission of any other trustees hereunder.

 

If, at any time, the Trustee shall deem it no longer necessary or prudent in order to conform to any such law, the Trustee shall execute and deliver all instruments and agreements necessary or proper to remove any co-trustee or separate trustee.  Notwithstanding the foregoing, the appointment of a co-trustee or separate trustee by the Trustee shall not relieve the Trustee of its obligations, duties, or responsibilities in any way or to any degree.

 

(e)           Any request, approval or consent in writing by the Trustee to any co-trustee or separate trustee shall be sufficient warrant to such co-trustee or separate trustee, as the case may be, to take such action as may be so required, approved or consented to.

 

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(f)     
      Notwithstanding any other provision of this Section 8.10, the powers of any co-trustee or
separate trustee shall not exceed those of the Trustee hereunder, and such co-trustee or separate trustee must meet the eligibility
requirements set forth in Section 8.6.

   

8.11.        Appointment of Authenticating Agent. (a)  The Certificate Administrator may appoint an agent or agents which shall be authorized to act on behalf of the Certificate Administrator to authenticate Certificates (each such agent, an “Authenticating Agent”), and Certificates so authenticated shall be entitled to the benefits of this Agreement and shall be valid and obligatory for all purposes as if authenticated by the Certificate Administrator hereunder.  Wherever a reference is made in this Agreement to the authentication and delivery of Certificates by the Certificate Administrator or the Certificate Administrator’s certificate of authentication, such reference shall be deemed to include authentication and delivery on behalf of the Certificate Administrator by an Authenticating Agent and a certificate of authentication executed on behalf of the Certificate Administrator by an Authenticating Agent.  Each Authenticating Agent shall, at all times, be a corporation or association organized and doing business under the laws of the United States of America, any State thereof or the District of Columbia, authorized under such law to act as Authenticating Agent, having a combined capital and surplus of not less than $15,000,000, authorized under such laws to do trust business and subject to supervision or examination by federal or state authorities.  If such Authenticating Agent publishes reports of condition at least annually, pursuant to law or to the requirements of said supervising or examining authority, then for the purposes of this Section the combined capital and surplus of such Authenticating Agent shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published.  If, at any time, an Authenticating Agent shall cease to be eligible in accordance with the provisions of this Section, such Authenticating Agent shall resign immediately in the manner and with the effect specified in this Section.  The initial Authenticating Agent shall be the Certificate Administrator.

 

(b)           Any Person into which an Authenticating Agent may be merged or converted or with which it may be consolidated, or any Person resulting from any merger, conversion or consolidation to which such Authenticating Agent shall be a party, or any Person succeeding to the corporate agency business of an Authenticating Agent, shall continue to be an Authenticating Agent, provided such Person shall be otherwise eligible under this Section, without the execution or filing of any paper or any further act on the part of the Certificate Administrator or the Authenticating Agent.

 

(c)           An Authenticating Agent may resign at any time by giving at least 30 days’ advance written notice thereof to the Certificate Administrator, the Servicer or Special Servicer, as applicable and the Depositor.  The Certificate Administrator may at any time terminate the agency of an Authenticating Agent by giving written notice thereof to such Authenticating Agent, the Servicer or Special Servicer, as applicable and the Depositor.  Upon receiving such a notice of resignation or upon such a termination, or in case at any time such Authenticating Agent shall cease to be eligible in accordance with the provisions of this Section, the Certificate Administrator may appoint a successor Authenticating Agent and shall mail written notice of such appointment by first class mail, postage prepaid to all Certificateholders as their names and addresses appear in the Certificate Register.  Any successor Authenticating Agent upon acceptance of its appointment hereunder shall become vested with all the rights, powers and duties of its predecessor hereunder, with like effect as if originally named as an

 

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Authenticating Agent herein.  No successor Authenticating Agent shall be appointed unless eligible under the provisions of this Section.

 

8.12.       Indemnification by Trustee, Custodian and the Certificate Administrator. The Trustee, the Custodian and the Certificate Administrator, as applicable, severally and not jointly, shall indemnify and hold harmless the Trust, each other party to this Agreement and the Companion Loan Holders from and against any claims, losses, liabilities, damages, penalties, fines, forfeitures, reasonable legal fees and expenses and related costs (including, without limitation, reasonable attorneys’ fees and any expenses incurred in connection with the pursuit of enforcement of any indemnity afforded to such party hereunder), judgments and other costs and expenses incurred by the Trust, the Servicer, the Special Servicer, the Depositor, the Operating Advisor or the Companion Loan Holders, as applicable, that arise out of or are based upon (i) a breach by the Trustee, the Custodian or the Certificate Administrator, as applicable, of its representations and warranties under this Agreement or (ii) negligence, bad faith or willful misconduct on the part of the Trustee, the Custodian or the Certificate Administrator, as applicable, in the performance of its obligations under this Agreement or its negligent disregard of its obligations and duties under this Agreement.

 

8.13.    
   Certificate Administrator and Servicer Not Responsible for Inconsistent Payment Information. In
connection with any Distribution Date and a voluntary prepayment or the payment at maturity by the Borrower of the Mortgage Loan
or any portion thereof, the Certificate Administrator shall report the amount of such prepayment or payment to the Depository
based on information received from the Servicer or Special Servicer in reliance on notices received from the Borrower.  In
the event of any inconsistencies in payments or prepayments made by the Borrower with the previously delivered notices by the
Borrower, all costs and expenses incurred as a result of a failure by the Borrower to make any such payments or prepayment, shall
be paid by the Borrower in accordance with the Loan Agreement provided that the amount of payment reported to the Depository
by the Certificate Administrator was consistent with the information received from the Servicer or Special Servicer.  If
the Borrower fails to do so, such costs and expenses shall be reimbursed to the Certificate Administrator and to the Servicer
or Special Servicer, as applicable, by the Trust pursuant to Section 3.4(c) from funds on deposit in the Collection
Account.  Neither the Certificate Administrator, the Servicer nor the Special Servicer shall be liable for any inability
or delay of the Depository to make a distribution as a result of such inconsistencies.  Notwithstanding the foregoing, the
Certificate Administrator shall notify the Depository on the Remittance Date or as soon as reasonably possible of any such inconsistencies.

 

8.14.       Access to Certain Information. (a)  The Certificate Administrator shall afford to any Privileged Person and to the Office of the Comptroller of the Currency, the FDIC and any other banking or insurance regulatory authority that may exercise authority over any Certificateholder, access to any documentation regarding the Mortgage Loan or the other assets of the Trust Fund that are in its possession or within its control (or, upon request, make copies thereof available to any Privileged Person at the reasonable cost and expense of such Privileged Person).  Such access shall be afforded without charge but only upon reasonable prior written request and during normal business hours at the offices of the Certificate Administrator.

 

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(b)           The Certificate Administrator shall make available to Privileged Persons, via the Certificate Administrator’s Website, the following items (provided that with respect to items not prepared by the Certificate Administrator, the Certificate Administrator shall make such items available only to the extent it has received such items in a readable, uploadable and unlocked electronic format (including, HTML, Word, Excel or searchable PDF)):

 

(i)            The following “deal documents”:

 

(A)       the Offering Circular;

 

(B)       this Agreement, each sub-servicing agreement delivered to the Certificate Administrator since the Closing Date (if any), the Mortgage Loan Purchase Agreements and any amendments and exhibits hereto or thereto; and

 

(C)       the CREFC® Loan Setup File delivered by the Servicer to the Certificate Administrator;

 

(ii)           The following “periodic reports”:

 

(A)       all Distribution Date Statements prepared by the Certificate Administrator pursuant to Section 4.4(a);

 

(B)        all CREFC® Reports prepared by, or delivered to, the Certificate Administrator pursuant to Section 3.18(a) (other than the CREFC® Loan Setup File and CREFC® Special Servicer Loan File); and

 

(C)        all Operating Advisor Annual Reports provided by the Operating Advisor to the Certificate Administrator;

 

(iii)        The following “additional documents”:

 

(A)       summaries of Asset Status Reports delivered to the Certificate Administrator pursuant to Section 3.10;

 

(B)       all inspection reports delivered to the Certificate Administrator pursuant to Section 3.22;

 

(C)       all Appraisals delivered to the Certificate Administrator pursuant to Section 3.7(a); and

 

(D)       the CREFC® Appraisal Reduction Template;

 

(iv)          The following “special notices”:

 

(A)       any notice of final payment on the Certificates delivered to the Certificate Administrator pursuant to Section 4.1(e);

 

(B)       any notice of termination of the Servicer or the Special Servicer delivered by the Certificate Administrator pursuant to Section 7.1(c);

 

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(C)       any notice of a Servicer Termination Event or Special Servicer Termination Event delivered by the Certificate Administrator pursuant to Section 7.1(b);

 

(D)       any request by the requisite percentage of Certificateholders for a vote to terminate the Special Servicer pursuant to Section 7.1(g) or the Operating Advisor pursuant to Section 9.5(l);

 

(E)      any notice to Certificateholders of the Operating Advisor’s recommendation to replace the Special Servicer and the related report prepared by the Operating Advisor in connection with such recommendation;

 

(F)       any notice of resignation or termination of the Operating Advisor and notice of the acceptance of appointment by the successor Operating Advisor;

 

(G)       any notice of resignation of the Trustee, Custodian or Certificate Administrator and any notice of the acceptance of appointment by the successor Trustee, successor Custodian or successor Certificate Administrator pursuant to Section 8.7, as applicable;

 

(H)       any and all Officer’s Certificates and other evidence delivered to or by the Certificate Administrator to support its or the Servicer’s, as the case may be, determination that any Advance was (or, if made, would be) a Nonrecoverable Advance, pursuant to Section 3.23(f);

 

(I)        any notice that a Subordinate Control Period has ended or has been reinstated or that a Subordinate Consultation Period or Operating Advisor Consultation Period has occurred or is terminated;

 

(J)        any notice of the occurrence of an Operating Advisor Termination Event or the termination of the Operating Advisor following the same;

 

(K)       any Special Notice delivered to the Certificate Administrator pursuant to Section 5.6;

 

(L)       any Assessment of Compliance delivered to the Certificate Administrator;

 

(M)      any Attestation Reports delivered to the Certificate Administrator;

 

(N)       any amendment to this Agreement pursuant to Section 12.1(f).

 

(O)       any amendment to the Intercreditor Agreement;

 

(P)       [Reserved];

 

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(Q)       notice of any request by the holders of Certificates evidencing at least 25% of the Voting Rights of the Certificates to terminate and replace the Special Servicer;

 

(R)       any notice of prepayment from the Borrower that has been delivered to the Certificate Administrator; and

 

(S)       any notice or documents provided to the Certificate Administrator by the Depositor or the Servicer directing the Certificate Administrator to post to the “Special notices” tab; and

 

(v)           the “Investor Q&A Forum” pursuant to Section 4.5(a);

 

(vi)          solely to Certificateholders and Beneficial Owner of Certificates, the “Investor Registry” pursuant to Section 4.5(b);

 

(vii)        the “U.S. Risk Retention Special Notices” tab relating to any notices as to ongoing compliance by the Third Party Purchaser or any other Holder of the Class HRR Certificates with the retention and hedging covenants in any agreement between the Third Party Purchaser and the Retaining Sponsor in respect of compliance with credit risk retention regulations.

 

To the extent notice of any of the following is provided by the Retaining Sponsor, the “US Risk Retention Special Notices” tab shall include: (A) the fair value of the Class HRR Certificates as of the Closing Date and the fair value of the “eligible horizontal residual interest” (as such term is defined in the Credit Risk Retention Rules) that the Retaining Sponsor would have been required to retain under the Credit Risk Retention Rules; (B) any material differences between (a) the valuation methodology or any of the key inputs and assumptions that were used in calculating the fair value or range of fair values disclosed in the preliminary version of the Offering Circular under the heading “Credit Risk Retention” prior to the pricing of the Certificates and (b) the valuation methodology or the key inputs and assumptions that were used in calculating the fair values referred to in clause (A) above; and (C) any noncompliance of the applicable Credit Risk Retention Rules by the Third Party Purchaser or a successor third party purchaser as and to the extent the Retaining Sponsor is required to disclose the same under the Credit Risk Retention Rules. The Certificate Administrator shall, in addition to posting the applicable notices on the “US Risk Retention Special Notices” tab, provide e-mail notification to any Privileged Person (other than certain financial market information providers set forth in Section 3.21(b)) that has registered to receive access to the Certificate Administrator’s Website that a notice has been posted to the “US Risk Retention Special Notices” tab. In the event that the Retaining Sponsor determines that the Third Party Purchaser or any other Holder of the Class HRR Certificates no longer complies with certain specified provisions of the Credit Risk Retention Rules related to, as applicable, (a) number of third-party purchasers, (b) source of funds, (c) third-party review, (d) affiliation and control rights and (e) hedging, transfer and pledging, it shall send written notice of such non-compliance to the Certificate Administrator, who shall post such notice on its website under the “US Risk Retention Special Notices” tab.

 

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In connection with
providing, or causing to be provided, access to or copies of the items described in the preceding paragraph pursuant to this Section 8.14(b),
the Certificate Administrator shall require:  (a) in the case of Certificateholders, an Investor Certification executed
by the requesting Person indicating that such Person is a Holder of Certificates and will keep such information confidential (except
that such Certificateholder may provide such information to its auditors, legal counsel and regulators and to any other Person
that holds or is contemplating the purchase of any Certificate or interest therein (provided that such other Person confirms
in writing such ownership interest or prospective ownership interest and agrees to keep such information confidential)); and (b) in
the case of a prospective purchaser of a Certificate or an interest therein or a licensed or registered investment advisor acting
on behalf of such 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.

 

Except as otherwise
provided in this Agreement and subject to Section 6.3(a), the Certificate Administrator shall not be liable for providing
or disseminating information in accordance with the terms of this Agreement.  The Certificate Administrator shall not be
responsible or have any liability for the completeness or accuracy of the information delivered, produced or otherwise made available
pursuant to this Section 8.14(b) unless such information was produced by the Certificate Administrator.  The
Certificate Administrator has not obtained and shall not be deemed to have obtained actual knowledge of any information solely
by virtue of its receipt and posting of information to the Certificate Administrator’s Website, unless the Certificate
Administrator is the original source of such information. The obligations of the Certificate Administrator to provide access to
those certain documents, information and other items described in this Section 8.14 shall extend only to those such
documents, information and other items actually in possession of the Certificate Administrator.  The Certificate Administrator
may deny any of the foregoing Privileged Persons access to confidential information with respect to which the Certificate Administrator
is restricted from disclosing by applicable law.

 

(c)      
    The Servicer and the Special Servicer may, in accordance with such reasonable rules and procedures as it may
adopt, also make available through its website or otherwise, any CREFC® Reports and any additional information
relating to the Mortgage Loan, the Companion Loans, the Property or the Borrower, for review by any Privileged Person, and subject
to Section 12.17 and Section 12.18, the Rating Agencies, in each case except to the extent doing so is
prohibited by this Agreement, the Intercreditor Agreement, applicable law or by the Loan Documents.  Each of the Servicer
and 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,
the Operating Advisor and the Certificate Administrator, enter into an Investor Certification or other confidentiality agreement
acceptable to the Servicer or Special Servicer, as the case may be, and (B) acknowledge that the Servicer or the Special
Servicer may contemporaneously provide such information to any other Privileged Person.  In addition, to the extent access
to such information is provided via the Servicer’s or the Special Servicer’s website, the Servicer and the Special
Servicer may require registration and the acceptance of a reasonable and customary disclaimer and/or an additional or alternative
agreement as to the confidential nature of such information.  In connection with providing access to or copies of the items
described in this Section 8.14(c) to current and prospective Certificateholders the form of

 

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confidentiality agreement used by the Servicer or the Special Servicer, as applicable, shall require:  (a) in the case of a Certificateholder or a licensed or registered investment advisor acting on behalf of such Certificateholder, an Investor Certification executed by the requesting Person indicating that such Person is a Holder of Certificates and will keep such information confidential (except that such Certificateholder may provide such information (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 (b) 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.

 

Except as otherwise
provided in this Agreement and subject to Section 6.3(a), none of the Trustee, the Operating Advisor, the Servicer
or the Special Servicer shall be liable for the dissemination of information in accordance with this Agreement.  None of
the Trustee, the Certificate Administrator, the Operating Advisor, the Servicer or the Special Servicer shall be responsible or
have any liability for the completeness or accuracy of the information delivered, produced or otherwise made available pursuant
to this Section 8.14(c) unless such information was produced by the Trustee, the Operating Advisor, the Certificate
Administrator, the Servicer or the Special Servicer, as applicable.

 

9.            Certain matters relating to the controlling class representative and the OPERATING ADVISOR

 

9.1.           Selection and Removal of the Controlling Class Representative.

 

(a)            The Majority Controlling Class Certificateholders may elect the Controlling Class Representative. 

 

(b)           The Controlling Class Representative shall be the representative selected by the Majority Controlling Class Certificateholders; provided that (A) if a majority of the Controlling Class, by Certificate Balance in the aggregate, is not directly or indirectly held by the Guarantor, the Sponsor, the Property Manager, an Affiliate of the Guarantor, the Sponsor or the Property Manager, or the Borrower or Borrower Party or any agent of the foregoing, then (i) absent such selection, (ii) until a Controlling Class Representative is so selected and is identified (with contact information) to the Servicer, the Special Servicer, the Operating Advisor, the Certificate Administrator and the Trustee, or (iii) upon receipt by the Servicer, the Special Servicer, the Operating Advisor, the Certificate Administrator and the Trustee of notice from the Majority Controlling Class Certificateholders that a Controlling Class Representative is no longer so designated, the Controlling Class Certificateholder that owns, and is identified (with contact information) to the Servicer, the Special Servicer, the Operating Advisor, the Certificate Administrator and the Trustee as owning, the largest aggregate Certificate Balance of Certificates of the Controlling Class and represents that it is not the Guarantor, the Property Manager, the Sponsor, an Affiliate of any of the foregoing, the Borrower, a Borrower Party, or

 

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any agent of any of the foregoing shall be the Controlling Class Representative, and (B) if a majority of the Controlling Class by Certificate Balance in the aggregate, is directly or indirectly held by the Guarantor, the Sponsor, the Property Manager, an Affiliate of the Guarantor, Sponsor or Property Manager, or the Borrower or Borrower Party or any agent of the foregoing, then there shall be no Controlling Class Representative and a Subordinate Control Period and a Subordinate Consultation Period shall be deemed not to be in effect such that no Holder of the Controlling Class shall have any consent or consultation rights with respect to Major Decisions or any other matter under this Agreement.  Each Holder of the Certificates of the Controlling Class shall be entitled to vote in each election of the Controlling Class Representative; provided that, for the avoidance of doubt, the Controlling Class Representative cannot be the Property Manager, the Guarantor, the Sponsor, an Affiliate of any of the foregoing, the Borrower, a Borrower Party, or an agent of any of the foregoing.  The initial Controlling Class Representative shall be CPPIB Credit Structured North America III, Inc.

 

(c)           The Majority Controlling Class Certificateholders shall give written notice (which shall be required to include a statement that each Majority Controlling Class Certificateholder and the Controlling Class Representative is not the Property Manager, the Guarantor, the Sponsor, an Affiliate of any of the foregoing, the Borrower, a Borrower Party, or an agent of any of the foregoing) to the Servicer, the Special Servicer, the Operating Advisor, the Certificate Administrator and the Trustee of the appointment of any initial and any subsequent Controlling Class Representative (in order to receive notices hereunder). 

 

Prior to being recognized as the Controlling Class Representative, the initial Controlling Class Representative shall execute and deliver a certification substantially in the form of Exhibit K-3 to this Agreement certifying that it, and each of the Majority Controlling Class Certificateholders that appointed such Controlling Class Representative, is not the Guarantor, the Sponsor, the Property Manager, an affiliate of any of the Guarantor, the Sponsor or the Property Manager, or the Borrower or a Borrower Party.  Upon the resignation or removal of the existing Controlling Class Representative, any successor Controlling Class Representative shall also deliver a certification substantially in the form of Exhibit K-3 to this Agreement prior to being recognized as the new Controlling Class Representative.

 

The Certificate Administrator, the Servicer, the Operating Advisor and the Special Servicer shall not be charged with knowledge of any affiliation of the Controlling Class Certificateholder or a majority of the Controlling Class by Certificate Balance with a Borrower Party unless and until it shall have received notice of such affiliation from the Controlling Class Certificateholder or a majority of the Controlling Class Certificateholders by Certificate Balance substantially in the form of Exhibit Y, upon which each party hereto may conclusively rely.

 

(d)          The Controlling Class Representative may be removed at any time by the written vote of the Majority Controlling Class Certificateholders, with or without cause, and a copy of the results of such vote must be delivered to the Trustee, the Certificate Administrator, the Operating Advisor, the Servicer and the Special Servicer.

 

(e)           Each Controlling Class Certificateholder is hereby deemed to have agreed by virtue of its purchase of a Certificate to provide its name and address to the Certificate Administrator and to notify the Certificate Administrator in writing of the transfer of any

 

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Certificate of the Controlling Class, the selection of a Controlling Class Representative or the resignation or removal thereof.  Any Certificateholder or its designee at any time is hereby deemed to have agreed by virtue of its purchase of a Certificate to notify the Certificate Administrator in writing when such Certificateholder or its designee is appointed Controlling Class Representative and when it is removed or resigns or if it becomes the Property Manager, the Guarantor, the Sponsor, an Affiliate of any of the foregoing, the Borrower, a Borrower Party, or an agent of any of the foregoing.  Upon receipt of such notice, the Certificate Administrator shall forward such notice to the Special Servicer, the Servicer and the Operating Advisor, indicating the identity of the Controlling Class Representative and any resignation or removal thereof or if such Person has become the Property Manager, the Guarantor, the Sponsor, an Affiliate of any of the foregoing, the Borrower, a Borrower Party, or an agent of any of the foregoing.  In addition, upon the request of the Servicer, the Special Servicer, the Operating Advisor, the Certificate Administrator or the Trustee shall provide the name of the then-current Controlling Class and a list of the Certificateholders (or Beneficial Owners, if applicable, at the expense of the requesting party) of the Controlling Class to such requesting party.

 

(f)           Once a Controlling Class Representative has been selected, each of the Depositor, the Servicer, the Special Servicer, the Operating Advisor, the Certificate Administrator, the Trustee and each other Certificateholder (or Beneficial Owner, if applicable) shall be entitled to rely on such selection unless the Majority Controlling Class Certificateholders shall have notified each other party to this Agreement and each other Certificateholder of the Controlling Class, in writing, of the resignation of such Controlling Class Representative or the selection of a new Controlling Class Representative. 

 

(g)           Until it receives written notice to the contrary, each party to this Agreement shall be entitled to rely on the most recent notification with respect to the identity of the Certificateholders of the Controlling Class and the Controlling Class Representative and any such party’s status as the Property Manager, the Guarantor, the Sponsor, an affiliate of the foregoing, the Borrower, a Borrower Party, or any agent of the foregoing.

 

(h)            The Controlling Class Representative shall be responsible for its own expenses.

 

9.2.          Limitation on Liability of Controlling Class Representative; Acknowledgements of the Certificateholders. 

 

(a)           The Controlling Class Representative will have no liability to the Trust or Certificateholders for having acted in accordance with or as permitted by this Agreement.

 

(b)           Each Certificateholder acknowledges and agrees, by its acceptance of its Certificates, that:  (i) the Controlling Class Representative and/or any Controlling Class Certificateholder may each have special relationships and interests that conflict with those of Holders of one or more other Classes of Certificates; (ii) the Controlling Class Representative and/or any Controlling Class Certificateholder may act solely in the interests of the Controlling Class; (iii) the Controlling Class Representative and the Controlling Class Certificateholders do not have any duties to the Trust or to the Holders of any Class of Certificates; (iv) the Controlling Class Representative and/or any Controlling Class Certificateholder may take actions

 

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that favor interests of the Controlling Class over the interests of the Holders of one or more other Classes of Certificates; (v) neither the Controlling Class Representative nor any Controlling Class Certificateholder shall have any liability whatsoever to the Trust, the other parties to this Agreement, the Certificateholders or any other Person for having acted in accordance with or as permitted under the terms of this Agreement; and (vi) the Holders of the Certificates may not take any action whatsoever against the Controlling Class Representative or any Controlling Class Certificateholder or any of their respective affiliates, directors, officers, shareholders, members, partners, agents or principals as a result of the Controlling Class Representative or the Controlling Class Certificateholders having acted in accordance with the terms of and as permitted under this Agreement.

 

9.3.          Rights and Powers of the Controlling Class Representative.

 

(a)           Notwithstanding anything herein to the contrary, (i) the Servicer shall not take any action constituting a Major Decision unless it has obtained the consent of the Special Servicer (which approval shall be deemed given if the Special Servicer does not object within five (5) Business Days (or, in the case of a determination of an Acceptable Insurance Default, thirty (30) days) of receipt of the Servicer’s written analysis and recommendation together with any information in the possession of the Servicer that is reasonably required to make a decision regarding the subject action) and (ii) during any Subordinate Control Period, the Special Servicer shall not consent to the Servicer’s taking any action constituting a Major Decision, nor shall the Special Servicer itself take any such action, as to which the Controlling Class Representative has objected in writing within five (5) Business Days (or, in the case of a determination of an Acceptable Insurance Default, thirty (30) days) after receipt of the written recommendation and analysis from the Special Servicer, together with any information in the possession of the Special Servicer that is reasonably necessary to make a decision regarding the subject action (provided that if such written objection has not been received by the Special Servicer within such five (5) Business Day (or, in the case of a determination of an Acceptable Insurance Default, thirty (30) day) period, then the Controlling Class Representative shall be deemed to have approved such action); provided, that if the Special Servicer or the Servicer (if the Servicer is otherwise authorized by this Agreement to take such action), as applicable, determines that immediate action, with respect to a Major Decision, or any other matter requiring consent of, or consultation with, the Controlling Class Representative during any Subordinate Control Period or consultation with the Operating Advisor, is necessary to protect the interests of the Certificateholders, the Special Servicer or Servicer, as applicable, may take any such action without waiting for a response from the Controlling Class Representative (during any Subordinate Control Period) or Special Servicer, as applicable; provided, further, that the Special Servicer shall consult, solely on a non-binding basis (and consider alternative actions recommended by each such party), during any Subordinate Consultation Period, with the Controlling Class Representative with respect to any Major Decision.

 

In addition, during an Operating Advisor Consultation Period, the Special Servicer shall consult with the Operating Advisor (telephonically or electronically) on a non-binding basis in connection with any proposed Major Decision and consider alternative actions recommended by the Operating Advisor in respect of such Major Decision. In the event the Special Servicer receives no response from the Operating Advisor within ten (10) Business Days following the later of (i) its written request for input (which request is required to include the

 

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Special Servicer’s written recommendation and analysis) on any required consultation and (ii) delivery of all such additional information reasonably requested by the Operating Advisor related to the subject matter of such consultation, the Special Servicer will not be obligated to consult with the Operating Advisor on the specific matter; provided, that the failure of the Operating Advisor to respond will not relieve the Special Servicer from consulting with the Operating Advisor on any future matters with respect to the Mortgage Loan.

 

(b)           In addition, during any Subordinate Control Period, subject to this Section 9.3(b) and the immediately following paragraph, the Controlling Class Representative may direct the Special Servicer to take, or to refrain from taking, such other actions with respect to the Mortgage Loan as the Controlling Class Representative may deem advisable.  Notwithstanding anything herein to the contrary, the Special Servicer shall not follow any advice, direction or consultation provided by the Controlling Class Representative or Operating Advisor that would require or cause the Special Servicer to violate any provision of the Loan Documents, applicable law or this Agreement, including without limitation the Special Servicer’s obligation to act in accordance with Accepted Servicing Practices, or expose any Certificateholder, the Trust, the Servicer, the Special Servicer, the Operating Advisor, the Certificate Administrator, the Trustee or their affiliates, officers, directors or agents to any claim, suit or liability, result in the imposition of a tax upon the Trust, cause either the Lower-Tier REMIC or the Upper-Tier REMIC to fail to qualify as a REMIC under the Code or materially expand the scope of the Servicer’s or Special Servicer’s responsibilities hereunder.  Furthermore, in addition to the rights of consent and consultation (as applicable) of the Controlling Class Representative as set forth in Section 9.3(a) above, it is understood and agreed that to the extent any other provision of this Agreement requires the provision of notice to, the obtaining of consent of, and/or consultation with, the Controlling Class Representative or otherwise provides for any right of the Controlling Class Representative thereunder, then none of the Trustee, the Certificate Administrator, the Operating Advisor, the Servicer or the Special Servicer shall be entitled to take any action (or omit to take any action) in contravention of the applicable rights of the Controlling Class Representative contained in such provision; provided, that this sentence is not intended to in any way (i) expand the rights of the Controlling Class Representative, (ii) limit the application of the immediately preceding sentence, (iii) remove any limitations on the exercise of such rights set forth in such other provisions, (iv) limit the Operating Advisor’s rights to consult with the Special Servicer as set forth in this Agreement, or (v) require the Certificate Administrator, the Servicer and/or the Special Servicer to send a notice to, obtain the consent of, or consult with a new Controlling Class Representative whose name and contact information have not yet been provided to the Certificate Administrator, the Servicer and/or the Special Servicer; and provided, further, that if such other provisions are in any way subject to this Section 9.3, then the exercise of such rights shall be subject to this Section 9.3(b) and the immediately following paragraph.

 

(c)          If the Special Servicer or Servicer, as applicable, determines that a refusal to consent by the Controlling Class Representative or any direction or advice from the Controlling Class Representative or the Operating Advisor would otherwise cause the Special Servicer or the Servicer, as applicable, to violate the terms of the Loan Documents, applicable law, provisions of the Code (resulting in the imposition of federal income tax on the Trust or causing either the Lower-Tier REMIC or the Upper-Tier REMIC to fail to qualify as a REMIC under the Code) or this Agreement, including without limitation, Accepted Servicing Practices or

 

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materially expand the scope of the Servicer’s or Special Servicer’s responsibilities under this Agreement, the Special Servicer or Servicer, as applicable, shall disregard such refusal to consent, direction or advice and notify the Controlling Class Representative, the Certificate Administrator and the 17g-5 Information Provider of its determination, including a reasonably detailed explanation of the basis therefor.  The taking of, or refraining from taking, any action by the Servicer or Special Servicer in accordance with the direction of or approval of the Controlling Class Representative that does not violate the Loan Documents, any applicable law, provisions of the Code (resulting in the imposition of federal income tax on the Trust or causing either the Lower-Tier REMIC or the Upper-Tier REMIC to fail to qualify as a REMIC under the Code) or violate Accepted Servicing Practices or any other provisions of this Agreement, shall not result in any liability on the part of the Servicer or the Special Servicer.

 

(d)          At any time other than during a Subordinate Control Period or a Subordinate Consultation Period, the Controlling Class Representative shall have no consultation rights under this Agreement and shall have no right to receive any notices, reports or information (other than notices, reports or information required to be delivered to all Certificateholders) or any other rights as Controlling Class Representative; provided, that the Controlling Class Representative (if and to the extent that it is a Certificateholder) will maintain the right to exercise its Voting Rights for the same purposes as any other Certificateholder under this Agreement. 

 

(e)           [Reserved].

 

(f)           The Special Servicer shall deliver to the Operating Advisor such reports, notices and other information produced or otherwise available to the Controlling Class Representative (other than any communications between the Controlling Class Representative and the Special Servicer that would be Privileged Information, and other than, if an Operating Advisor Consultation Period is not in effect, any Asset Status Reports that are not Final Asset Status Reports and any Major Decision written recommendation and analysis with respect to the Mortgage Loan if it is not a Specially Serviced Mortgage Loan), or Certificateholders generally, requested by the Operating Advisor in support of the performance of its obligations under this Agreement in electronic format.

 

(g)           In the event that no Controlling Class Representative has been appointed or identified to the Servicer or the Special Servicer, as applicable, and the Servicer or the Special Servicer, as applicable, has attempted to obtain such information from the Certificate Administrator and no such entity has been identified to the Servicer or the Special Servicer, as applicable, then until such time as the new Controlling Class Representative is identified, the Servicer or the Special Servicer, as applicable, shall have no duty to consult with, provide notice to, or seek the approval or consent of any such Controlling Class Representative.

 

(h)           With respect to any action requiring Controlling Class Representative consent or consultation under this Agreement, where a time period is not otherwise specified, such consent shall be deemed given (or consultation deemed completed) if the Controlling Class Representative does not respond to the applicable request for consent or consultation within 5 Business Days (or 30 days with respect to an Acceptable Insurance Default).

 

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(i)            The Certificate Administrator shall notify the Operating Advisor, the Servicer and the Special Servicer within ten (10) Business Days of the existence or cessation of any Subordinate Consultation Period, Operating Advisor Consultation Period or Subordinate Control Period and the Servicer, the Special Servicer and the Operating Advisor shall be entitled to conclusively rely on such notice. Upon the Certificate Administrator’s determination that a Subordinate Consultation Period, Operating Advisor Consultation Period or Subordinate Control Period has occurred or is terminated, the Certificate Administrator shall, within ten (10) Business Days, post a “special notice” on the Certificate Administrator’s Website.

 

9.4.           Controlling Class Representative Contact with Servicer and Special Servicer.

 

(a)         Upon reasonable request, each of the Servicer and the Special Servicer shall, without charge, make a Servicing Officer available to answer questions from the Controlling Class Representative (during any Subordinate Control Period and any Subordinate Consultation Period) regarding the performance and servicing of the Mortgage Loan (or, in the case of the Special Servicer, the Special Servicer’s operational activities on a platform level basis related to the servicing of the Mortgage Loan after a Special Servicing Loan Event and the servicing of any Foreclosed Property) for which the Servicer or the Special Servicer, as the case may be, is responsible.

 

(b)           Notwithstanding any provision of this Agreement to the contrary, the failure of the Servicer or the Special Servicer to disclose any information otherwise required to be disclosed by it pursuant to this Agreement shall not constitute a breach of this Agreement if the Servicer or the Special Servicer, as applicable, determines, in its reasonable and good faith judgment and consistent with Accepted Servicing Practices, that such disclosure would constitute a waiver of the attorney-client privilege on behalf of the Trust or otherwise materially harm the Trust or the Trust Fund.

 

9.5.          The Operating Advisor.

 

(a)           The Operating Advisor shall review (i) the actions of the Special Servicer with respect to the Mortgage Loan if it is a Specially Serviced Mortgage Loan and, if an Operating Advisor Consultation Period is in effect, any Major Decisions with respect to the Mortgage Loan (even if it is not a Specially Serviced Mortgage Loan), (ii) all reports by the Special Servicer made available to Privileged Persons on the Certificate Administrator’s Website or otherwise provided to the Operating Advisor pursuant to this Agreement and (iii) each Asset Status Report (during an Operating Advisor Consultation Period) and each Final Asset Status Report delivered to the Operating Advisor by the Special Servicer.  The Operating Advisor shall perform its duties hereunder in accordance with the Operating Advisor Standard.

 

(b)          Based on the Operating Advisor’s review of any assessment of compliance and any attestation report delivered to the Operating Advisor or made available to the Operating Advisor on the Certificate Administrator’s Website, any Final Asset Status Report and reports by the Special Servicer made available to Privileged Persons that are posted on the Certificate Administrator’s Website during the prior calendar year, the Operating Advisor shall ((A) if the Mortgage Loan was a Specially Serviced Mortgage Loan at any time during the prior calendar

 

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year or (B) if an Operating Advisor Consultation Period was in effect during the prior calendar year) deliver to the Trustee, the Certificate Administrator and the 17g-5 Information Provider (which shall promptly post such Operating Advisor Annual Report on the 17g-5 Information Provider’s Website pursuant to Section 12.18) within 120 days of the end of the prior calendar year, an annual report (the “Operating Advisor Annual Report”), substantially in the form of Exhibit V (which form may be modified or altered as to either its organization or content by the Operating Advisor, subject to compliance of such form with the terms and provisions of this Agreement including, without limitation, provisions herein relating to Privileged Information; provided, that in no event shall the information or any other content included in the Operating Advisor Annual Report contravene any provision of this Agreement), setting forth the Operating Advisor’s assessment, in its sole discretion exercised in good faith, as to whether the Special Servicer is operating in compliance with Accepted Servicing Practices with respect to its performance of its duties under this Agreement during the prior calendar year on the basis described in clause (c) below and identifying (1) which, if any, standards the Operating Advisor believes, in its sole discretion exercised in good faith, the Special Servicer has failed to comply with and (2) any material deviations from Accepted Servicing Practices and from the Special Servicer’s obligations hereunder with respect to the Specially Serviced Mortgage Loan or Foreclosed Property and during an Operating Advisor Consultation Period, the Mortgage Loan even if it is not a Specially Serviced Mortgage Loan; provided, that in the event the Special Servicer is replaced, the Operating Advisor Annual Report shall only relate to the special servicer that was acting as Special Servicer as of December 31 in the prior calendar year and is continuing in such capacity through the date of such Operating Advisor Annual Report.  In preparing any Operating Advisor Annual Report, the Operating Advisor shall not be required to report on instances of non-compliance with, or deviations from, Accepted Servicing Practices or the Special Servicer’s obligations under this Agreement that the Operating Advisor determines, in its sole discretion exercised in good faith, to be immaterial.  Such Operating Advisor Annual Report shall be delivered to the Certificate Administrator (which shall promptly post such Operating Advisor Annual Report on the Certificate Administrator’s Website pursuant to Section 8.14(b)) and the 17g-5 Information Provider (which shall promptly post such Operating Advisor Annual Report on the 17g-5 Information Provider’s Website pursuant to Section 12.18); provided, that the Special Servicer shall be given an opportunity to review the Operating Advisor Annual Report at least five (5) Business Days prior to such annual report’s delivery to the Certificate Administrator and the 17g-5 Information Provider.  The Operating Advisor shall have no obligation to adopt any comments to the Operating Advisor Annual Report that are provided by the Special Servicer. 

 

(c)           The Operating Advisor Annual Report shall be prepared on the basis of the Special Servicer’s performance of its duties under this Agreement, taking into account the Special Servicer’s specific duties under this Agreement as well as the extent to which those duties were performed in accordance with Accepted Servicing Practices, with reasonable consideration by the Operating Advisor of any assessment of compliance, attestation report, Major Decision written recommendation and analysis, Asset Status Report, Final Asset Status Report and any other information delivered to the Operating Advisor by the Special Servicer (other than any communications between the Controlling Class Representative and the Special Servicer that would be Privileged Information) or made available to the Operating Advisor on the Certificate Administrator’s Website, in each case, pursuant to this Agreement.

 

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(d)          In the event the Operating Advisor’s ability to perform its obligations in respect of the Operating Advisor Annual Report is limited or prohibited due to the failure of a party hereto to timely deliver information required to be delivered to the Operating Advisor or because such information is inaccurate or incomplete, the Operating Advisor may, to the extent the Operating Advisor deems relevant, set forth such limitations or prohibitions in the related Operating Advisor Annual Report, and the Operating Advisor shall not be subject to any liability arising from such limitations or prohibitions.  The Operating Advisor shall be entitled to conclusively rely on the accuracy and completeness of any information it is provided without liability for any reliance thereon.  In the event a lack of access to Privileged Information limits or prohibits the Operating Advisor from performing its duties under this Agreement, the Operating Advisor may, to the extent the Operating Advisor deems relevant, set forth any such limitations or prohibitions in the related Operating Advisor Annual Report, and the Operating Advisor shall not be subject to any liability arising from its lack of access to Privileged Information.

 

(e)           With respect to the Mortgage Loan, after the subject calculation but prior to the utilization by the Special Servicer of any of the calculations related to (i) Appraisal Reduction Amounts or Collateral Deficiency Amounts calculated by the Special Servicer or (ii) net present value in accordance with Section 1.3(c) used in the Special Servicer’s determination of the course of action to take in connection with the workout or liquidation of the Mortgage Loan if it is a Specially Serviced Mortgage Loan, the Special Servicer shall forward such calculations, together with any supporting material or additional information necessary in support thereof (including such additional information reasonably requested by the Operating Advisor to confirm the mathematical accuracy of such calculations, but not including any Privileged Information), to the Operating Advisor promptly, but in any event no later than 2 Business Days after preparing such calculations, and the Operating Advisor shall promptly, but no later than three (3) Business Days after receipt of such calculations and any supporting or additional materials, recalculate and verify the accuracy of the mathematical calculations and the corresponding application of the non-discretionary portion of the applicable formulas required to be utilized in connection with any such calculation.

 

In connection with this Section 9.5(e), if the Operating Advisor does not agree with the mathematical calculations of the Appraisal Reduction Amount, Collateral Deficiency Amount or net present value (in each case, as calculated or determined by the Special Servicer), or the application of the applicable non-discretionary portions of the formula required to be utilized for such calculation, the Operating Advisor and Special Servicer shall consult with each other in order to resolve any inaccuracy in the mathematical calculations or the application of the non-discretionary portions of the related formula in arriving at those mathematical calculations or any disagreement within five (5) Business Days of delivery of such calculations.  If the Operating Advisor and Special Servicer are not able to resolve such inaccuracies or disagreement prior to the end of such five (5) Business Day period, the Operating Advisor shall promptly notify the Certificate Administrator of such disagreement, and the Certificate Administrator shall examine the calculations and supporting materials provided by the Special Servicer and the Operating Advisor and shall determine which calculation is to apply (and shall provide prompt written notice of such determination to the Operating Advisor and the Special Servicer).

 

(f)             Notwithstanding the foregoing, unless an Operating Advisor Consultation Period is in effect or unless specifically provided otherwise in this Agreement, the Operating

 

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Advisor’s review shall be limited to an after-the-action review of any assessment of compliance, attestation report, Major Decision written recommendation and analysis, Asset Status Report, Final Asset Status Report and other information delivered to the Operating Advisor by the Special Servicer or made available to Privileged Persons that are posted on the Certificate Administrator’s Website during the prior calendar year (together with any additional information and material reviewed by the Operating Advisor), and, therefore, it shall have no involvement with respect to the determination and execution of Major Decisions and other similar actions that the Special Servicer may perform under this Agreement.  In addition, with respect to the Operating Advisor’s review of net present value calculations as required in Section 9.5(e) above, the Operating Advisor’s recalculation shall not take into account the reasonableness of Special Servicer’s property and borrower performance assumptions or other similar discretionary portions of the net present value calculation.

 

(g)          The Operating Advisor and its Affiliates shall keep all Privileged Information that is labeled as such confidential and shall not disclose such Privileged Information to any Person (including Certificateholders), other than (1) to the extent expressly required by this Agreement, to the other parties hereto with a notice indicating that such information is Privileged Information, (2) pursuant to a Privileged Information Exception or (3) where necessary to support specific findings or conclusions regarding deviations from Accepted Servicing Practices (i) in the Operating Advisor Annual Report or (ii) in connection with a recommendation by the Operating Advisor to replace the Special Servicer.  Each party to this Agreement that receives Privileged Information with a notice stating that such information is Privileged Information shall not disclose such Privileged Information to any other Person without the prior written consent of the Special Servicer and, unless an Operating Advisor Consultation Period has occurred and is continuing, the Controlling Class Representative other than pursuant to a Privileged Information Exception.  Notwithstanding the foregoing, the Operating Advisor shall be permitted to share Privileged Information with its Affiliates and any subcontractors of the Operating Advisor that agree in writing to be bound by the same confidentiality provisions applicable to the Operating Advisor.  Subject to the terms and conditions in this Agreement related to Privileged Information, the Operating Advisor agrees that it shall use information received from the Special Servicer pursuant to the terms of this Agreement solely for purposes of complying with its duties and obligations hereunder. 

 

(h)           Subject to the requirements of confidentiality imposed on the Operating Advisor herein (including without limitation in respect of Privileged Information), the Operating Advisor shall respond to Inquiries proposed by Privileged Persons from time to time in accordance with the terms of Section 4.5(a).

 

(i)            As compensation for its activities hereunder, the Operating Advisor shall be entitled to receive the Operating Advisor Fee on each Remittance Date.  The Operating Advisor Fee shall accrue from time to time at the Operating Advisor Fee Rate and shall be computed on the basis of the outstanding principal balance of the Mortgage Loan and in the same manner as interest is calculated on the Mortgage Loan, and, in connection with any partial month interest payment, for the same period respecting which any related interest payment due on the Mortgage Loan is computed.  The Operating Advisor Fee shall be payable from funds on deposit in the Collection Account as provided in Section 3.4(c)(iii) of this Agreement.

 

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(j)           The Operating Advisor shall be entitled to reimbursement of any Operating Advisor Expenses provided for pursuant to Section 6.3(a) hereof, such amounts to be reimbursed from amounts on deposit in the Collection Account as provided by Section 3.4(c)(ix).  Each successor operating advisor shall be required to acknowledge and agree to the terms of the preceding sentence.

 

(k)          In addition, the Operating Advisor Consulting Fee shall be payable to the Operating Advisor with respect to each Major Decision for which the Operating Advisor has consultation obligations hereunder.  The Operating Advisor Consulting Fee shall be payable from funds on deposit in the Collection Account as provided in Section 3.4(c)(iv) of this Agreement, but only to the extent such Operating Advisor Consulting Fee is actually received from the Borrower.  When the Operating Advisor has consultation obligations with respect to a Major Decision under this Agreement, the Servicer or the Special Servicer, as applicable, shall use commercially reasonable efforts consistent with Accepted Servicing Practices to collect the applicable Operating Advisor Consulting Fee from the Borrower in connection with such Major Decision, but only to the extent not prohibited by the related Loan Documents and in no event shall it take any enforcement action with respect to the collection of such Operating Advisor Consulting Fee other than requests for collection.  The Servicer or Special Servicer, as applicable, may waive or reduce the amount of any Operating Advisor Consulting Fee payable by the Borrower if it determines that such full or partial waiver is in accordance with Accepted Servicing Practices; provided that the Servicer or the Special Servicer, as applicable, shall consult, on a non-binding basis, with the Operating Advisor prior to any such waiver or reduction.

 

(l)            Upon (i) the written direction of holders of Sequential Pay Certificates representing at least 15% of the Voting Rights allocable to Non-Reduced Certificates requesting a vote to replace the Operating Advisor with a replacement Operating Advisor selected by such holders (provided that the proposed replacement Operating Advisor is a Qualified Operating Advisor), (ii) payment by such requesting holders to the Certificate Administrator of all reasonable fees and expenses to be incurred by the Certificate Administrator in connection with administering such vote and (iii) receipt by the Trustee of a Rating Agency Confirmation, the Certificate Administrator shall promptly provide written notice to all Certificateholders of such request by posting such notice on the Certificate Administrator’s Website in accordance with Section 8.14(b), and concurrently by mail, and conduct the solicitation of votes of all Certificates in such regard.  Upon the vote or written direction of holders of Sequential Pay Certificates representing more than 50% of the Voting Rights allocable to the Non-Reduced Certificates that exercise their right to vote, provided that the holders of Sequential Pay Certificates representing at least 50% of the Voting Rights allocable to the Non-Reduced Certificates have exercised their right to vote, the Trustee shall immediately replace the Operating Advisor with the replacement Operating Advisor.

 

(m)         After the occurrence of an Operating Advisor Termination Event, the Certificate Administrator shall notify the Certificateholders, and the Trustee may, and upon the written direction of holders of Non-Reduced Certificates representing at least 25% of the Voting Rights (taking into account the application of any Appraisal Reduction Amounts and Collateral Deficiency Amounts to notionally reduce the Certificate Balance of the Classes of Sequential Pay Certificates), the Trustee shall, promptly terminate the Operating Advisor for cause and

 

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appoint a replacement Operating Advisor that is a Qualified Operating Advisor; provided that no such termination shall be effective until a successor operating advisor has been appointed and has assumed all of the obligations of the Operating Advisor under this Agreement.  No such termination shall terminate, change, reduce, or otherwise modify the rights and obligations of the Operating Advisor that accrued prior to such termination, including the right to receive all amounts accrued and owing to it under this Agreement, and other than indemnification rights arising out of events occurring prior to such termination.  The Trustee may rely on a certification by the replacement Operating Advisor that it is a Qualified Operating Advisor.  Upon (x) the occurrence of any Operating Advisor Termination Event or (y) any termination of the Operating Advisor and appointment of a successor to the Operating Advisor, the Trustee shall, as soon as possible, give written notice thereof to the Special Servicer, the Servicer, the Certificate Administrator, the 17g-5 Information Provider (for posting to the 17g-5 Information Provider’s Website), the Depositor, the Controlling Class Representative and the Certificateholders.  The Trustee shall not be liable for any failure to identify and appoint a successor operating advisor so long as the Trustee uses commercially reasonable efforts to conduct a search for a successor operating advisor and such failure is not a result of the Trustee’s negligence, bad faith or willful misconduct in the performance of its obligations hereunder.

 

(n)          The holders of Sequential Pay Certificates representing at least 25% of the Voting Rights may waive an Operating Advisor Termination Event within 20 days of the receipt of notice from the Certificate Administrator of the occurrence of such Operating Advisor Termination Event.  Upon any such waiver of an Operating Advisor Termination Event, such Operating Advisor Termination Event shall cease to exist and shall be deemed to have been remedied for every purpose hereunder.  Upon any such waiver of an Operating Advisor Termination Event, the Trustee and the Certificate Administrator shall be entitled to recover all costs and expenses incurred by it in connection with enforcement action taken with respect to such Operating Advisor Termination Event prior to such waiver from the Trust.

 

(o)           The Operating Advisor may resign from the obligations and duties hereby imposed on it upon thirty (30) days prior written notice to the Depositor, the Servicer, the Special Servicer, the Trustee, the Certificate Administrator and the Controlling Class Representative if the Operating Advisor has secured a replacement operating advisor that is a Qualified Operating Advisor and such replacement operating advisor has accepted its appointment as the replacement operating advisor.  No such resignation by the Operating Advisor shall become effective until the replacement Operating Advisor shall have assumed the resigning Operating Advisor’s responsibilities and obligations.  If no successor operating advisor has been so appointed and accepted the appointment within 30 days after the notice of resignation, the resigning Operating Advisor may petition any court of competent jurisdiction for the appointment of a successor operating advisor that is a Qualified Operating Advisor.  The resigning Operating Advisor shall pay all reasonable costs and expenses (including costs and expenses incurred by the Trustee and the Certificate Administrator) associated with a transfer of its duties pursuant to this Section 9.5(o).

 

(p)           In the event the Operating Advisor resigns or is otherwise terminated for any reason it shall remain entitled to any accrued and unpaid Operating Advisor Fees and Operating Advisor Consulting Fees and reimbursement of accrued and unpaid Operating Advisor

 

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Expenses pursuant to Section 9.5(j) and shall also remain entitled to any rights of indemnification provided hereunder.

 

(q)          The parties hereto agree, and the Certificateholders by their acceptance of their respective Certificates shall be deemed to have agreed, that (i) subject to Section 6.3, the Operating Advisor shall have no liability to any Certificateholder for any actions taken or for refraining from taking any actions under this Agreement, (ii) the Operating Advisor shall act solely as a contracting party to the extent set forth in this Agreement, (iii) the Operating Advisor shall have no (A) fiduciary duty, or (B) other duty except with respect to its specific obligations under this Agreement, and shall have no duty to any particular class of Certificates or particular Certificateholders or any third party, and (iv) the Operating Advisor does not constitute an “investment adviser” within the meaning of the Investment Advisers Act of 1940, as amended.

 

(r)            Neither the Operating Advisor nor any of its Affiliates shall make any investment in any Class of Certificates.

 

(s)          The Operating Advisor may delegate its duties to agents or subcontractors to the extent such agents or subcontractors satisfy clauses (c), (d) and (f) of the definition of “Qualified Operating Advisor” and so long as the related agreements or arrangements with such agents or subcontractors are consistent with the provisions of this Section 9.5.  Notwithstanding the foregoing sentence, the Operating Advisor shall remain obligated and primarily liable for any actions required to be performed hereunder in accordance with the provisions of this Agreement without diminution of any such obligation or liability by virtue of such delegation or arrangements or by virtue of indemnification from any Person acting as its agents or subcontractor to the same extent and under the same terms and conditions as if the Operating Advisor alone were performing its obligations under this Agreement.

 

(t)           For the avoidance of doubt, while the Operating Advisor may serve in a similar capacity with respect to other securitizations that involve the same parties or Borrower involved in this securitization, any experience or knowledge gained by the Operating Advisor from such other engagements may not be imputed to the Operating Advisor for this transaction; provided, however, the Operating Advisor may consider such experience or knowledge as pertinent information for discussion with the Special Servicer during its periodic meetings.

 

(u)           With respect to the determination of whether an Operating Advisor Consultation Period has occurred and is continuing, or has terminated, the Operating Advisor shall be entitled to rely solely on its receipt from the Certificate Administrator of notice pursuant to this Agreement, and, with respect to any obligations of the Operating Advisor that are performed only after the occurrence and continuance of an Operating Advisor Consultation Period, the Operating Advisor shall have no obligation to perform any such duties until the receipt of such notice or actual knowledge of the occurrence of an Operating Advisor Consultation Period.

 

(v)           Notwithstanding anything herein to the contrary, the Special Servicer shall not follow any advice, direction or consultation provided by the Operating Advisor that would require or cause the Special Servicer to violate any provision of the Loan Documents, applicable law or this Agreement, including without limitation the Special Servicer’s obligation to act in

 

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accordance with Accepted Servicing Practices, or expose any Certificateholder, the Trust, the Servicer, the Special Servicer, the Operating Advisor, the Certificate Administrator, the Trustee or their affiliates, officers, directors or agents to any claim, suit or liability, result in the imposition of a tax upon the Trust, cause either the Lower-Tier REMIC or the Upper-Tier REMIC to fail to qualify as a REMIC under the Code or materially expand the scope of the Servicer’s or Special Servicer’s responsibilities hereunder.

 

10.          EXCHANGE ACT REPORTING AND REGULATION AB COMPLIANCE

 

10.1.        Intent of the Parties; Reasonableness.  Except with respect to Section 10.8, Section 10.9 and Section 10.10, the parties hereto acknowledge and agree that the purpose of this Article 10 is to facilitate compliance by any Other Depositor subject to Exchange Act reporting requirements with the provisions of Regulation AB and related rules and regulations of the Commission.  Neither the Depositor nor the Certificate Administrator shall, and no Other Depositor or Other Certificate Administrator may, exercise its right to request delivery of information or other performance under these provisions other than in reasonable good faith, or (except with respect to Section 10.8, Section 10.9 or Section 10.10) for purposes other than compliance with the Act, the Exchange Act, the Sarbanes-Oxley Act and, in each case, the rules and regulations of the Commission thereunder.  The parties hereto acknowledge that interpretations of the requirements of Regulation AB may change over time, whether due to interpretive guidance provided by the Commission or its staff, or otherwise, and agree to comply with reasonable requests made by the Depositor, the Certificate Administrator, any Other Depositor or any Other Certificate Administrator in good faith for delivery of information under these provisions on the basis of such evolving interpretations of the requirements of Regulation AB (to the extent such interpretations require compliance and are not “grandfathered” and do not mandate compliance).  In connection with the BX Trust 2019-OC11 transaction, each of the parties to this Agreement shall cooperate fully with the Depositor, the Certificate Administrator, any Other Depositor and any Other Certificate Administrator, as applicable, to deliver or make available to any such party (including any of their assignees or designees), any and all statements, reports, certifications, records and any other information in its possession and necessary in the reasonable good faith determination of such party to permit any Other Depositor to comply with the provisions of Regulation AB, together with such disclosure relating to the Servicer, the Special Servicer, the Trustee, the Custodian and the Certificate Administrator, as applicable, and any Sub-Servicer, or the servicing of the Whole Loan, reasonably believed by the Depositor, the Certificate Administrator, an Other Depositor or an Other Certificate Administrator, as applicable, 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 10.1, but in any event, shall, upon reasonable advance written request, provide information in sufficient time to allow the Depositor, the Certificate Administrator, any Other Depositor or any Other Certificate Administrator, as applicable, to satisfy any related filing requirements.  For purposes of this Article 10, 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.

 

10.2.        Information to be Provided by the Servicer, the Special Servicer, any Primary Servicer and the Certificate Administrator.  (a)  For so long as an Other Securitization

 

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Trust is subject to the reporting requirements of the Exchange Act, the Servicer, the Special Servicer, the Trustee, the Custodian and the Certificate Administrator shall (and each of the Servicer, the Special Servicer, the Trustee, the Custodian and the Certificate Administrator, as applicable, shall cause each Sub-Servicer (other than any party to this Agreement) with which it has entered into a servicing relationship with respect to the Whole Loan after the Closing Date, to) (i) notify each Other Depositor in writing of (A) any litigation or governmental proceedings of the type described in Item 1117 of Regulation AB pending against such party, or with respect to any of its property, that, in each such case, would be material to Certificateholders and (B) any affiliations of the type described in Item 1119 of Regulation AB or relationships of the type described in Item 1119 of Regulation AB that develop following the Closing Date between the Servicer, the Special Servicer, the Trustee, the Custodian or the Certificate Administrator (or, if applicable, any Sub-Servicer) (and any other parties identified in writing by the requesting party), on the one hand, and any other such party on the other, as the case may be, as such affiliation or relationship relates to any Other Securitization Trust, and (ii) provide to each Other Depositor a description of such legal proceedings, affiliations or relationships, in each case, in a form that would enable such Other Depositor to satisfy its reporting obligations under Item 1117 or 1119 of Regulation AB, as applicable.

 

(b)           In connection with the succession to the Servicer, the Special Servicer, any Additional Servicer, any Sub-Servicer, the Certificate Administrator, the Custodian or the Trustee as servicer or trustee under this Agreement by any Person (i) into which the Servicer, the Special Servicer, any Additional Servicer, any Sub-Servicer, the Certificate Administrator, the Custodian or the Trustee, as the case may be, may be merged or consolidated, or (ii) which may be appointed as a successor to the Servicer, the Special Servicer, any Additional Servicer, any Sub-Servicer, the Certificate Administrator, the Custodian or the Trustee, as the case may be, the person removing and replacing the Servicer, the Special Servicer, any Additional Servicer, any Sub-Servicer, the Certificate Administrator, the Custodian or the Trustee, as the case may be, shall (and each of the Servicer, the Special Servicer, the Certificate Administrator, the Custodian or the Trustee, as applicable, shall cause each Additional Servicer and each Sub-Servicer (other than any party to this Agreement) with which it has entered into a servicing relationship after the Closing Date with respect to the Whole Loan, to) provide to each Other Depositor, at least fifteen (15) calendar days prior to the effective date of such succession or appointment, as long as such disclosure prior to such effective date would not be violative of any applicable law or confidentiality agreement, otherwise no later than the first Business Day after the effective date of such succession or appointment, (x) written notice to each Other Depositor of such succession or appointment and (y) in writing and in form and substance reasonably satisfactory to each Other Depositor, all information relating to such successor reasonably requested by any Other Depositor so that it may comply with its reporting obligation under Item 6.02 of Form 8-K as it relates to the Servicing Function with respect to any class of certificates related to an Other Securitization Trust.

 

(c)           With respect to any Companion Loan that is deposited into an Other Securitization Trust, the Servicer, the Special Servicer, the Trustee, the Custodian and the Certificate Administrator shall, to the extent the out-of-pocket cost thereof (including any reasonable attorney fees) is paid or caused to be paid by the applicable party set forth below in this Section 10.2(c), take all actions reasonably requested of it to enable such Other Securitization Trust to comply with Regulation AB.  For the avoidance of doubt and without

 

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limiting the foregoing, the Servicer, the Special Servicer, the Trustee, the Custodian and the Certificate Administrator shall, if requested by an Other Depositor, provide disclosure (in substantially the same form as the disclosure provided by it in the Offering Circular, to the extent reasonably necessary to comply with Regulation AB) regarding such party as reasonably and in good faith determined by an Other Depositor to be required by Regulation AB for inclusion in disclosure documents with respect to such Other Securitization Trust, together with an opinion of counsel as to the compliance of such disclosure with the requirements of Regulation AB and indemnification substantially similar to that provided in connection with the offering of the Certificates regarding damages incurred in connection with the non-compliance with the requirements of Regulation AB relating to the disclosure referred to in this sentence.

 

The out-of-pocket cost of the information, opinion(s) of counsel, certifications and indemnification agreement(s) provided by or on behalf of the Servicer, the Special Servicer, the Trustee, the Custodian or the Certificate Administrator pursuant to this Section 10.2(c) shall be paid or caused to be paid (pursuant to a payment arrangement reasonably acceptable to the delivering party and the receiving party) by the applicable Mortgage Loan Seller if it transferred a Companion Loan to the related Other Depositor for inclusion in such Other Securitization Trust; provided, that if any such information is provided in connection with the termination, removal, resignation or any other replacement of the Servicer, the Special Servicer, the Trustee, the Custodian or the Certificate Administrator under this Agreement, the out-of-pocket cost of the information, opinion(s) of counsel, certifications and indemnification agreement(s) provided by or on behalf of the Servicer, the Special Servicer, the Trustee, the Custodian or the Certificate Administrator, as the case may be, pursuant to this Section 10.2(c) shall be paid or caused to be paid by the same party or parties required to pay the costs and expenses relating to such termination, removal, resignation or other replacement pursuant to this Agreement.

 

(d)          If any Person appointed as a subcontractor or agent of the Servicer, the Special Servicer, the Trustee, the Custodian or the Certificate Administrator (whether appointed directly by such party or by a Sub-Servicer or subcontractor or agent) would be a Servicing Function Participant, the Servicer, the Special Servicer, the Trustee, the Custodian or the Certificate Administrator, as the case may be, shall promptly following request provide to each Other Depositor and Other Certificate Administrator a written description (in form and substance satisfactory to each Other Depositor) of the role and function of such Person, which description shall include (i) the identity of such subcontractor, and (ii) which elements of the Servicing Criteria will be addressed in the assessments of compliance to be provided by such subcontractor or agent.  In addition, if any Sub-Servicer, or any subcontractor or agent described above, would be a “servicer” within the meaning of Item 1101 of Regulation AB and meets the criteria in Item 1108(a)(2)(i), (ii) or (iii) of Regulation AB, the engagement of such Person in such capacity shall not be effective unless and until five (5) Business Days have elapsed following the delivery of notice of the proposed engagement and the related agreement to each Other Depositor and Other Certificate Administrator.  Such notice shall contain all information reasonably necessary, and in such form as may be necessary, to enable each Other Certificate Administrator to accurately and timely report the event under Item 6.02 of Form 8-K pursuant the related Other Pooling and Servicing Agreement (if such reports under the Exchange Act are required to be filed under the Exchange Act).

 

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(e)           Each of the Servicer, the Special Servicer, the Certificate Administrator, the Custodian and the Trustee shall (i) terminate, in accordance with the related sub-servicing agreement, any Sub-Servicer with which it has entered into such sub-servicing agreement, if such Sub-Servicer is in breach of any of its obligations under such sub-servicing agreement whose purpose is to facilitate compliance by any Other Depositor with the reporting requirements of the Exchange Act or with the provisions of Regulation AB and the related rules and regulations of the Commission; and (ii) cause each such sub-servicing agreement to entitle the Depositor or any Other Depositor to terminate such sub-servicing agreement upon any such breach without the consent of any other Person.  The Depositor and each Other Depositor are hereby authorized to exercise the rights described in the preceding clause (ii) in its sole discretion.

 

10.3.        Filing Obligations.  The Servicer, the Special Servicer, the Certificate Administrator, the Custodian, the Trustee and each Sub-Servicer shall (and the Servicer, the Special Servicer, the Certificate Administrator, the Custodian, the Trustee and each Sub-Servicer, as applicable, shall cause each Sub-Servicer (other than any party to this Agreement) with which it has entered into a servicing relationship after the Closing Date with respect to the Whole Loan, to) reasonably cooperate with each Other Depositor in connection with the satisfaction of the related Other Securitization Trust’s reporting requirements under the Exchange Act.

 

10.4.        Form 10-D Disclosure.  For so long as any Other Securitization Trust is subject to the reporting requirements of the Exchange Act, within five (5) calendar days after the related Distribution Date, each Person identified on Exhibit O shall provide (or, with respect to any such Person identified on Exhibit O that is not a party to this Agreement, the applicable party to this Agreement that engaged such party shall cause such party to provide) to each Other Depositor and Other Certificate Administrator (a) to the extent known by a Servicing Officer or Responsible Officer, as applicable, of such Person, the form and substance of any Additional Form 10-D Disclosure as set forth on Exhibit O, if applicable, and in a form readily convertible to an EDGAR-compatible format (to the extent available to such party in such format), or in such other form as otherwise agreed by the related Other Depositor, the related Other Certificate Administrator and such party; provided, that information relating to any REO Account to be reported under Item 8:  Other Information on Exhibit O shall be reported by the Special Servicer to the Servicer within four (4) calendar days after the related Distribution Date, and (b) an Additional Disclosure Notification.  The Certificate Administrator shall provide prompt notice to each Other Depositor to the extent the Certificate Administrator is notified of an event reportable on Form 10-D for which it has not received the necessary Additional Form 10-D Disclosure from such party.  The Certificate Administrator shall have no duty under this Agreement to monitor or enforce the performance by the parties listed on Exhibit O (other than itself and any such party engaged by it) of their duties under this paragraph or proactively solicit or procure from any such parties any Additional Form 10-D Disclosure information.

 

10.5.        Form 10-K Disclosure.  For so long as any Other Securitization Trust is subject to the reporting requirements of the Exchange Act, no later than March 1 of each year subsequent to the fiscal year that such Other Securitization Trust is subject to the Exchange Act reporting requirements, commencing in 2020, each Person identified on Exhibit P shall provide (or, with respect to any such Person identified on Exhibit P that is not a party to this Agreement,

 

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the applicable party to this Agreement that engaged such party shall cause such party to provide) to each Other Depositor and Other Certificate Administrator (a) to the extent known by a Servicing Officer or Responsible Officer, as applicable, of such Person, the form and substance of the corresponding Additional Form 10-K Disclosure as set forth on Exhibit P, if applicable, and in a form that is readily convertible to an EDGAR-compatible form (to the extent available to such party in such format), or in such other form as otherwise agreed by the related Other Depositor, the related Other Certificate Administrator and such party, and (b) an Additional Disclosure Notification.  The Certificate Administrator shall, at any time prior to filing the related Form 10-K, provide prompt notice to each Other Depositor to the extent the Certificate Administrator is notified of an event reportable on Form 10-K for which it has not received the necessary Additional Form 10-K Disclosure from such party.  The Certificate Administrator shall have no duty under this Agreement to monitor or enforce the performance by the parties listed on Exhibit P (other than itself and any such party engaged by it) of their duties under this paragraph or to proactively solicit or procure from such parties any Additional Form 10-K Disclosure information. 

 

10.6.        Sarbanes-Oxley Certification.  For so long as any Other Securitization Trust is subject to the reporting requirements of the Exchange Act, each Reporting Servicer shall provide, and each Reporting Servicer shall cause each Servicing Function Participant (other than any party to this Agreement) with which it has entered into a servicing relationship after the Closing Date with respect to the Whole Loan to provide, to each Other Depositor (addressed to the Person who signs the Sarbanes-Oxley Certification with respect to the related Other Securitization Trust) a performance certification in the form attached as Exhibit S on March 1 (with no grace period) of each year subsequent to the fiscal year in which the related Other Securitization Trust is subject to the reporting requirements of the Exchange Act, upon which such certifying person, the entity for which the certifying person acts as an officer, and such entity’s officers, directors and Affiliates (collectively with the certifying person and the Other Depositor, the “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 or primary servicing agreement, as the case may be, such Reporting Servicer shall provide a performance certification and a reliance certificate to the certifying person pursuant to this Section 10.6 with respect to the period of time it was subject to this Agreement or the applicable sub-servicing or primary servicing agreement, as the case may be. 

 

Each such performance certification shall include a reasonable reliance provision enabling the related Certification Parties to rely upon each (i) annual compliance statement (as applicable) provided pursuant to Section 10.8, (ii) annual report on assessment of compliance with Servicing Criteria provided pursuant to Section 10.9 and (iii) registered public accounting firm attestation report provided pursuant to Section 10.10 and shall include a certification that each such annual report on assessment of compliance discloses any material instances of noncompliance described to the registered public accountants of such Reporting Servicer to enable such accountants to render the attestation provided for in Section 10.10.

 

10.7.        Form 8-K Disclosure.  For so long as any Other Securitization Trust is subject to the reporting requirements of the Exchange Act, no later than close of business (New York City time) on the second (2nd) Business Day after the occurrence of an event requiring disclosure under Form 8-K (each, a “Reportable Event”) the applicable Person identified on such

 

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Exhibit Q shall provide (or, with respect to any such Person identified on Exhibit Q that is not a party to this Agreement, the applicable party to this Agreement that engaged such party shall cause such party to provide) to each Other Depositor and Other Certificate Administrator (a) to the extent known by a Servicing Officer or Responsible Officer, as applicable, of such Person, the form and substance of the corresponding Form 8-K Disclosure Information as set forth on Exhibit Q, if applicable, and in a form that is readily convertible to an EDGAR-compatible format (to the extent available to such party in such format), or in such other form as otherwise agreed by the related Other Depositor, the related Other Certificate Administrator and such party, and (b) an Additional Disclosure Notification.

 

10.8.       Annual Compliance Statements.  The Servicer, the Special Servicer and, only for so long as any Other Securitization Trust is subject to the reporting requirements of the Exchange Act, the Certificate Administrator, the Custodian, and, if it has made an Advance during the applicable calendar year, the Trustee (each a “Certifying Servicer”; provided, that the Certificate Administrator and the Custodian shall only be Certifying Servicers on and after the date on which such party receives written notice that a Companion Loan (or any portion thereof) is securitized) shall (and each such party shall cause each Additional Servicer and each Sub-Servicer with which it has entered into a servicing relationship after the Closing Date with respect to the Whole Loan, to) deliver electronically to the Depositor, the Certificate Administrator (who shall promptly upon receipt post it to the Certificate Administrator’s Website), the 17g-5 Information Provider (who shall promptly post it to the 17g-5 Information Provider’s Website) and to the Companion Loan Holders (or, in the case of a Companion Loan that is part of an Other Securitization Trust, the applicable Other Depositor), on or before March 1 (with no cure period), commencing in March 2020, an Officer’s Certificate stating, as to the signer thereof, that (A) a review of such Certifying Servicer’s or Additional Servicer’s, as the case may be, activities during the preceding calendar year or portion thereof and of such Certifying Servicer’s or Additional Servicer’s, as the case may be, performance under this Agreement, or the applicable sub-servicing agreement or primary servicing agreement in the case of an Additional Servicer, has been made under such officer’s supervision and (B) to the best of such officer’s knowledge, based on such review, such Certifying Servicer or Additional Servicer, as the case may be, has fulfilled all its obligations under this Agreement, or the applicable sub-servicing agreement or primary servicing agreement in the case of an Additional Servicer, in all material respects throughout such year or portion thereof, or, if there has been a failure to fulfill any such obligation in any material respect, specifying each such failure known to such officer and the nature and status thereof.  Promptly after receipt of each such Officer’s Certificate, the Depositor and any Other Depositor shall have the right to review such Officer’s Certificate and, if applicable, consult with each Certifying Servicer, as applicable, as to the nature of any failures by such Certifying Servicer in the fulfillment of any of the Certifying Servicer’s obligations hereunder, or any failures by an Additional Servicer retained by such Certifying Servicer in the fulfillment of any of such Additional Servicer’s obligations under the applicable sub-servicing or primary servicing agreement.

 

10.9.       Annual Reports on Assessment of Compliance with Servicing Criteria.  By March 1 of each year (with no cure period), commencing in March 2020, the Servicer, the Special Servicer, the Certificate Administrator (on and after the date on which such party receives written notice that a Companion Loan (or any portion thereof) is securitized and only for so long as any Other Securitization Trust is subject to the reporting requirements of the

 

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Exchange Act), the Custodian (on and after the date on which such party receives written notice that a Companion Loan (or any portion thereof) is securitized and only for so long as any Other Securitization Trust is subject to the reporting requirements of the Exchange Act) and, if it has made an Advance during the applicable calendar year, the Trustee (on and after the date on which such party receives written notice that a Companion Loan (or any portion thereof) is securitized and only for so long as any Other Securitization Trust is subject to the reporting requirements of the Exchange Act), each at its own expense, shall furnish electronically (and each of the preceding parties, as applicable, shall cause, by March 1, each Servicing Function Participant (other than a party to this Agreement) with which it has entered into a servicing relationship after the Closing Date with respect to the Whole Loan, to furnish, each at its own expense), to the Depositor, the Operating Advisor (solely with respect to assessments of compliance of the Special Servicer), the Trustee, the Certificate Administrator (who shall promptly upon receipt post it to the Certificate Administrator’s Website), the Custodian, the 17g-5 Information Provider (who shall promptly post it to the 17g-5 Information Provider’s Website) and to the Companion Loan Holders (or, in the case of a Companion Loan that is part of an Other Securitization Trust, the applicable Other Depositor), a report on an assessment of compliance with the Applicable 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 Applicable Servicing Criteria, (B) a statement that such Reporting Servicer used the Servicing Criteria to assess compliance with the Applicable Servicing Criteria, (C) such Reporting Servicer’s assessment of compliance with the Applicable Servicing Criteria as of and for the period ending the end of the fiscal year, including, if there has been any material instance of noncompliance with the Applicable Servicing Criteria, a discussion of each such failure and the nature and status thereof, and (D) a statement that a registered public accounting firm has issued an attestation report on such Reporting Servicer’s assessment of compliance with the Applicable Servicing Criteria as of and for such period.  Copies of all compliance reports delivered pursuant to this Section 10.9 shall be provided via the Certificate Administrator’s Website to all Privileged Persons by the Certificate Administrator.

 

If any party’s assessment of compliance or the related attestation report identifies any material instance of noncompliance with the Applicable Servicing Criteria, such party will also be required to provide a discussion of (1) the relationship, if any, between the identified instance and the servicing of the Whole Loan and (2) any steps taken to remedy such identified instance to the extent related to its activities with respect to asset-backed securities transactions taken as a whole involving such party and that are backed by the same asset type backing the Certificates. 

 

No later than the earlier of (i) ten (10) Business Days after the end of each fiscal year for the Trust and (ii) ten (10) Business Days after the end of each fiscal year for which any Other Securitization Trust is required to file a Form 10-K, the Servicer, the Special Servicer, and the Trustee (if applicable) shall each forward to the Certificate Administrator, the Depositor, each Mortgage Loan Seller, the Companion Loan Holders, the Other Depositor and the Other Certificate Administrator, and the Certificate Administrator and the Depositor shall each forward to each Mortgage Loan Seller, the Other Depositor and the Other Certificate Administrator, the name and address of each Additional Servicer and each Servicing Function Participant engaged by it and (other than with respect to a notice to any Mortgage Loan Seller) what Applicable

 

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Servicing Criteria will be addressed in the report on assessment of compliance prepared by such Additional Servicer or Servicing Function Participant.  When the Servicer, the Special Servicer, the Trustee (if applicable) and each Sub-Servicer submit their respective assessments by March 1, as set forth in the preceding paragraph, each such party shall also at such time include, in its submission the assessment (and attestation pursuant to Section 10.10) of each Servicing Function Participant engaged by it.  Not later than the end of each fiscal year for which any Other Securitization Trust is required to file a Form 10-K and upon written request, the Certificate Administrator shall provide to each Mortgage Loan Seller written notice of any change in the identity of any party to this Agreement, including the name and address of any new party to this Agreement. 

 

Promptly after receipt of each such report on assessment of compliance, (i) the Depositor and any Other Depositor shall have the right to review each such report and, if applicable, consult with the Servicer, the Special Servicer, the Certificate Administrator, the Custodian, the Trustee (if applicable) and any Servicing Function Participant as to the nature of any material instance of noncompliance with the Applicable Servicing Criteria by the Servicer, the Special Servicer, the Certificate Administrator, the Custodian, the Trustee (if applicable) or any Servicing Function Participant, respectively, and (ii) the Certificate Administrator shall confirm that the assessments taken individually address the Applicable Servicing Criteria for each party as set forth on Exhibit L and notify the Depositor and each Other Depositor of any exceptions.  If any Reporting Servicer is terminated or resigns pursuant to the terms of this Agreement, or any applicable sub-servicing agreement or primary servicing agreement, as the case may be, such Reporting Servicer shall provide the reports and statements pursuant to this Section 10.9 (coupled with an attestation statement pursuant to Section 10.10) with respect to the period of time it was subject to this Agreement or the applicable sub-servicing agreement or primary servicing agreement, as the case may be.  The parties hereto acknowledge that a material instance of noncompliance with the Applicable Servicing Criteria reported on an assessment of compliance pursuant to this Section 10.9 by the Servicer, the Special Servicer, the Certificate Administrator, the Custodian or the Trustee shall not, as a result of being so reported, in and of itself, constitute a breach of such parties’ obligations, as applicable, under this Agreement unless otherwise provided for in this Agreement.

 

10.10.      Annual Independent Public Accountants’ Servicing Report.  By March 1 of each year (with no cure period), commencing in March 2020, the Servicer, the Special Servicer, the Certificate Administrator (on and after the date on which such party receives written notice that a Companion Loan (or any portion thereof) is securitized and only for so long as any Other Securitization Trust is subject to the reporting requirements of the Exchange Act), the Custodian (on and after the date on which such party receives written notice that a Companion Loan (or any portion thereof) is securitized and only for so long as any Other Securitization Trust is subject to the reporting requirements of the Exchange Act) and, if it has made an Advance during the applicable calendar year, the Trustee (on and after the date on which such party receives written notice that a Companion Loan (or any portion thereof) is securitized and only for so long as any Other Securitization Trust is subject to the reporting requirements of the Exchange Act), each at its own expense, shall cause (and each of the preceding parties, shall cause, by March 1, each Servicing Function Participant (other than a party to this Agreement) with which it has entered into a servicing relationship after the Closing Date with respect to the Whole Loan, to cause, each at its own expense) a registered public

 

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accounting firm (which may also render
other services to the Servicer, the Special Servicer, the Certificate Administrator, the Custodian, the Trustee, such Sub-Servicer
or such other Servicing Function Participant, as the case may be) that is a member of the American Institute of Certified Public
Accountants to furnish electronically a report to the Depositor, the Trustee, the Certificate Administrator (who shall promptly
upon receipt post it to the Certificate Administrator’s Website), the Custodian, the 17g-5 Information Provider (who shall
promptly post it to the 17g-5 Information Provider’s Website) and to the Companion Loan Holders (or, in the case of a Companion
Loan that is part of an Other Securitization Trust, the applicable Other Depositor), to the effect that (i) it has obtained a
representation regarding certain matters from the management of such Reporting Servicer, which includes an assessment from such
Reporting Servicer of its compliance with the Applicable Servicing Criteria, and (ii) on the basis of an examination conducted
by such firm in accordance with standards for attestation engagements issued or adopted by the PCAOB, it is expressing an opinion
as to whether such Reporting Servicer’s compliance with the Applicable 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
Applicable 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.  Each accountant’s attestation report required hereunder
shall be made in accordance with Rules 1-02(a)(3) and 2-02(g) of Regulation S-X under the Act and the Exchange Act. 
Such report must be available for general use and not contain restricted use language.  Copies of all statements delivered
pursuant to this Section 10.10 shall be made available to any Privileged Person by the Certificate Administrator posting
such statement to the Certificate Administrator’s Website pursuant to Section 8.14(b).

 

Promptly after receipt of such report from the Servicer, the Special Servicer, the Certificate Administrator, the Custodian or the Trustee (if applicable) (or any Sub-Servicer or Servicing Function Participant with which the Servicer, the Special Servicer, the Certificate Administrator, the Custodian or the Trustee (if applicable) has entered into a servicing relationship after the Closing Date with respect to the Whole Loan (other than a party to this Agreement)), (i) the Depositor and each Other Depositor shall have the right to review the report and, if applicable, consult with the Servicer, the Special Servicer, the Certificate Administrator, the Custodian, the Trustee (if applicable), any Sub-Servicer or any such Servicing Function Participant as to the nature of any material instance of noncompliance by the Servicer, the Special Servicer, the Certificate Administrator, the Custodian, the Trustee or any such Servicing Function Participant with the Servicing Criteria applicable to such Person, and (ii) the Certificate Administrator shall confirm that each assessment submitted pursuant to Section 10.9 is coupled with an attestation meeting the requirements of this Section and notify the Depositor and each Other Depositor of any exceptions.

 

10.11.      Indemnification.  Each of the Servicer, the Special Servicer, the Trustee, the Custodian and the Certificate Administrator (each an “Indemnifying Party”) shall indemnify and hold harmless each Certification Party, their respective directors and officers, and each other person who controls any such entity within the meaning of either Section 15 of the Act or Section 20 of the Exchange Act (each a “Certification Indemnitee”), against any and all expenses, losses, claims, damages and other liabilities, including without limitation the costs of investigation, legal defense and any amounts paid in settlement of any claim or litigation arising out of or based upon:  (i) a failure of the information provided by such Indemnifying Party

 

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pursuant to Section 10.2(c) to comply with the requirements of the items of Regulation AB applicable to such Indemnifying Party; (ii) the failure of any Indemnifying Party to perform its obligations under this Article 10; (iii) the failure of any Servicing Function Participant or Additional Servicer retained by it to perform its obligations to the Depositor, the Certificate Administrator, any Other Depositor or any Other Certificate Administrator under this Article 10 by the time required after giving effect to any applicable grace period and cure period; (iv) any untrue statement or alleged untrue statement of a material fact contained in any information (x) regarding the Indemnifying Party or any Servicing Function Participant, Additional Servicer or subcontractor engaged by it, (y) prepared by any such party described in clause (x) or any registered public accounting firm, attorney or other agent retained by such party to prepare such information and (z) delivered by or on behalf of such Indemnifying Party in connection with the performance of such Indemnifying Party’s obligations described in this Article 10, or the omission or alleged omission to state in any such information a material fact necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading; provided, that such Indemnifying Party shall be entitled to participate in any action arising out of the foregoing and the Depositor shall consult with such Indemnifying Party with respect to any litigation or audit strategy, as applicable, in connection with the foregoing and any potential settlement terms related thereto; (v) negligence, bad faith or willful misconduct on the part of the Indemnifying Party in the performance of such obligations; or (vi) any Deficient Exchange Act Deliverable with respect to such Indemnifying Party. 

 

In addition, each of the Servicer, the Special Servicer, the Certificate Administrator, the Custodian and the Trustee shall cooperate (and require each Servicing Function Participant and Sub-Servicer retained by it to cooperate under the applicable subservicing agreement) with the Depositor and any Other Depositor as necessary for the Depositor or 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 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 Servicer, the Special Servicer, the Certificate Administrator, the Custodian, the Trustee, a Servicing Function Participant or a Sub-Servicer, as applicable (“Affected Reporting Party”), (y) regarding such Affected Reporting Party, and (z) prepared by such Affected Reporting Party or any registered public accounting firm, attorney or other agent retained by such party to prepare such information, which information is contained in a report (an “ARP Report”) filed by the Depositor or an Other Depositor under the Reporting Requirements and which comments are received subsequent to the Depositor’s or Other Depositor’s, as applicable, filing of such report, the Depositor or the Other Depositor, as applicable, shall promptly provide to such Affected Reporting Party any such comments which relate to such Affected Reporting Party.  Such Affected Reporting Party shall be responsible for timely preparing a written response to the Commission for inclusion in the Depositor’s or Other Depositor’s, as applicable, response to the Commission, unless such Affected Reporting Party elects, with the consent of the Depositor or Other Depositor, as applicable (which consent shall not be unreasonably denied, withheld or delayed), to directly communicate with the Commission and negotiate a response and/or resolution with the Commission; provided, that if an Affected Reporting Party is a Servicing Function Participant or

 

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Sub-Servicer retained by the Servicer or the Special Servicer, as applicable, the Servicer or the Special Servicer, as applicable, shall require the Servicing Function Participant or Sub-Servicer to provide it with, and the Servicer or the Special Servicer, as applicable, shall be entitled to receive, copies of all material communications pursuant to this paragraph.  If such election is made, the applicable Affected Reporting Party shall be responsible for directly negotiating such response and/or resolution with the Commission in a timely manner; provided, that (i) such Affected Reporting Party shall use reasonable efforts to keep the Depositor or Other Depositor, as applicable, informed of its progress with the Commission and copy the Depositor or Other Depositor, as applicable, on all correspondence with the Commission and provide the Depositor or Other Depositor, as applicable, with the opportunity to participate (at the Depositor’s or Other Depositor’s, as applicable, expense) in any telephone conferences and meetings with the Commission and (ii) the Depositor or Other Depositor, as applicable, shall cooperate with such Affected Reporting Party in order to authorize such Affected Reporting Party and its representatives to respond to and negotiate directly with the Commission with respect to any comments from the Commission relating to such Affected Reporting Party and to notify the Commission of such authorization.  The Depositor or Other Depositor, as applicable, and such Affected Reporting Party shall cooperate and coordinate with one another with respect to any requests made to the Commission for extension of time for submitting a response or compliance.  All respective reasonable out-of-pocket costs and expenses incurred by the Depositor or Other Depositor (including reasonable legal fees and expenses of outside counsel to such party) in connection with the circumstances described in the first sentence of this paragraph (other than those costs and expenses required to be at the Depositor’s or Other Depositor’s expense as set forth above) and any amendments to any ARP Reports filed with the Commission therewith shall be promptly paid by the applicable Affected Reporting Party upon receipt of an itemized invoice from the Depositor or Other Depositor, as applicable.  Each of the Servicer, the Special Servicer, the Certificate Administrator, the Custodian and the Trustee shall use commercially reasonable efforts to cause any Servicing Function Participant or Sub-Servicer retained by it to comply with the foregoing by inclusion of similar provisions in the related sub-servicing or similar agreement.

 

The Servicer, the Special Servicer, the Certificate Administrator, the Custodian and the Trustee shall cause each Additional Servicer (other than a party to this Agreement) with which it has entered into a servicing relationship after the Closing Date with respect to the Whole Loan, 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 or primary servicing agreement, as applicable, (ii) negligence, bad faith or willful misconduct on its part in the performance of such obligations thereunder or (iii) any Deficient Exchange Act Deliverable with respect to such Additional Servicer. 

 

If the indemnification provided for herein is unavailable or insufficient to hold harmless any Certification Party, then the Servicer, the Special Servicer, the Trustee, the Custodian and the Certificate Administrator, each Additional Servicer or other Servicing Function Participant (the “Performing Party”) shall (and the Servicer, the Special Servicer, the Certificate Administrator, the Custodian and the Trustee shall cause each Additional Servicer or other Servicing Function Participant with which it has entered into a servicing relationship after

 

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the Closing Date with respect to the Whole Loan (other than a party to this Agreement), to) contribute to the amount paid or payable to the Certification Party as a result of the losses, claims, damages or liabilities of the Certification Party in such proportion as is appropriate to reflect the relative fault of the Certification Party on the one hand and the Performing Party on the other in connection with a breach of the Performing Party’s obligations pursuant to this Article 10 (or breach of its representations or obligations under the applicable sub-servicing or primary servicing agreement to provide any of the annual compliance statements or annual servicing criteria compliance reports or attestation reports or otherwise comply with the requirements of this Article 10) or the Performing Party’s negligence, bad faith or willful misconduct in connection therewith.  The Servicer, the Special Servicer, the Certificate Administrator, the Custodian and the Trustee shall cause each Additional Servicer or Servicing Function Participant with which it has entered into a servicing relationship after the Closing Date with respect to the Whole Loan (other than a party to this Agreement), to agree to the foregoing indemnification and contribution obligations.

 

Promptly after receipt by the Certification Party of notice of the commencement of any action, such Certification Party shall, if a claim in respect thereof is to be made against an Indemnifying Party hereunder, notify in writing the Indemnifying Party of the commencement thereof; but the omission to so notify the Indemnifying Party shall not relieve it from any liability which it may have to the Certification Party under this Agreement except to the extent that such omission to notify materially prejudices the Indemnifying Party.  In case any such action is brought against the Certification Party, after the Indemnifying Party has been notified of the commencement of such action, such Indemnifying Party shall be entitled to participate therein (at its own expense) and shall be entitled to assume the defense thereof (jointly with any other Indemnifying Party similarly notified) with counsel reasonably satisfactory to the Certification Party (which approval shall not be unreasonably withheld or delayed), and after notice from the Indemnifying Party to the Certification Party of its election to so assume the defense thereof, the Indemnifying Party shall not be liable to the Certification Party for any expenses subsequently incurred in connection with the defense thereof other than reasonable costs of investigation.  In any such proceeding, the Certification Party shall have the right to retain its own counsel, but the fees and expenses of such counsel shall be at the expense of the Certification Party unless (i) the Indemnifying Party and the Certification Party shall have agreed to the retention of such counsel, (ii) the named parties to any such proceeding (including any impleaded parties and, in the case of an investigation by the Commission, any parties that are, or whose reporting materials are, the subject of such investigation) include both the Indemnifying Party and the Certification Party and representation of both parties by the same counsel would be inappropriate due to actual or potential differing interests between them or (iii) the Indemnifying Party fails within a reasonable period of time to designate counsel that is reasonably satisfactory to the Certification Party (which approval shall not be unreasonably withheld or delayed).  In no event shall the Indemnifying Parties be liable for fees and expenses of more than one counsel (in addition to any local counsel) in any one jurisdiction separate from their own counsel for the Certification Party in connection with any one action or separate but similar or related actions in the same jurisdiction arising out of the same general allegations or circumstances.  An Indemnifying Party shall not be liable for any settlement of any proceeding effected without its written consent.  However, if settled with such consent, the Indemnifying Party shall indemnify the Certification Party from and against any loss or liability by reason of such settlement to the extent that the Indemnifying Party is otherwise required to do so under this Agreement.  If an Indemnifying

 

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Party assumes the defense of any proceeding, it shall be entitled to settle such proceeding with the consent of the Certification Party (which consent shall not be unreasonably withheld or delayed) or, if such settlement (i) provides for an unconditional release of the Certification Party in connection with all matters relating to the proceeding that have been asserted against the Certification Party in such proceeding by the other parties to such settlement and (ii) does not require an admission of fault by the Certification Party, without the consent of the Certification Party.

 

In addition, if any Companion Loan is securitized, the Depositor shall be responsible for fees, costs and expenses of the Trustee (to the extent that it is not acting as the Servicer), the Certificate Administrator and the Custodian in connection with such parties providing the information and reports described in Sections 10.4, 10.5, 10.6, 10.7, 10.8, 10.9 and 10.10, in such amounts to be mutually agreed upon by such parties. None of the Trustee, the Certificate Administrator or the Custodian shall be required to provide the information or reports described in Sections 10.4, 10.5, 10.6, 10.7, 10.8, 10.9 and 10.10 until such time as the agreement referred to in the previous sentence is reached.

 

10.12.      Amendments.  This Article 10, Exhibit L, Exhibit O, Exhibit P and Exhibit Q may be amended by the written consent of all of the parties hereto, each affected Other Depositor and, if any such amendment to Exhibit L, Exhibit O, Exhibit P or Exhibit Q adds additional reporting obligations for a Mortgage Loan Seller, with the consent of the related Mortgage Loan Seller, pursuant to Section 12.1 (without, in each case, any Opinions of Counsel, Officer’s Certificates, Rating Agency Confirmations or the consent of any Certificateholder, notwithstanding anything to the contrary contained in this Agreement) for purposes of complying with Regulation AB or an Other Securitization Trust’s Exchange Act reporting obligations.

 

10.13.      Significant Obligors.  If an Other Depositor has notified the Servicer in writing that the Property is a “significant obligor” (within the meaning of Item 1101(k) of Regulation AB), along with the related Relevant Distribution Date, with respect to the related Other Securitization Trust that includes a Companion Loan, the Servicer shall, if the Servicer is in receipt of (i) the updated financial statements of such “significant obligor” for any calendar quarter (other than the fourth calendar quarter of any calendar year), beginning with the first calendar quarter following receipt of such notice from the Other Depositor, or (ii) the updated financial statements of such “significant obligor” for any calendar year, beginning with the calendar year following such notice from the Other Depositor, deliver to the Other Depositor and Other Trustee, on or prior to 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 such “significant obligor”, together with the net operating income of such “significant obligor” for the applicable period as calculated by the Servicer in accordance with CREFC® guidelines or (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 such “significant obligor”, together with the net operating income of

 

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such “significant obligor” for the applicable period as reported by the related Mortgagor in such financial statement.

 

If the Servicer does not receive financial information satisfactory to comply with Item 6 of Form 10-D or Item 1112(b)(1) of Form 10-K, as the case may be, of such “significant obligor” within ten Business Days after the date such financial information is required to be delivered under the related Loan Documents, the Servicer shall notify the Other Depositor with respect to such Other Securitization Trust (or the Servicer shall cause a Sub-Servicer to notify such Other Depositor) that it has not received them.  The Servicer shall use efforts consistent with the Accepted Servicing Practices (taking into account, in addition, the ongoing reporting obligations of such Other Depositor under the Exchange Act) to obtain the periodic financial statements of the Borrower under the related Loan Documents.

 

The Servicer shall (or shall cause a Sub-Servicer to) retain written evidence of each instance in which it (or a Sub-Servicer) attempts to contact the borrower related to such “significant obligor” to obtain the required financial information and is unsuccessful and, within five (5) Business Days prior to the date in which a Form 10-D or Form 10-K, as applicable, is required to be filed by the Other Securitization, shall forward an Officer’s Certificate evidencing its attempts to obtain this information to the related Other Depositor and Other Certificate Administrator.  This Officer’s Certificate should be addressed to such Other Certificate Administrator at its corporate trust office, as specified in the related Other Pooling and Servicing Agreement.

 

10.14.      Notification Requirements and Deliveries in Connection with Securitization of a Companion Loan.  Any other provision of this Article 10 to the contrary notwithstanding, including, without limitation, any deadlines for delivery set forth in this Article 10, in connection with the requirements contained in this Article 10 that provide for the delivery of information and other items to, and the cooperation with, an Other Depositor of any Other Securitization Trust, a party hereunder shall not be obligated to provide any such items to or cooperate with such Other Depositor (i) until the Other Depositor has provided such party hereto with not less than 10 Business Days’ (or such shorter period as required for such Other Depositor to comply with related filing obligations, provided that (a) such Other Depositor has provided written notice as soon as reasonably practicable and, concurrently with such written notice, obtained verbal confirmation of receipt of such written notice, in each case, in accordance with Section 12.5 of this Agreement and (b) such period shall not be less than 3 Business Days) written notice (which shall only be required to be delivered once), except as regards the deliveries and cooperation contemplated by Section 10.8, Section 10.9 and Section 10.10 of this Agreement, written notice that (i) such Other Securitization Trust is subject to Regulation AB and that the Other Securitization Trust is subject to Exchange Act reporting, and (ii) specifying in reasonable detail the information and other items not otherwise specified in this Agreement that are requested to be delivered.  Any reasonable cost and expense of the Depositor, Servicer, Special Servicer, Trustee and Certificate Administrator in cooperating with such Other Depositor (above and beyond their expressed duties hereunder) shall be the responsibility of such Other Depositor or Other Securitization Trust.  The parties hereto shall have the right to confirm in good faith with such Other Depositor as to whether applicable law requires the delivery of the items identified in this Article 10 to such Other Depositor prior to providing any of the reports or other information required to be delivered under this Article 10 in connection therewith and (i)

 

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upon such confirmation, the parties shall comply with the deadlines for delivery set forth in this Article 10 with respect to such Other Securitization Trust or (ii) in the absence of such confirmation, the parties shall not be required to deliver such items; provided that no such confirmation will be required in connection with any delivery of the items contemplated by Section 10.8, Section 10.9 and Section 10.10 of this Agreement.  Such confirmation shall be deemed given if the related Other Depositor provides a written statement to the effect that the Other Securitization Trust is subject to the reporting requirements of the Exchange Act and the appropriate party hereto receives such written statement.  The parties hereunder shall also have the right to require that such Other Depositor provide them with the contact details of such Other Depositor and any other parties to the related Other Pooling and Servicing Agreement.

 

11.       Termination.

 

11.1.        Termination.

 

(a)           The respective obligations and responsibilities of the Servicer, the Special Servicer, the Operating Advisor, the Depositor, the Certificate Administrator, the Custodian and the Trustee created hereby (other than the obligation to make certain payments to the Companion Loan Holders, other than the obligation of the Certificate Administrator to make certain payments to Certificateholders after the final Distribution Date and other than the indemnification rights and obligations of the parties hereto) shall terminate upon the last action required to be taken by the Certificate Administrator on the final Distribution Date pursuant to this Article 11 following the later of (i) the final payment on the Certificates or (ii) the liquidation of the Mortgage Loan (including, without limitation, the sale of the Mortgage Loan pursuant to this Agreement, as applicable) or the liquidation or abandonment of the Property and all other Collateral for the Mortgage Loan; provided, that in no event shall the Trust continue beyond the expiration of 21 years from the death of the last survivor of the descendants of Joseph P. Kennedy, the late ambassador of the United States to the Court of St. James’s, living on the date hereof. 

 

(b)     
     On the final Distribution Date, all amounts on deposit in the Collection Account and not otherwise payable
to a Person other than the Certificateholders, shall be applied generally as described in Section 4.1.

 

(c)           Notice of any termination, specifying the final Distribution Date (which shall be a date that would otherwise be a Distribution Date) upon which the Certificateholders of any Class may surrender their Certificates to the Certificate Administrator for payment of the final distribution and cancellation, shall be given promptly by the Certificate Administrator by letter to Certificateholders mailed as soon as practicable specifying (A) the final Distribution Date upon which final payment of the Certificates shall be made upon presentation and surrender of Certificates at the office or agency of the Certificate Administrator therein designated, (B) the amount of any such final payment and (C) that the Record Date otherwise applicable to such Distribution Date is not applicable, payments being made only upon presentation and surrender of the Certificates at the office or agency of the Certificate Administrator therein specified.

 

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11.2.        Additional Termination Requirements.

 

In connection with any termination pursuant to Section 11.1 other than final payment on the Mortgage Loan, the Trust Fund shall be terminated in accordance with the following additional requirements, unless the Certificate Administrator and the Trustee have obtained at the expense of the Trust Fund, an Opinion of Counsel that any other manner of terminating either the Lower-Tier REMIC or the Upper-Tier REMIC will not subject the Trust Fund, the Lower-Tier REMIC or the Upper-Tier REMIC to federal income tax:

 

(i)           Within 89 days prior to the final Distribution Date, the Certificate Administrator shall designate the first day of the 90-day liquidation period of the Lower-Tier REMIC and the Upper-Tier REMIC which shall be specified in a notice from the Certificate Administrator to the Certificateholders as soon as practicable prior to such final Distribution Date, and shall specify such date in the final tax return of each such REMIC;

 

(ii)           At or after the time of adoption of such plan of complete liquidation and at or prior to the final scheduled Distribution Date, the Servicer shall sell any remaining assets (other than cash) of the Trust Fund and credit the proceeds thereof to the Trust Fund; and

 

(iii)          At or after such time as the proceeds from the disposition of the remaining assets of the Trust Fund shall have been credited to the Trust Fund, the Certificate Administrator shall cause all remaining amounts held (A) as part of the Lower-Tier REMIC to be distributed to the Trustee as holder of the Uncertificated Lower-Tier Interests and to the Holders of the Class R Certificates (in respect of the Class LT-R Interest) in accordance with Section 4.1(c) and (B) as part of the Upper-Tier REMIC to be distributed to the Holders of the Regular Certificates and the Class R Certificates (in respect of the Class UT-R Interest) in accordance with Section 4.1(a), Section 4.1(c) and Section 4.1(h).

 

11.3. 
      Trusts Irrevocable. Except as expressly provided herein, all trusts created hereby are
irrevocable.

 

12.       MISCELLANEOUS PROVISIONS

 

12.1. 
      Amendment. (a)           This Agreement may be amended from
time to time by the parties hereto, without the consent of any of the Certificateholders or the Companion Loan Holders:

 

(i)            to correct any inconsistency, defect or ambiguity in this Agreement or to correct any manifest error in any provision of this Agreement;

 

(ii)          to cause the provisions in this Agreement to conform or be consistent with or in furtherance of the statements made in the Offering Circular with respect to the Certificates, the Trust or this Agreement to correct or supplement any of its provisions which may be inconsistent with any other provisions in this Agreement, or to correct any error;

 

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(iii) 
       to change the timing and/or nature of deposits in the Collection Account, the Distribution Account
or the Foreclosed Property Account, provided that (A) the Remittance Date may in no event be later than the Business
Day prior to the related Distribution Date and (B) (1) the change would not adversely affect in any material respect
the interests of any Certificateholder, as evidenced by an Opinion of Counsel (at the expense of the party requesting the amendment
or at the expense of the Trust Fund if the requesting party is the Trustee or the Certificate Administrator) or (2) a Rating
Agency Confirmation is obtained (at the expense of the party requesting the amendment or at the expense of the Trust Fund
if the requesting party is the Trustee or the Certificate Administrator);

 

(iv)          to modify, eliminate or add to any of its provisions (A) to the extent necessary to maintain the qualification of the Lower-Tier REMIC and the Upper-Tier REMIC as a REMIC at all times that any Certificate is outstanding, or to avoid or minimize the risk of imposition of any tax on the Lower-Tier REMIC or the Upper-Tier REMIC that would be a claim against the Lower-Tier REMIC or the Upper-Tier REMIC; provided that the Trustee and the Certificate Administrator have received an Opinion of Counsel (at the expense of the party requesting the amendment or at the expense of the Trust Fund if the requesting party is the Trustee or the Certificate Administrator) to the effect that (A) the action is necessary or desirable to maintain such qualification or to avoid or minimize the risk of imposition of any such tax and (B) the action will not adversely affect in any material respect the interests of any holder of the Certificates;

 

(v)           to modify, eliminate or add to any of its provisions to restrict (or to remove any existing restrictions with respect to) the transfer of the Class R Certificates; provided that the Depositor has determined that the amendment will not give rise to any tax with respect to the transfer of the Class R Certificates to a non-Permitted Transferee; provided, further, that the Depositor may conclusively rely upon an Opinion of Counsel to such effect;

 

(vi)         to make any other provisions with respect to matters or questions arising under this Agreement or any other change, provided that the required action will not adversely affect in any material respect the interests of any Certificateholder not consenting to such amendment, as evidenced by (a) an Opinion of Counsel (at the expense of the party requesting the amendment or at the expense of the Trust Fund if the Trustee, the Custodian or the Certificate Administrator is the requesting party) and (b) a Rating Agency Confirmation (at the expense of the party requesting the amendment or at the expense of the Trust Fund if the requesting party is the Trustee, the Custodian or the Certificate Administrator); provided, that any amendment pursuant to this clause (vi) that would adversely affect the rights of the Controlling Class or the Controlling Class Representative shall be subject to the consent of such affected party, parties or Certificateholders, as applicable;

 

(vii)         to amend or supplement any provision of this 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 (at the expense of the party requesting the amendment or at the expense of the Trust Fund if the requesting

 

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party is the Trustee, the Custodian or the Certificate Administrator); provided, that any amendment pursuant to this clause (vii) that would adversely affect the rights of the Controlling Class or the Controlling Class Representative shall be subject to the consent of such affected party, parties or Certificateholders, as applicable;    

 

(viii)       to modify the provisions of this Agreement with respect to reimbursement of Nonrecoverable Advances if (A) the Depositor, the Servicer, the Certificate Administrator and the Trustee, determine that the commercial mortgage-backed securities industry standard for such provisions has changed, in order to conform to such industry standard, (B) such modification does not adversely affect the status of the Lower-Tier REMIC or the Upper-Tier REMIC as a REMIC, as evidenced by an Opinion of Counsel (at the expense of the party requesting the amendment or at the expense of the Trust Fund if the requesting party is the Trustee or the Certificate Administrator), (C) a Rating Agency Confirmation is obtained from each Rating Agency (at the expense of the party requesting the amendment or at the expense of the Trust Fund if the requesting party is the Trustee or the Certificate Administrator), and (D) during any Subordinate Control Period, the Controlling Class Representative consents to such modification;

 

(ix)          to modify the procedures set forth in this Agreement relating to compliance with Exchange Act Rule 17g-5, Rule 15Ga-1 or Rule 15Ga-2;

 

(x)         to the extent determined in good faith by the Depositor as necessary to comply with the Exchange Act or other applicable laws and regulations or to conform to guidance provided by any applicable governmental authority or to standards developed within the CMBS industry;

 

(xi)         to modify, eliminate or add to any of its provisions to such extent as will be necessary to comply with the requirements of the Credit Risk Retention Rules or to modify, eliminate or add any corresponding provisions in the event that any or all of the Credit Risk Retention Rules are withdrawn, repealed or modified to be less restrictive; and

 

(xii)          pursuant to, and in accordance with, Article 10 of this Agreement.

 

(b)        
  This Agreement may also be amended by the parties to this Agreement with the consent of the Holders of Certificates of
each Class adversely affected by such amendment evidencing, in each case, not less than 51% of the aggregate Percentage Interests
constituting the Class for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions
of this Agreement or of modifying in any manner the rights of the Holders of the Certificates, except that the amendment may not
(1) reduce in any manner the amount of, or delay the timing of, payments received on the Mortgage Loan or the Companion Loans
that are required to be distributed on any Certificate or any Companion Loan, respectively; (2) alter in any manner the liens
on any Collateral securing payments of the Mortgage Loan, (3) alter the obligations of the Servicer or the Trustee to make
an Advance or alter Accepted Servicing Practices; (4) change the percentages of Voting Rights or Percentage Interests of
Certificateholders or the Companion Loan Holders that are required to consent to any action or inaction under this Agreement;
or (5) amend this Section 12.1.

 

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(c)           Notwithstanding the foregoing, no amendment to this Agreement may be made that (i) would cause the Lower-Tier REMIC or the Upper-Tier REMIC to fail to qualify as a REMIC for federal income tax purposes, (ii) changes in any manner the obligations of any Mortgage Loan Seller under its respective Mortgage Loan Purchase Agreement without the consent of such Mortgage Loan Seller, and the Trustee, the Certificate Administrator, the Custodian, the Operating Advisor, the Servicer or the Special Servicer may, but will not be obligated to, enter into any amendment to this Agreement that it determines affects its rights, duties or immunities or creates any additional liability for the Trustee, the Certificate Administrator, the Custodian, the Operating Advisor, the Servicer or the Special Servicer under this Agreement or (iii) impairs the rights of any Companion Loan Holder under this Agreement without the consent of such Companion Loan Holder.

 

(d)       
   It shall not be necessary for the consent of Certificateholders under this Section 12.1 to approve the
particular form of any proposed amendment, but it shall be sufficient if such consent shall approve the substance thereof. 
The manner of obtaining such consents and of evidencing the authorization of the execution thereof by Certificateholders shall
be subject to such reasonable regulations as the Certificate Administrator may prescribe.

 

(e)           Notwithstanding the foregoing, no amendment may be made to this Agreement unless the Trustee, the Certificate Administrator, the Operating Advisor, the Servicer, and the Special Servicer have first received (i) an Opinion of Counsel (at the expense of the party requesting the amendment, or at the Trust Fund’s expense if the Trustee or the Certificate Administrator is the requesting party) to the effect that the amendment is authorized or permitted under this Agreement and that the amendment or the exercise of any power granted to the Servicer, the Special Servicer, the Operating Advisor, the Depositor, the Certificate Administrator, the Trustee or any other specified Person in accordance with the amendment, will not result in the imposition of a tax on any portion of the Trust or cause either the Lower-Tier REMIC or the Upper-Tier REMIC to fail to qualify as a REMIC under the Code and (ii) an Officer’s Certificate from the party requesting the amendment to the effect that all conditions precedent to such amendment set forth herein have been satisfied.

 

(f)           Promptly after the execution of any amendment to this Agreement, the Certificate Administrator shall post a copy of such amendment on the Certificate Administrator’s Website and furnish written notification of the substance of such amendment to each Certificateholder, the Depositor, the Servicer, the Special Servicer, the Operating Advisor, the Initial Purchasers, the Companion Loan Holders and the 17g-5 Information Provider (who shall promptly post to the 17g-5 Information Provider’s Website).

 

(g)     
     In the event that neither the Depositor nor any successor thereto is in existence, any amendment under
this Section 12.1 shall be effected with the consent of the Trustee, the Certificate Administrator, the Operating
Advisor, the Servicer, and the Special Servicer, as applicable, and, to the extent required by this Section 12.1,
the required Certificateholders and/or Companion Loan Holders, as applicable.

 

(h)      
    Unless otherwise specified in Section 12.1(a), the costs and expenses associated with any such
amendment, including without limitation, Opinions of Counsel and a Rating Agency Confirmations, shall be borne by the party requesting
such amendment (or, if

 

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such amendment is required
by any of the Rating Agencies to maintain the rating issued by it or requested by the Trustee or the Certificate Administrator
for any purpose described in Section 12.1(a) (which do not modify or otherwise relate solely to the obligations, duties
or rights of the Trustee or the Certificate Administrator), then at the expense of the Depositor and, if neither the Depositor
nor any successor thereto is in existence, the Trust Fund).

 

(i)            No amendment to this Agreement that is materially adverse to the interests of any Initial Purchaser, the Third Party Purchaser or any other third party beneficiary under Section 12.13(ii) or (iii) shall be effected unless such party provides written consent to such amendment.  In addition, no amendment to this Agreement that increases the obligations or impairs the rights of any Mortgage Loan Seller shall be effected unless such Mortgage Loan Seller provides written consent to such amendment.

 

(j)            No amendment to this Agreement that materially adversely affects any Companion Loan Holder in its capacity as a Companion Loan Holder shall be effected without such Companion Loan Holder’s prior written consent. 

 

12.2.        Recordation of Agreement; Counterparts. (a)  This Agreement or an abstract hereof, if acceptable by the applicable recording office, is subject to recordation in all appropriate public offices for real property records in the county in which the Property subject to the Mortgages is situated, and in any other appropriate public recording office or elsewhere, such recordation to be effected by the Trustee or the Certificate Administrator at the expense of the Trust upon its receipt of an Opinion of Counsel to the effect that such recordation materially and beneficially affects the interests of the Certificateholders of the Trust.

 

(b)           For the purpose of facilitating the recordation of this Agreement as herein provided and for other purposes, this Agreement may be executed simultaneously in any number of counterparts, each of which counterparts shall be deemed to be an original, and such counterparts shall constitute but one and the same instrument.  Delivery of an executed counterpart of a signature page of this Agreement in Portable Document Format (PDF) or by facsimile transmission shall be as effective as delivery of a manually executed original counterpart of this Agreement.

 

12.3.        Governing Law; Submission to Jurisdiction. THIS AGREEMENT AND Any claim, controversy or dispute arising under or related to this AGREEMENT, THE RELATIONSHIP OF THE PARTIES TO THIS AGREEMENT, AND/OR THE INTERPRETATION AND ENFORCEMENT OF THE RIGHTS AND DUTIES OF THE PARTIES TO THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE INTERNAL LAWS AND DECISIONS OF THE STATE OF NEW YORK, WITHOUT REGARD TO THE CHOICE OF LAW RULES THEREOF.  THE PARTIES HERETO INTEND THAT THE PROVISIONS OF SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS LAW SHALL APPLY TO THIS AGREEMENT.

 

EACH OF THE PARTIES HERETO IRREVOCABLY (I) SUBMITS TO THE EXCLUSIVE JURISDICTION OF THE COURTS OF THE STATE OF NEW YORK AND THE FEDERAL COURTS OF THE UNITED STATES OF AMERICA FOR THE SOUTHERN DISTRICT OF NEW YORK FOR THE PURPOSE OF ANY ACTION OR PROCEEDING

 

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RELATING TO THIS AGREEMENT; (II) WAIVES, TO THE FULLEST EXTENT PERMITTED BY LAW, THE DEFENSE OF AN INCONVENIENT FORUM IN ANY ACTION OR PROCEEDING IN ANY SUCH COURT; (III) AGREES THAT A FINAL JUDGMENT IN ANY ACTION OR PROCEEDING IN ANY SUCH COURT SHALL BE CONCLUSIVE AND MAY BE ENFORCED IN ANY OTHER JURISDICTION BY SUIT ON THE JUDGMENT OR IN ANY OTHER MANNER PROVIDED BY LAW; AND (IV) CONSENTS TO SERVICE OF PROCESS UPON IT BY MAILING A COPY THEREOF BY CERTIFIED MAIL ADDRESSED TO IT AS PROVIDED FOR NOTICES HEREUNDER.

 

12.4.     Waiver of Jury Trial. EACH PARTY HERETO WAIVES ITS RESPECTIVE RIGHTS TO A TRIAL BY JURY OF ANY CLAIM OR CAUSE OF ACTION BASED UPON OR ARISING OUT OF OR RELATED TO THIS AGREEMENT, ANY ASSIGNMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY, IN ANY ACTION, PROCEEDING OR OTHER LITIGATION OF ANY TYPE BROUGHT BY ANY PARTY AGAINST THE OTHER PARTY, WHETHER WITH RESPECT TO CONTRACT CLAIMS, TORT CLAIMS, OR OTHERWISE.  EACH PARTY HERETO AGREES THAT ANY SUCH CLAIM OR CAUSE OF ACTION SHALL BE TRIED BY A COURT TRIAL WITHOUT A JURY.  WITHOUT LIMITING THE FOREGOING, EACH PARTY HERETO FURTHER AGREES THAT ITS 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.

 

12.5.    Notices. All demands, notices and communications hereunder shall be in writing, shall be deemed to have been given upon receipt (except that notices to Holders of any Class of Certificates held in registered, definitive form shall be deemed to have been given upon being sent by first class mail, postage prepaid) as follows:

 

If to the Depositor, to:

 

Morgan Stanley Capital I Inc.

1585 Broadway

New York, New York 10036

Attention:  Jane Lam

 

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with copies to:

 

Morgan Stanley Capital I Inc.

1633 Broadway, 29th Floor

New York, New York 10019

Attention:   Legal Compliance Division

 

and

 

cmbs_notices@morganstanley.com

 

If to the Servicer, to:

 

KeyBank National Association

11501 Outlook Street, Suite 300

Overland Park, Kansas 66211

Attention: Michael A. Tilden

Email: michael_a_tilden@keybank.com

 

with a copy to:

 

Polsinelli

900 W. 48th Place, Suite 900

Kansas City, Missouri 64112

Attention: Kraig Kohring

Email: kkohring@polsinelli.com

 

If to the Special Servicer, to:

Situs Holdings, LLC
101 Montgomery Street, Suite 2250
San Francisco, California 94104
Attention: Stacey Ciarlanti
E-mail: stacey.ciarlanti@situsamc.com

 

with a copy to:

 

Situs Group, LLC

5065 Westheimer, Suite 700E

Houston, Texas 77056

Attention: Legal Department

E-mail: legal@situsamc.com;

 

If to the Trustee, to:

 

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Wells
Fargo Bank, National Association

9062 Old Annapolis Road

Columbia, Maryland 21045

Attention: Corporate Trust Services - CMBS – BX 2019-OC11

 

If
to the Certificate Administrator, to:

 

Wells
Fargo Bank, National Association

9062 Old Annapolis Road

Columbia, Maryland 21045-1951

Attention: Corporate Trust Services (CMBS)

BX 2019-OC11

 

with
a copy to be sent contemporaneously via email to:

cts.cmbs.bond.admin@wellsfargo.com, and to

trustadministrationgroup@wellsfargo.com,
except as otherwise set forth herein

 

If
to the 17g-5 Information Provider for posting to the 17g-5 Information Provider’s Website: 17g5informationprovider@wellsfargo.com

 

If
to the Certificate Registrar, with respect to Certificate transfers other than the Class HRR Certificates to:

 

Wells
Fargo Bank, N.A.

600 South 4th St., 7th Floor

MAC: N9300-070

Minneapolis, Minnesota 55479

Attention: Certificate Transfer Services – CTS (CMBS) – BX 2019-OC11

 

or
in the case of a transfer of the Class HRR Certificates:

 

Wells
Fargo Bank, N.A.

9062 Old Annapolis Road

Columbia,
Maryland 21045-1951

Attention:
Risk Retention Custody (CMBS) – BX 2019-OC11

 

with
a copy to:

 

riskretentioncustody@wellsfargo.com

 

If
to the Custodian, to:

 

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Wells
Fargo Bank, N.A.

1055 10th Avenue SE

Minneapolis, Minnesota 55414

Attention: Document Custody Group (CMBS) BX 2019-OC11

with a copy to:

cmbscustody@wellsfargo.com

 

If
to the Operating Advisor, to:

Park Bridge Lender Services LLC 

600
Third Avenue, 40th Floor 

New
York, New York 10016 

Attention:
BX 2019-OC11 -Surveillance Manager (with a copy sent contemporaneously via email to cmbs.notices@parkbridgefinancial.com)

 

If
to MSMCH, to:

Morgan Stanley Mortgage Capital Holdings LLC

1585 Broadway

New York, New York 10036

Attention: Jane Lam

 

with
copies to:

Morgan Stanley Mortgage Capital Holdings LLC

1633 Broadway, 29th Floor

New York, New York 10019

Attention: Legal Compliance Division

and

cmbs_notices@morganstanley.com

 

If
to CREFI, to:

Citi Real Estate Funding Inc. 

 

388
Greenwich Street, 17th Floor 

New
York, New York 10013 

Attention:
Richard Simpson 

Fax
number: (646) 328-2943

 

and

 

Citi
Real Estate Funding Inc.

 

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390 Greenwich Street, 5th Floor

New York, New York 10013

Attention:  Raul Orozco

Fax number: (347) 394-0898

 

and

 

Citi Real Estate Funding Inc.

388 Greenwich Street, 17th Floor

New York, New York 10013

Attention:  Ryan M. O’Connor

Fax number: (646) 862-8988

 

 

and
with electronic copies to Richard Simpson at richard.simpson@citi.com and to Ryan M. O’Connor at ryan.m.oconnor@citi.com

 

If
to JPMCB, to:

JPMorgan Chase Bank, National Association 

383
Madison Avenue, 8th Floor 

New
York, New York 10179 

Email:
US_CMBS_Notice@jpmorgan.com 

Attention:
Kunal K. Singh 

E-mail: 
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

E-mail: US_CMBS_Notice@jpmorgan.com

 

If
to the initial Controlling Class Representative, to:

CPPIB Credit Structured North America III, Inc.

One Queen Street East, Suite 2500

Toronto, Ontario

M5C 2W5

Canada

Attention: Corey Albert and Archana Gopinath

Email: calbert@cppib.com and agopinath@cppib.com

 

with
copies to:

 

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Arnold & Porter Kaye Scholer LLP

20 West Madison Street, Suite 4200

Chicago, Illinois 60602

Attention: Daniel J. Hartnett

Email: daniel.hartnett@arnoldporter.com

 

If to any Certificateholder, to:

 

the address set forth in the Certificate Register,

 

If to the Borrower:

 

at the respective addresses therefor set forth in the Loan Agreement

 

or, in the case of the parties to this Agreement, to such other address as such party shall specify by written notice to the other parties hereto.

 

12.6.   
 Notices to the Rating Agencies. None of the Servicer, the Special Servicer, the
Operating Advisor, the Trustee, the Custodian or the Certificate Administrator shall provide any information regarding the Trust
Fund to the Rating Agencies upon receipt of a request by the Rating Agencies therefor but shall, upon receipt of a reasonable
request for information pertaining to this transaction, to the extent such party has or can obtain such information without unreasonable
effort or expense, provide such information to the Depositor in accordance with the procedures set forth in Sections 12.16
and 12.17; provided, that the Depositor shall not disclose which Rating Agency has requested such information. 
Notwithstanding the foregoing, the failure to deliver such information shall not constitute a Servicer Termination Event or Special
Servicer Termination Event, as the case may be, under this Agreement.  Any confirmation of the rating by the Rating Agencies
required hereunder shall be in writing.

 

Any notices to the Rating Agencies shall be sent to the following addresses:

 

Moody’s Investors Service,
Inc. 

7 World Trade Center

250 Greenwich Street

New York, New York 10007 

Attention:  Commercial Mortgage Surveillance Group

Email: CMBSSurveillance@moodys.com

 

Kroll Bond Rating Agency, Inc.

845 Third Avenue, 4th Floor 

New York, New York 10022

Attention: CMBS Surveillance 

Facsimile No.: (646) 731-2395

 

12.7.       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

 

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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.

 

12.8.       Limitation on Rights of Certificateholders. The death or incapacity of any Certificateholder shall not operate to terminate this Agreement or the Trust Fund, nor entitle such Certificateholder’s legal representative or heirs to claim an accounting or to take any action or to commence any proceeding in any court for a petition or winding up of the Trust Fund, or otherwise affect the rights, obligations and liabilities of the parties hereto or any of them.

 

No Certificateholder, solely by virtue of its status as a Certificateholder, shall have any right to vote (except as provided herein) or in any manner otherwise control the operation and management of the Trust Fund, or the obligations of the parties hereto, nor shall anything herein set forth or contained in the terms of the Certificates be construed so as to constitute the Certificateholders from time to time as partners or members of an association; nor shall any Certificateholders be under any liability to any third party by reason of any action by the parties to this Agreement pursuant to any provision hereof.

 

No Certificateholder, solely by virtue of its status as a Certificateholder, shall have any right by virtue or by availing itself of any provisions of this Agreement to institute any suit, action or proceeding in equity or at law upon or under or with respect to this Agreement, unless such Holder previously shall have given to the Trustee and the Certificate Administrator a written notice of a Servicer Termination Event, Special Servicer Termination Event or Operating Advisor Termination Event, as the case may be, and of the continuance thereof, as herein before provided, and unless the Holders of Certificates aggregating not less than 25% of the Voting Rights of the Certificates shall also have made written request upon the Trustee to institute such action, suit or proceeding in its own name as Trustee hereunder and shall have offered to the Trustee such reasonable indemnity as it may require against the costs, expenses, and liabilities to be incurred therein or thereby, and the Trustee, for 60 days after its receipt of such notice, request and offer of indemnity, shall have neglected or refused to institute any such action, suit or proceeding; it being understood and intended, and being expressly covenanted by each Certificateholder with every other Certificateholder and the Trustee, that no one or more Holders of Certificates shall have any right in any manner whatever by virtue or by availing itself or themselves of any provisions of this Agreement to affect, disturb or prejudice the rights of the Holders of any other of the Certificates, or to obtain or seek to obtain priority over or preference to any other such Holder except as provided herein with respect to entitlement to payments or to enforce any right under this Agreement, except in the manner herein provided and for the common benefit of all Certificateholders.  For the protection and enforcement of the provisions of this Section, each and every Certificateholder and the Trustee shall be entitled to such relief as can be given either at law or in equity.

 

12.9.       Certificates Nonassessable and Fully Paid. The Certificateholders shall not be personally liable for obligations of the Trust Fund, the interests in the Trust Fund represented by the Certificates shall be nonassessable for any reason whatsoever, and the Certificates, upon due authentication thereof by the Certificate Administrator pursuant to this Agreement, are and shall be deemed fully paid.

 

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12.10.       Reproduction of Documents. This Agreement and all documents relating thereto, including, without limitation, (i) consents, waivers and modifications which may hereafter be executed, (ii) documents received by any party at the closing, and (iii) financial statements, certificates and other information previously or hereafter furnished, may be reproduced by any photographic, photostatic, microfilm, micro-card, miniature photographic or other similar process.  The parties agree that any such reproduction shall be admissible in evidence as the original itself in any judicial or administrative proceeding, whether or not the original is in existence and whether or not such reproduction was made by a party in the regular course of business, and that any enlargement, facsimile or further reproduction of such reproduction shall likewise be admissible in evidence.

 

12.11.       No Partnership. Nothing herein contained shall be deemed or construed to create a partnership or joint venture between the parties hereto.

 

12.12.      Actions of Certificateholders. (a)  Any request, demand, authorization, direction, notice, consent, waiver or other action provided by this Agreement to be given or taken by Certificateholders may be embodied in and evidenced by one or more instruments of substantially similar tenor signed by such Certificateholders in person or by agent duly appointed in writing; and except as herein otherwise expressly provided, such action shall become effective when such instrument or instruments are delivered to the Trustee and the Certificate Administrator and, where required, to the Depositor, the Servicer, the Special Servicer or the Operating Advisor.  Proof of execution of any such instrument or of a writing appointing any such agent shall be sufficient for any purpose of this Agreement and conclusive in favor of the Certificate Administrator, the Trustee, the Depositor, the Servicer, and the Special Servicer if made in the manner provided in this Section.

 

(b)           The fact and date of the execution of any Certificateholder of any such instrument or writing may be proved in any reasonable manner which the Trustee or the Certificate Administrator deems sufficient.

 

(c)          Any request, demand, authorization, direction, notice, consent, waiver, or other act by a Certificateholder shall bind every Holder of every Certificate issued upon the registration of transfer thereof or in exchange therefor or in lieu thereof, in respect of anything done, or omitted to be done, by the Trustee, the Certificate Administrator, the Operating Advisor, the Depositor, the Servicer, or the Special Servicer in reliance thereon, whether or not notation of such action is made upon such Certificate.

 

(d)           The Trustee and the Certificate Administrator may require additional proof of any matter referred to in this Section as it shall deem reasonably necessary.

 

12.13.      Successors and Assigns. The rights and obligations of any party hereto shall not be assigned (except pursuant to Sections 6.2, 6.4, 8.7 or 8.9 hereof) by such party without the prior written consent of the other parties hereto.  This Agreement shall inure to the benefit of and be binding upon the Depositor, the Servicer, the Special Servicer, the Certificate Administrator, the Custodian and the Trustee and their respective permitted successors and assigns.  No Person other than a party to this Agreement, the Initial Purchasers and any Certificateholder shall have any rights with respect to the enforcement of any of the rights or

 

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obligations hereunder; provided that the parties to this Agreement specifically agree that (i) each Companion Loan Holder and each Mortgage Loan Seller shall be a third party beneficiary of this Agreement with respect to the rights afforded it under this Agreement, including, without limitation, the rights specified under Section 12.1(i) and (j), (ii) each Other Depositor, Other Servicer, Other Special Servicer, Other Trustee and Other Exchange Act Reporting Party shall be a third party beneficiary of this Agreement with respect to all rights of cooperation, compensation and reimbursement, together with any other rights, afforded to it hereunder, including, without limitation, under Section 3.4, Section 3.24, Section 12.1, Article 7 and Article 10, (iii) each Other Asset Representations Reviewer shall be a third party beneficiary of this Agreement with respect to all rights of cooperation, compensation and reimbursement afforded to it hereunder, including, without limitation, under Section 3.27, and (iv) no Borrower, property manager or other party to the Mortgage Loan is an intended third-party beneficiary of this Agreement (provided that the Borrower shall be entitled to notices to the extent expressly provided herein).

 

12.14.     Acceptance by Authenticating Agent, Certificate Registrar. The Certificate Administrator hereby accepts its appointment as Authenticating Agent and Certificate Registrar and agrees to perform the obligations required to be performed by it in each such capacity pursuant to the terms of this Agreement.

 

12.15.      Streit Act. Any provisions required to be contained in this Agreement by Section 126 and/or Section 130-k or Article 4-A of the New York Real Property Law are hereby incorporated herein, and such provisions shall be in addition to those conferred or imposed by this Agreement; provided, that to the extent that such Section 126 and/or 130-k shall not have any effect, and if said Section 126 and/or Section 130-k should at any time be repealed or cease to apply to this Agreement or be construed by judicial decision to be inapplicable, said Section 126 and/or Section 130-k shall cease to have any further effect upon the provisions of this Agreement.  In a case of a conflict between the provisions of this Agreement and any mandatory provisions of Article 4-A of the New York Real Property Law, such mandatory provisions of said Article 4-A shall prevail, provided that if said Article 4-A shall not apply to this Agreement, should at any time be repealed, or cease to apply to this Agreement or be construed by judicial decision to be inapplicable, such mandatory provisions of such Article 4-A shall cease to have any further effect upon the provisions of this Agreement.

 

12.16.     Assumption by Trust of Duties and Obligations of the Mortgage Loan Sellers Under the Loan Documents. The Trustee on behalf of the Trust as assignee of the Mortgage Loan and the Certificate Administrator, the Operating Advisor, the Servicer and Special Servicer hereby acknowledge that the Trust assumes all of the rights and obligations of the Mortgage Loan Sellers as lender under the Loan Documents and agrees to be bound thereby, and in accordance with the terms thereof.  Such acknowledgement on behalf of the Trust is made by the Trustee in the exercise of the powers and authority conferred and vested in it and is intended for the purpose of binding only the Trust.  Nothing contained in this Section shall be construed as creating any liability on the part of the Trustee, individually or personally, it being agreed that all liabilities and obligations being acknowledged as assumed are solely those of the Trust, and under no circumstances shall the Trustee be liable personally for the breach or failure of any obligation, representation, warranty or covenant made or undertaken by the Trust under this Agreement, any Loan Document or any related document.

 

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12.17.       Notice to the 17g-5 Information Provider and Each Rating Agency. (a)  The Certificate Administrator shall promptly furnish to the 17g-5 Information Provider by electronic delivery each of the following of which a Responsible Officer of the Certificate Administrator has actual knowledge, and the 17g-5 Information Provider shall promptly upload such notice or information to the 17g-5 Information Provider’s Website (but in no event later than five (5) Business Days after receipt thereof):

 

(i)            any material change or amendment to this Agreement, the Mortgage Loan Purchase Agreements, the Loan Agreement or the Intercreditor Agreement;

 

(ii)           notice of the merger, consolidation, resignation or termination of the Servicer, Special Servicer, the Operating Advisor, the Certificate Administrator or the Trustee;

 

(iii)          notice of the repurchase of, or substitution of, the Mortgage Loan pursuant to Sections 2.2 and 2.9;

 

(iv)          the final payment to any Class of Certificateholders;

 

(v)           any change in the location of the Interest Reserve Account or the Distribution Account;

 

(vi)          any change in the lien priority of the Mortgage Loan; and

 

(vii)        each Distribution Date Statement described in Section 4.4(a).

 

(b)          The Servicer and the Special Servicer shall promptly furnish to the 17g-5 Information Provider by electronic delivery copies of the following (to the extent not already delivered or made available pursuant to the terms of this Agreement), and the 17g-5 Information Provider shall promptly upload such documents to the 17g-5 Information Provider’s Website within the timeframes contemplated in the second paragraph of Section 12.18(g):

 

(i)            each of its annual statements as to compliance described in Section 10.9;

 

(ii)           each of its annual independent public accountants’ servicing reports described in Section 10.10; and

 

(iii)          each Appraisal obtained pursuant to Section 3.7.

 

12.18.     Exchange Act Rule 17g-5 Procedures. (a)  Except as otherwise expressly and specifically provided in Section 12.17 of this Agreement or Section 12.18 of this Agreement or otherwise in this Agreement or as required by law, none of the Depositor, the Servicer, the Special Servicer, the Operating Advisor or the Trustee shall provide any information relevant to the Rating Agencies’ surveillance of the Certificates or the Mortgage Loan directly to, or communicate with, either orally or in writing, any Rating Agency regarding the Certificates or the Mortgage Loan, including, but not limited to, providing responses to inquiries from a Rating Agency regarding the Certificates or the Mortgage Loan relevant to such Rating Agency’s surveillance of the Certificates.  To the extent that a Rating Agency makes an inquiry or initiates

 

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communications with any such party regarding the Certificates or the Mortgage Loan relevant to such Rating Agency’s surveillance of the Certificates, all responses to such inquiries or communications from such Rating Agency shall be made in writing by the responding party and delivered to the 17g-5 Information Provider electronically as provided in Section 12.18(g), which written response the 17g-5 Information Provider shall post to the 17g-5 Information Provider’s Website within the timeframes contemplated in the second paragraph of Section 12.18(g).

 

(b)          To the extent that any party to this Agreement is required to provide any information to, or communicate with, any Rating Agency in accordance with its obligations under this Agreement or applicable law, such party shall provide such information or communication to the 17g-5 Information Provider electronically for posting as provided in Section 12.18(g) and the 17g-5 Information Provider shall post such information or communication on the same Business Day as it was received (if such information is received by 2:00 p.m. (Eastern time)) or by 12:00 p.m. (Eastern time) on the following Business Day (if such information is received after 2:00 p.m.).  The 17g-5 Information Provider shall notify each other party to this Agreement in writing of any change in the identity or contact information of the 17g-5 Information Provider.  Any Rating Agency Confirmation request shall be made in accordance with Section 3.26. In connection with the delivery by the Servicer, Special Servicer or Operating Advisor to the 17g-5 Information Provider of any information, report, notice or document for posting to the 17g-5 Information Provider’s Website, the 17g-5 Information Provider shall notify (which may include automatically generated electronic notifications) the Servicer, Special Servicer or Operating Advisor when such information, report, notice or document has been posted.  The Servicer, the Special Servicer or Operating Advisor, as applicable, may, but shall not be obligated to, send such information, report, notice or other document to the applicable Rating Agency or Rating Agencies so long as such information, report, notice or document (i) was previously provided to the 17g-5 Information Provider or (ii) is simultaneously provided to the 17g-5 Information Provider.

 

(c)           Each 17g-5 Indemnifying Party hereby expressly agrees to indemnify and hold harmless the Depositor and its respective Affiliates, directors, officers, employees, members, managers and agents, and the Trust (each, for purposes of this Section 12.18(c), a “17g-5 Indemnified Party”), from and against any and all losses, liabilities, damages, claims, judgments, costs, fees, penalties, fines, forfeitures or other expenses (including reasonable legal fees and expenses), to which any such 17g-5 Indemnified Party may become subject, under the Act, the Exchange Act, by contract or otherwise, insofar as such losses, liabilities, damages, claims, judgments, costs, fees, penalties, fines, forfeitures or other expenses (including reasonable legal fees and expenses) arise out of or are based upon (i) such 17g-5 Indemnifying Party’s breach of Section 12.18(a), Section 12.18(b), Section 12.18(f) or Section 3.26 or any other provision of this Agreement relating to the delivery of any information or communication for posting on, or the posting of any information or communication to, the 17g-5 Information Provider’s Website, or (ii) if the 17g-5 Indemnifying Party is the 17g-5 Information Provider, any negligence, willful misconduct or bad faith on its part in connection with establishing, posting information and communications to, granting access to, and otherwise performing its obligations and duties hereunder with respect to, the 17g-5 Information Provider’s Website, or (iii) a determination by any Rating Agency that it cannot reasonably rely on representations made by the Depositor or any Affiliate thereof pursuant to Exchange Act Rule 17g-5(a)(3), to the extent caused by any such breach referred to in clause (i) above by, or any negligence, willful

 

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misconduct or bad faith referred to in clause (ii) above on the part of, the applicable 17g-5 Indemnifying Party, and will reimburse such 17g-5 Indemnified Party for any legal or other expenses reasonably incurred by such 17g-5 Indemnified Party in connection with investigating or defending any such action or claim, as such expenses are incurred.

 

(d)          None of the Depositor, the Mortgage Loan Sellers, the Servicer, the Special Servicer, the Operating Advisor or the Trustee (if it is not also the 17g-5 Information Provider) shall have any liability for (i) the 17g-5 Information Provider’s failure to post information provided by the Depositor, the Servicer, the Special Servicer, the Operating Advisor or the Trustee (if it is not also the 17g-5 Information Provider) in accordance with the terms of this Agreement, or (ii) any malfunction or disabling of the 17g-5 Information Provider’s Website.

 

(e)           The Servicer, the Special Servicer, the Operating Advisor, the Certificate Administrator and the Trustee shall be permitted to (but shall not be obligated to) orally communicate with the Rating Agencies provided that such party summarizes the information provided to the Rating Agencies in such communication and provides the 17g-5 Information Provider with such summary in accordance with the procedures set forth in Section 12.17(g) on the same day such communication takes place; provided that the summary of such oral communications shall not be attributed to the Rating Agency with which such party communicated. 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 12.17(g).  None of the foregoing restrictions in this Section 12.18 prohibit or restrict oral or written communications, or providing information, between the Servicer, the Special Servicer or the Operating Advisor, on the one hand, and any Rating Agency, on the other hand, with regard to (i) such Rating Agency’s review of the ratings it assigns to the Servicer or the Special Servicer, as applicable, (ii) such Rating Agency’s approval of the Servicer or the Special Servicer, as applicable, as a commercial mortgage master, special or primary servicer or (iii) such Rating Agency’s evaluation of the Servicer’s, the Special Servicer’s or the Operating Advisor’s, as applicable, servicing operations in general; provided that the Servicer, the Special Servicer or the Operating Advisor, as applicable, shall not provide any information relating to the Certificates or the Mortgage Loan to such Rating Agency in connection with such review and evaluation by such Rating Agency 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 the 17g-5 Information Provider’s Website or the Servicer, the Special Servicer or the Operating Advisor, as applicable, has in fact provided such information to such Rating Agency in accordance with Section 12.18(b); or (z) the Rating Agency has confirmed in writing to the Servicer or the Special Servicer, as applicable, that it will not use such information in undertaking credit rating surveillance for any Class of Certificates (and the party providing such information to a Rating Agency shall, upon request, certify to the Depositor that it received the confirmation described in this clause (z) or provide the Depositor with a copy of such confirmation from the applicable Rating Agency); provided, that a Rating Agency may use information delivered under this clause (z) for any purpose to the extent it is publicly available (unless the availability results from a breach of this Agreement) or comprised of information collected by the applicable Rating Agency from the 17g-5 Information Provider’s Website (or another 17g-5 information provider’s website that they have access to) other than pursuant to this Section 12.18(e).

 

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(f)            The 17g-5 Information Provider shall, at all times that any Certificates are outstanding and rated by a Rating Agency, maintain the 17g-5 Information Provider’s Website, and grant access thereto to the Rating Agencies and the other NRSROs, in accordance with this Agreement.

 

(g)          The 17g-5 Information Provider shall post on the 17g-5 Information Provider’s Website and make available solely to the Rating Agencies and other NRSROs the following items, to the extent such items are delivered to it in an electronic document format suitable for website posting (and the parties required to deliver the following information to the 17g-5 Information Provider agree to do so) via electronic mail at 17g5informationprovider@wellsfargo.com, specifically with a subject reference of “BX 2019-OC11” and an identification of the type of information being provided in the body of such electronic mail; or via any alternative electronic mail address following notice to the parties hereto or any other delivery method established or approved by the 17g-5 Information Provider if or as may be necessary or beneficial:

 

(i)             any and all notices or items delivered to it pursuant to Section 12.17;

 

(ii) 
          any requests for a Rating Agency Confirmation that are delivered to the 17g-5 Information
Provider pursuant to Section 3.26; and

 

(iii)          any other information delivered to the 17g-5 Information Provider pursuant to this Agreement, including pursuant to Section 12.18(a) and Section 12.18(b).

 

The foregoing information shall be made available by the 17g-5 Information Provider on the 17g-5 Information Provider’s Website.  Information will be posted on the same Business Day of receipt provided that such information is received by 2:00 p.m. (eastern time) or, if received after 2:00 p.m., on the next Business Day by 12:00 p.m. (eastern time). The 17g-5 Information Provider shall have no obligation or duty to verify, confirm or otherwise determine whether the information being delivered is accurate, complete, conforms to the transaction, or otherwise is or is not anything other than what it purports to be.  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 17g-5 Information Provider has not obtained and shall not be deemed to have obtained actual knowledge of any information only by receipt and posting to the 17g-5 Information Provider’s Website. Access 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 M hereto (which certification may be submitted electronically via the 17g-5 Information Provider’s Website). Access will be provided by the 17g-5 Information Provider on the same Business Day if such Exhibit M is submitted prior to 2:00 p.m. on such Business Day, or, if such Exhibit M is received after 2:00 p.m., on the following Business Day.  Questions regarding delivery of information to the 17g-5 Information Provider may be directed to 17g5informationprovider@wellsfargo.com.

 

Upon request of the Depositor or the Rating Agencies, the 17g-5 Information Provider shall post on the 17g-5 Information Provider’s Website any additional information requested by the Depositor or the Rating Agencies to the extent such information is delivered to the 17g-5 Information Provider electronically in accordance with this Section 12.18 (which may

 

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include pre-closing materials).  In no event shall the 17g-5 Information Provider disclose on the 17g-5 Information Provider’s Website which Rating Agency requested such additional information.

 

The 17g-5 Information Provider shall provide a mechanism to notify each Rating Agency or other NRSRO each time the 17g-5 Information Provider posts an additional document to the 17g-5 Information Provider’s Website.

 

The 17g-5 Information Provider shall make available, only to the Rating Agencies and 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 questions to the Certificate Administrator relating to the Distribution Date Statement, or submit questions  to the Servicer or the Special Servicer, as applicable, relating to the reports being prepared by such parties, the Whole Loan or the Property (each such submission, a “Rating Agency Inquiry”), (ii) view Rating Agency Inquiries that have been previously submitted and answered, together with the answers thereto and (iii) submit requests for loan-level reports and information.  Upon receipt of a Rating Agency Inquiry for the Certificate Administrator, the Servicer or the Special Servicer, the 17g-5 Information Provider shall forward the Rating Agency Inquiry to the Certificate Administrator, the Servicer or the Special Servicer, as applicable, in each case within a commercially reasonable period following receipt thereof.  Following receipt of a Rating Agency Inquiry or request relating to the subject matters described in clauses (i) or (iii) above, the Certificate Administrator, the Servicer or the Special Servicer, as applicable, unless it determines not to answer such Rating Agency Inquiry as provided below, shall reply to the Rating Agency Inquiry, which reply of the Certificate Administrator, the Servicer or the Special Servicer shall be by email to the 17g-5 Information Provider.  The 17g-5 Information Provider shall post (within a commercially reasonable period following preparation or receipt of such answer, as the case may be) such Rating Agency Inquiry and the related answer (or reports, as applicable) to the 17g-5 Information Provider’s Website.  Any report posted by the 17g-5 Information Provider in response to a request may be posted on a page accessible by a link on the 17g-5 Information Provider’s Website.  If the Certificate Administrator, the Servicer or the Special Servicer determines, in its respective sole discretion, that (i) the Rating Agency Inquiry is beyond the scope outlined above, (ii) answering any Rating Agency Inquiry would be in violation of applicable law, the Accepted Servicing Practices, this Agreement or the applicable Loan Documents, (iii) answering any Rating Agency Inquiry would or is reasonably expected to result in a waiver of an attorney-client privilege or the disclosure of attorney work product or is not otherwise advisable to answer or (iv)(A) answering any Rating Agency Inquiry would materially increase the duties of, or result in significant additional cost or expense to, the Certificate Administrator, the Servicer or the Special Servicer, as applicable, and (B) the Certificate Administrator, the Servicer or the Special Servicer, as applicable, determines in accordance with the Accepted Servicing Practices (or in good faith, in the case of the Certificate Administrator) that the performance of such duties or the payment of such costs and expenses is beyond the scope of its duties in its capacity as Certificate Administrator, Servicer or Special Servicer, as applicable, under this Agreement, it shall not be required to answer such Rating Agency Inquiry and, in the case of the Certificate Administrator, Servicer or the Special Servicer, shall promptly notify the 17g-5 Information Provider, and the 17g-5 Information Provider shall post such Rating Agency Inquiry on the Rating Agency Q&A Forum and

 

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Document Request Tool together with a statement that such Rating Agency 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 Servicer, the Special Servicer, the Operating Advisor, 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 Rating Agency Inquiry or answer thereto that the 17g-5 Information Provider determines, in its sole discretion, is administrative or ministerial in nature.  The Rating Agency Q&A Forum and Document Request Tool will not reflect questions, answers and other communications between the 17g-5 Information Provider and any Person which are not submitted via the 17g-5 Information Provider’s Website.

 

In connection with providing access to the 17g-5 Information Provider’s Website, the 17g-5 Information Provider may require registration and the acceptance of a disclaimer.  The 17g-5 Information Provider shall not be liable for the dissemination of information in accordance with the terms of this Agreement, makes no representations or warranties as to the accuracy or completeness of such information being made available, and assumes no responsibility for such information.  The 17g-5 Information Provider shall not be liable for its failure to make any information available to the Rating Agencies or other NRSROs unless such information was delivered to the 17g-5 Information Provider at the email address set forth herein, with a subject heading of “BX 2019-OC11” and sufficient detail to indicate that such information is required to be posted on the 17g-5 Information Provider’s Website.

 

(h)           The costs and expenses of compliance with this Section by any party hereto shall not be expenses of the Trust Fund.

 

(i)           The 17g-5 Information Provider shall not be obligated to determine whether any information submitted or delivered to it constitutes Privileged Information, and shall not have any liability for posting to the 17g-5 Information Provider’s Website any Privileged Information received from a third party in accordance with this Agreement, unless such Privileged Information is clearly identified as such to the 17g-5 Information Provider upon delivery thereto.  The Servicer and the Special Servicer shall not deliver any Privileged Information to the 17g-5 Information Provider.

 

12.19.      Wells Fargo Bank. 

 

Except as otherwise expressly set forth in this Agreement, knowledge or information acquired by Wells Fargo Bank, National Association, in any particular capacity hereunder, shall not be imputed to (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, that the

 

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knowledge of employees performing special servicing functions shall not be imputed to employees performing master servicing functions and vice versa.

 

13.          REMIC ADMINISTRATION

 

13.1.       REMIC Administration. (a)  The parties intend that each of the Lower-Tier REMIC and the Upper-Tier REMIC shall constitute, and that the affairs of each of the Lower-Tier REMIC and the Upper-Tier REMIC shall be conducted so as to qualify it as, a REMIC, and the provisions hereof shall be interpreted consistently with this intention.

 

(b)           The Certificate Administrator shall make or cause to be made an election on behalf of each of the Lower-Tier REMIC and the Upper-Tier REMIC to treat the segregated pool of assets constituting such REMIC as a REMIC under the Code.  Each such election shall be made on IRS Form 1066 or other appropriate federal tax or information return for the taxable year ending on the last day of the calendar year in which the Certificates are issued.

 

(c)           The Closing Date is hereby designated as the “Startup Day” of each of the Lower-Tier REMIC and the Upper-Tier REMIC within the meaning of Section 860G(a)(9) of the Code.  The “latest possible maturity date” of the Certificates and the Uncertificated Lower-Tier Interests for the purposes of Section 860G(a)(1) of the Code is the Rated Final Distribution Date.

 

(d)          The Certificate Administrator shall prepare or cause to be prepared, and file or cause to be filed with the IRS, on behalf of each of the Lower-Tier REMIC and the Upper-Tier REMIC, an application for a taxpayer identification number for such REMIC on IRS Form SS-4 or obtain such number by other permissible means.  Within thirty days of the Closing Date, the Certificate Administrator shall furnish or cause to be furnished to the Internal Revenue Service, on IRS Form 8811 or as otherwise may be required by the Code, the name, title and address of the Persons that Holders of the Certificates may contact for tax information relating thereto (and the Certificate Administrator shall act as the representative of each of the Lower-Tier REMIC and the Upper-Tier REMIC for this purpose), together with such additional information as may be required by such Form, and shall update such information at the time or times and in the manner required by the Code (and the Depositor agrees within (10) Business Days of the Closing Date to provide any information reasonably requested by the Certificate Administrator and necessary to make such filing).

 

(e)           The Certificate Administrator shall pay without any right of reimbursement the ordinary and usual expenses in connection with the preparation, filing and mailing of tax information reports and returns that are incurred by it in the ordinary course of its business, but extraordinary or unusual expenses, costs or liabilities incurred in connection with its tax-related duties under this Agreement, including without limitation any expenses, costs or liabilities associated with audits or any administrative or judicial proceedings with respect to the Lower-Tier REMIC or the Upper-Tier REMIC that involve the IRS or state tax authorities, shall be reimbursable from the Trust Fund.

 

(f)           The Certificate Administrator shall prepare, or cause to be prepared, timely furnish or cause to be furnished to the Trustee to sign (and the Trustee shall timely sign), and the Certificate Administrator shall timely file or cause to be timely filed all federal, state and

 

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local income or franchise or other tax and information returns for each of the Lower-Tier REMIC and the Upper-Tier REMIC as the direct representative for such REMIC.  Except as provided in Section 13.1(e), the expenses of preparing and filing such returns shall be borne by the Certificate Administrator.  The Depositor shall provide on a timely basis to the Certificate Administrator or its designee such information with respect to each of the Lower-Tier REMIC and the Upper-Tier REMIC as is in its possession, and is reasonably requested by the Certificate Administrator to enable it to perform its obligations under this subsection (f), and the Certificate Administrator shall be entitled to rely on such information in the performance of its obligations hereunder.

 

(g)          The Certificate Administrator shall perform on behalf of each of the Lower-Tier REMIC and the Upper-Tier REMIC all reporting and other tax compliance duties that are the responsibility of such REMIC under the Code, the REMIC Provisions, or other compliance guidance issued by the IRS or any state or local taxing authority.  Among its other duties, the Certificate Administrator shall provide (i) to the IRS or other Persons (including, but not limited to, the transferor of a Class R Certificate to a Disqualified Organization or to an agent that has acquired a Class R Certificate on behalf of a Disqualified Organization) such information as is necessary for the application of any tax relating to the transfer of a Class R Certificate to any Disqualified Organization and (ii) to the Certificateholders such information or reports as are required by the Code or REMIC Provisions.  The Depositor shall provide on a timely basis (and in no event later than 30 days after the Certificate Administrator’s request) to the Certificate Administrator or its designee such information with respect to each of the Lower-Tier REMIC and the Upper-Tier REMIC as is in its possession and is reasonably requested in writing by the Certificate Administrator to enable it to perform its obligations under this subsection (g).

 

(h)         The Certificate Administrator shall be designated as the “partnership representative” (as defined in Section 6223) of the Lower-Tier REMIC and the Upper-Tier REMIC, and the Class R Certificateholders, by acceptance of the Class R Certificates, agree, on behalf of themselves and all successor holders of such Class R Certificates, to such designation.

 

(i)            The Certificate Administrator shall make any elections allowed under the Code (i) to avoid the application of Section 6221 (or successor provision) to each of the Lower-Tier REMIC and the Upper-Tier REMIC and (ii) to avoid payment by the Lower-Tier REMIC, the Upper-Tier REMIC, or both, under Section 6225 of any tax, penalty, interest or other amount imposed under the Code that would otherwise be imposed on any Class R Certificateholder, past or present.  The Class R Certificateholders, by acceptance of the Class R Certificates, agree, on behalf of themselves and all successor holders of such Class R Certificates, to such elections, to the Certificate Administrator being designated as the representative of the Lower-Tier REMIC and the Upper-Tier REMIC under Section 6223 of the Code.

 

(j)            The Trustee, the Certificate Administrator, the Holders of the Class R Certificates, the Operating Advisor, the Servicer and the Special Servicer shall perform their obligations under this Agreement and the REMIC Provisions in a manner consistent with the status of each of the Lower-Tier REMIC and the Upper-Tier REMIC as a REMIC.

 

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(k)           The Trustee, the Certificate Administrator, any Holder of the Class R Certificates, the Operating Advisor, the Servicer and the Special Servicer shall not take any action or cause either the Lower-Tier REMIC or the Upper-Tier REMIC to take any action, within their respective control and the scope of their specific respective duties under this Agreement that, under the REMIC Provisions, could reasonably be expected to (i) endanger the status of either the Lower-Tier REMIC or the Upper-Tier REMIC as a REMIC or (ii) unless permitted under Section 13.2(a), result in the imposition of a tax upon either the Lower-Tier REMIC or the Upper-Tier REMIC (including but not limited to the tax on prohibited transactions as defined in Section 860F(a)(2) of the Code and the tax on prohibited contributions as defined in Section 860G(d) of the Code) (any such result in clause (i) or (ii), an “Adverse REMIC Event”) unless (A) the Trustee, the Certificate Administrator and the Servicer have received a Nondisqualification Opinion (at the expense of the party seeking to take such action or of the Trust Fund if taken for the benefit of the Certificateholders) with respect to such action or (B) the Trustee, the Certificate Administrator and the Servicer have received an opinion (at the expense of the party seeking to take such action or of the Trust Fund if taken for the benefit of the Certificateholders) to the effect that such action will not cause either the Lower-Tier REMIC or the Upper-Tier REMIC to fail to qualify as a REMIC and that no tax will actually be imposed.

 

(l)           
Any and all federal, state and local taxes imposed on the Upper-Tier REMIC or the Lower-Tier REMIC or its assets or transactions,
including, without limitation, “prohibited transaction” taxes as defined in Section 860F of the Code, and any
tax on contributions imposed by Section 860G(d) of the Code, shall be paid from the Collection Account; provided that
the Servicer, upon two (2) days prior written notice, shall remit from the Collection Account to the Certificate Administrator
the amount of any such tax that the Certificate Administrator notifies the Servicer is due; provided, further, that
if such taxes shall have been imposed on account of the willful misconduct, bad faith or negligence of any party hereto, or in
connection with the breach of any representation or warranty made by any party hereto in this Agreement, then such taxes shall
be paid by such party.

 

(m)          The Certificate Administrator shall, for federal income tax purposes, maintain books and records with respect to the Lower-Tier REMIC and the Upper-Tier REMIC on a calendar year and on an accrual basis.  Notwithstanding anything to the contrary contained herein or in the Loan Documents (but subject to Section 1.3), all amounts collected on the Mortgage Loan shall, for federal income tax purposes, be allocated first to interest due and payable on the Mortgage Loan (including interest on overdue interest) other than Default Interest.  The books and records must be sufficient concerning the nature and amount of the investments of the Lower-Tier REMIC and the Upper-Tier REMIC to show that such REMIC has complied with the REMIC Provisions.

 

(n)           None of the Certificate Administrator, the Trustee, the Operating Advisor, the Servicer or the Special Servicer shall enter into any arrangement by which either the Lower-Tier REMIC or the Upper-Tier REMIC will receive a fee or other compensation for services.

 

(o)           In order to enable the Certificate Administrator to perform its duties as set forth herein, the Depositor shall provide, or cause to be provided, to the Certificate Administrator within 10 days after the Closing Date, all information or data that the Certificate Administrator

 

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reasonably determines to be relevant for tax purposes on the valuations and offering prices of the Certificates, including, without limitation, the yield, issue prices, pricing prepayment assumption and projected cash flows of the Certificates and the Class R Certificates, as applicable, and the projected cash flows on the Mortgage Loan.  Thereafter, the Depositor, the Servicer and the Special Servicer shall provide to the Certificate Administrator, promptly upon request therefor, any such additional information or data that the Certificate Administrator may, from time to time, reasonably request in order to enable the Certificate Administrator to perform its duties as set forth herein.  The Certificate Administrator is hereby directed to use any and all such information or data provided by the Depositor, the Servicer and the Special Servicer in the preparation of all federal, state or local income, franchise or other tax and information returns and reports for each of the Lower-Tier REMIC and the Upper-Tier REMIC to Certificateholders as required herein.  The Depositor hereby indemnifies the Certificate Administrator for any losses, liabilities, damages, claims or expenses of the Certificate Administrator arising from any errors or miscalculations of the Certificate Administrator pursuant to this Section 13.1 that result from any failure of the Depositor to provide, or to cause to be provided, accurate information or data to the Certificate Administrator (but not resulting from the methodology employed by the Certificate Administrator) on a timely basis and such indemnifications shall survive the termination of this Agreement and the termination of the Certificate Administrator.

 

The Certificate Administrator agrees that all such information or data so obtained by it shall be regarded as confidential information and agrees that it shall use its best reasonable efforts to retain in confidence, and shall ensure that its officers, employees and representatives retain in confidence, and shall not disclose, without the prior written consent of the Depositor, any or all of such information or data, or make any use whatsoever (other than for the purposes contemplated by this Agreement) of any such information or data without the prior written consent of the Depositor, unless such information is generally available to the public (other than as a result of a breach of this Section 13.1) or is required by law or applicable regulations to be disclosed.

 

The Certificate Administrator shall be responsible for obtaining a tax identification number for any REMIC specified herein, and shall be responsible for the preparation of the related IRS Form W-9, if such form is requested.  The Trustee shall be entitled to rely on the information contained therein, and is hereby directed to execute such IRS Form W-9; provided, the Certificate Administrator shall also be directed to execute such IRS Form W-9 (in lieu of the Trustee) if permitted by IRS regulations.

 

13.2.        Foreclosed Property. (a)  The parties hereto acknowledge and understand that if the Trust Fund were to acquire the Property as Foreclosed Property and were to own and operate such Property in a manner consistent with the manner in which such Property is currently owned and operated by the Borrower, through a Successor Manager, some portion or all of the income derived in the Lower-Tier REMIC from such Foreclosed Property may be considered “net income from foreclosure property” for purposes of Section 860G(c) of the Code and subject to tax at the highest corporate income tax rate.

 

In determining whether to acquire and hold any Foreclosed Property, the Special Servicer, acting on behalf of the Trust Fund hereunder, shall take these circumstances into account and shall only acquire any such Foreclosed Property if it determines, in its reasonable

 

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judgment (after, consultation with counsel, at the expense of the Trust Fund), that either (i) there is a commercially feasible alternative method of administering such Foreclosed Property that would not result in such tax, e.g., a net lease that results in Rents from Real Property or (ii) the likely recovery with respect to operating the Foreclosed Property on behalf of the Trust Fund, after taking into account any such taxes that might be imposed on either the Lower-Tier REMIC or the Upper-Tier REMIC, will exceed the likely recovery to the Trust Fund if the Trust Fund were to net lease the Foreclosed Property or were not to acquire and hold the Foreclosed Property.  If the Trust Fund acquires any Foreclosed Property, the Special Servicer, acting on behalf of the Trust Fund, if the Manager would not be considered an Independent Contractor, shall either renegotiate the Management Agreement or replace the Manager with a Successor Manager (as appropriate and to the extent permitted under such Management Agreement) so that the Foreclosed Property would be considered to be operated by an Independent Contractor.  If, after making the foregoing reasonable efforts, the Special Servicer determines that it is in the best interests of Certificateholders on a net after-tax basis to operate the Foreclosed Property in a manner such that the Lower-Tier REMIC or Upper-Tier REMIC shall receive, based upon an Opinion of Counsel, “net income from foreclosure property” under the REMIC Provisions, the Special Servicer shall maintain or cause to be maintained such records of income and expense as to enable such amounts to be computed accurately, and shall pay or retain or cause to be paid or retained from Foreclosure Proceeds such amounts as are necessary to pay such tax or, to the extent such amounts are insufficient, from the Collection Account pursuant to Section 3.4(c)(xii).

 

Without limiting the generality of the foregoing, the Special Servicer shall not, to the extent within its power:

 

(i)            permit the Trust Fund to enter into, renew or extend any new lease with respect to the Foreclosed Property, if the new lease by its terms will give rise to any income that does not constitute Rents from Real Property;

 

(ii)            permit any amount to be received or accrued under any new lease other than amounts that will constitute Rents from Real Property;

 

(iii)          authorize or permit any construction on the Foreclosed Property, other than the completion of a building or other improvement thereon, and then only if more than ten percent of the construction of such building or other improvements was completed before default on the Mortgage Loan became imminent, all within the meaning of Section 856(e)(4)(B) of the Code; or

 

(iv) 
        Directly Operate, other than through an Independent Contractor, or allow any other Person to
Directly Operate, other than through the Manager or an Independent Contractor, the Foreclosed Property on any date more than
90 days after its acquisition date.

 

(b)           The Special Servicer, acting on behalf of the Trust Fund hereunder, shall make reasonable efforts to sell the Foreclosed Property for its fair market value in accordance with Section 3.15.  In any event, however, the Special Servicer, acting on behalf of the Trust Fund hereunder, shall dispose of any Foreclosed Property as soon as is practicable but in no event later than the close of the third calendar year following the year in which the Acquisition

 

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Date occurs unless the Special Servicer, on behalf of the Trust Fund, has received (or has not been denied) an extension of time (an “Extension”) by the Internal Revenue Service to sell such Foreclosed Property or an opinion of counsel to the effect that the holding by the Trust Fund of the Foreclosed Property for an additional specified period will neither result in the imposition of taxes on “prohibited transactions” of the Trust Fund as defined in Section 860F of the Code, nor cause the Upper-Tier REMIC or the Lower-Tier REMIC to fail to qualify as a REMIC at any time that the Certificates are outstanding, in which event such period shall be extended by such additional specified period, with the expenses of obtaining any such extension of time being an expense of the Trust Fund.  If the Special Servicer, on behalf of the Trust Fund, has received (or has not been denied) such Extension, then the Special Servicer, acting on behalf of the Trust Fund hereunder, shall continue to attempt to sell the Foreclosed Property for its fair market value for such longer period as such Extension permits (the “Extended Period”).  If the Special Servicer, acting on behalf of the Trust Fund, has not received such an Extension and the Special Servicer, acting on behalf of the Trust Fund hereunder, is unable to sell the Foreclosed Property, within the foregoing period or if the Special Servicer, acting on behalf of the Trust Fund hereunder, has received such an Extension, and the Special Servicer, acting on behalf of the Trust Fund hereunder, is unable to sell the Foreclosed Property within the Extended Period, the Special Servicer shall, before the end of the above-referenced period or the Extended Period, as the case may be, auction the Foreclosed Property to the highest bidder (which may be the Special Servicer) in accordance with Accepted Servicing Practices.

 

(c)           Within 30 days of the sale of a Foreclosed Property, the Special Servicer shall provide to each of the Certificate Administrator and the Trustee a statement of accounting for the Foreclosed Property, including, without limitation, (i) the date the applicable Property was acquired in foreclosure or by deed in lieu of foreclosure, (ii) the date of disposition of such Foreclosed Property, (iii) the gross sale price and related selling and other expenses, (iv) accrued interest calculated from the date of acquisition to the disposition date, and (v) such other information as the Certificate Administrator or the Trustee may reasonably request.

 

13.3.         Prohibited Transactions and Activities. The Special Servicer, on behalf of the Trust Fund, shall not permit the sale or disposition of the Mortgage Loan at a time when the Mortgage Loan is not the subject of a breach of a representation or is not in default or default with respect thereto is not reasonably foreseeable (except in a disposition pursuant to (i) the bankruptcy or insolvency of the Lower-Tier REMIC or (ii) the termination of the Lower-Tier REMIC in a “qualified liquidation” as defined in Section 860F(a)(4) of the Code), nor acquire any assets for either the Lower-Tier REMIC or the Upper-Tier REMIC (other than Foreclosed Property), nor sell or dispose of any investments in the Collection Account or Distribution Account for gain, nor receive any amount representing a fee or other compensation for services, nor accept any contributions to either the Lower-Tier REMIC or the Upper-Tier REMIC (other than a cash contribution during the three-month period beginning on the Startup Day), unless it has received an Opinion of Counsel (at the expense of the Person requesting it to take such action) to the effect that such disposition, acquisition, substitution or acceptance will not (a) affect adversely the status of either the Lower-Tier REMIC or the Upper-Tier REMIC as a REMIC, or of the Certificates as representing regular interests therein, (b) affect the distribution of interest or principal on the Regular Certificates, (c) result in the encumbrance of the assets transferred or assigned to either the Lower-Tier REMIC or the Upper-Tier REMIC (except pursuant to the provisions of this Agreement), or (d) cause either the Lower-Tier REMIC or the

 

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Upper-Tier REMIC to be subject to a tax on “prohibited transactions” or “prohibited contributions” pursuant to the REMIC Provisions.

 

13.4.   
   Indemnification with Respect to Certain Taxes and Loss of REMIC Status. (a)  If
either the Lower-Tier REMIC or the Upper-Tier REMIC fails to qualify as a REMIC, loses its status as a REMIC, or incurs state
or local taxes, or a tax as a result of a prohibited transaction or contribution subject to taxation under the REMIC Provisions
due to the willful misconduct, bad faith or negligent performance by the Trustee or the Certificate Administrator of its duties
and obligations specifically set forth herein, or by reason of the Trustee’s or the Certificate Administrator’s
negligent disregard of its obligations and duties thereunder, the Trustee or the Certificate Administrator shall indemnify the
Trust against any and all losses, claims, damages, liabilities or expenses (“Losses”)
resulting therefrom; provided, that the Trustee or the Certificate Administrator shall not be liable for any such Losses
attributable to the action or inaction of the Servicer, the Special Servicer, the Operating Advisor, the Depositor, or the Holders
of the Class R Certificates nor for any such Losses resulting from misinformation provided by the Holders of the Class R
Certificates, the Servicer, the Special Servicer, the Operating Advisor or the Depositor, on which the Trustee or the Certificate
Administrator has relied.  The foregoing shall not be deemed to limit or restrict the rights and remedies of successor Holders
of the Class R Certificates at law or in equity.

 

If either the Lower-Tier
REMIC or the Upper-Tier REMIC fails to qualify as a REMIC, loses its status as a REMIC, or incurs state or local taxes, or a tax
as a result of a prohibited transaction or contribution subject to taxation under the REMIC Provisions due to the willful misconduct,
bad faith or negligent performance of the Servicer or the Special Servicer in the performance of its duties and obligations set
forth herein, or by reason of the Servicer’s or Special Servicer’s negligent disregard of its obligations and duties
thereunder, the Servicer or the Special Servicer, as the case may be, shall indemnify the Trust against any and all losses resulting
therefrom; provided, that the Servicer or the Special Servicer, as the case may be, shall not be liable for any such losses
attributable to the action or inaction of the Trustee, the Depositor, the Holders of the Class R Certificates nor for any
such losses resulting from misinformation provided by the Trustee, the Certificate Administrator, the Depositor or the Holders
of the Class R Certificates on which the Servicer or the Special Servicer, as the case may be, has relied.  The foregoing
shall not be deemed to limit or restrict the rights and remedies of any successor Holders of the Class R Certificates at
law or in equity.

 

[signature page follows]

 

    267

     

    

 

IN WITNESS WHEREOF, the parties hereto have caused their names
to be signed hereto by their respective officers thereunto duly authorized as of the day and year first above written.

 

	 	MORGAN
    STANLEY CAPITAL I INC., as Depositor
	 	 	 
	 	By:	/s/
    Jane Lam
	 	 	Name:   
    Jane Lam
	 	 	Title:      Vice
    President
	 	 	 
	 	KEYBANK
    NATIONAL ASSOCIATION, as Servicer
	 	 	 
	 	By:	/s/
    Michael A. Tilden 
	 	 	Name:   Michael
    A. Tilden 
	 	 	Title:     Vice
    President
	 	 	 
	 	SITUS
    HOLDINGS, LLC, as Special Servicer
	 	 	 
	 	By:	/s/
    George Wisniewski
	 	 	Name:   George
    Wisniewski
	 	 	Title:      Executive
    Managing Director
	 	 	 
	 	WELLS
    FARGO BANK, NATIONAL ASSOCIATION, as Certificate Administrator, Custodian and Trustee
	 	 	 
	 	By:	/s/
    Stacey Gross
	 	 	Name:   Stacey
    Gross
	 	 	Title:     Vice
    President
	 	 	 
	 	PARK
                                         BRIDGE LENDER SERVICES LLC, as Operating Advisor

                                                                     

	 	 

	 	By:	Park
    Bridge Advisors LLC, 

its sole member
	 	 	 
	 	By:	Park Bridge Financial LLC,
	 	 	its sole member
	 	 	 	 	 
	 	By:	/s/
    Robert J. Spinna, Jr.
	 	 	Name:  Robert
    J. Spinna, Jr.
	 	 	Title:     Managing
    Member

 

BX
2019-OC11 – Trust and Servicing Agreement

 

     

     

    

  

	STATE
    OF NY	)
	 	)
          ss:
	COUNTY
    OF NY	)

 

On
this 9 day of December 2019, before me, the undersigned, a Notary Public in and for the State of New York, duly commissioned and
sworn, personally appeared Jane Lam, to me known who, by me duly sworn, did depose and acknowledge before me and say that s/he
resides at New York City; that s/he is the Vice President of Morgan Stanley, a authorized signatory, the entity described in and
that executed the foregoing instrument; and that s/he signed her/his name thereto under authority of the board of directors of
said entity and on bahalf of such entity.

 

WITNESS
my hand and seal hereto affixed the day and year first above written.

 

	Rosalie
    J. Nester	/s/
    Rosalie J. Nester
	Notary
    Public, State of New York	NOTARY
    PUBLIC in and for the
	No.
    01NE636636B	State
    of NY
	Qualified
    in New York County	 
	Commission
    Expires 10/30/2021	 
	 	 
	[SEAL]	 

 

My
Commission expires:

 

 

 

 

BX
2019-OC11 – Trust and Servicing Agreement

 

     

     

    

 

	STATE
    OF KANSAS	)
	 	)
    ss.:
	COUNTY
    OF JOHNSON	)

 

On
this 9th day of December 2019, before me, the undersigned, a Notary Public in and for the State of Kansas, personally
appeared Michael A. Tilden, known to me to be a Vice President of Keybank National Association, which executed the within instrument,
and also known to me to be the person who executed it on behalf of such entity, and acknowledged to me that such person executed
the within instrument.

 

WITNESS
WHEREOF, I have hereunto set my hand and affixed my official seal the day and year in this certificate first above written.

 

	 	/s/
    Jane Burton
	 	NOTARY
    PUBLIC in and for the
	 	State
    of Kansas

 

	JANE
    BURTON	 
	NOTARY
    PUBLIC	 
	STATE
    OF KANSAS	 
	MY
    APPT. EXP. MAR 8, 2020	 
	 	 
	[SEAL]	 
	 	 
	My commission
    expires:	 
	 	 

 

BX
2019-OC11 – Trust and Servicing Agreement

 

     

     

    

 

ACKNOWLEDGMENT

 

	A
notary public or other officer completing this certificate verifies only the identity of the individual who signed the document
to which this certificate is attached, and not the truthfulness, accuracy, or validity of that document.	 

 

State
of California

County
of San Francisco )

 

On
December 6, 2019 before me, Theresa R. Dye, Notary Public 

(insert
name and title of the officer)

 

personally
appeared George Wisniewski who proved to me on the basis satisfactory evidence to be the person(s) whose name(s) is/are subscribed
to the within instrument and acknowledged to me that he/she/they executed the same in his/her/their authorized capacity(ies),
and that by his/her/their signature(s) on the instrument the person(s), or the entity upon behalf of which the person(s) acted,
executed the instrument.

 

I
certify under PENALTY OF PERJURY under the laws of the State of California that the foregoing paragraph is true and correct.

 

	 	 	THERESA
    R. DYE
	WITNESS
    my hand and official seal.	THE GREAT SEAL OF THE STATE OF CALIFORNIA	Notary
    Public - California
	 	 	San
    Francisco County
	Signature
    	/s/
    Theresa R. Dye  	 (Seal)	 	Commission
    # 2244500
	 	 	My
    Comm. Expires Jun 26, 2022

 

     

     

    

 

 

	State
    of: Maryland	)
	 	)
         ss:
	County
    of: Howard	)

 

On
the 9th day of December, 2019, before me, a notary public in and for said State, personally appeared Stacey Gross, known to me
to be a Vice President of Wells Fargo Bank, N.A., one of the corporations that executed the within instrument, and also know to
me to be the person who executed it on behalf of said corporation, and under authority of the board of directors of said entity.

 

WITNESS
my hand and seal hereto affixed the day and year first above written.

 

	 	/s/
    Amy Martin
	 	Notary
    Public

 

	 	AMY
    MARTIN
	 	Notary
    Public - Maryland
	 	Anne
    Arundel County
	 	My
    Commission Expires on
	 	February
    22, 2021

 

BX
2019-OC11 – Trust and Servicing Agreement

 

     

     

    

 

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

 

On
this 9th day of December 2019, before me, the undersigned, a Notary Public in and for the State of New York, duly commissioned
and sworn, personally appeared Robert J. Spinna, Jr., to me known who, by me duly sworn, did depose and acknowledge before me
that he is a Managing Member of Park Bridge Financial LLC, which is the sole member of Park Bridge Advisors LLC, which in turn
is the sole member of Park Bridge Lender Services LLC, the entity described in and that executed the foregoing instrument; and
that he signed his name thereto under authority of said entity and on behalf of such entity.

 

WITNESS
my hand and seal hereto affixed the day and year first above written.

 

	 	/s/
    Niaja K. Mowatt
	 	NOTARY
    PUBLIC in and for the
	 	State
    of New York

 

 

[SEAL]

 

My Commission
expires:        3/31/20    

(Date)

 

	NIAJA
    WILLIAMS MOWATT	 
	Notary
    Public - State of New York	 
	NO.
    01W16184241	 
	Qualified
    in Suffolk County	 
	My
    Commission Expires 3/31/20	 

 

BX
2019-OC11 – Trust and Servicing Agreement

 

     

     

    

EXHIBIT A-1

 

[FORM OF] CLASS A CERTIFICATE

 

[FOR TEMPORARY REGULATION S CERTIFICATES:]1 [THIS CERTIFICATE IS A TEMPORARY REGULATION S GLOBAL CERTIFICATE FOR PURPOSES OF REGULATION S UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”). NEITHER THIS TEMPORARY REGULATION S GLOBAL CERTIFICATE NOR ANY INTEREST HEREIN MAY BE OFFERED, SOLD OR DELIVERED, EXCEPT AS PERMITTED UNDER THE TRUST AND SERVICING AGREEMENT REFERRED TO BELOW.

 

NO BENEFICIAL OWNERS OF THIS TEMPORARY REGULATION S GLOBAL CERTIFICATE SHALL BE ENTITLED TO RECEIVE PAYMENTS OF PRINCIPAL OR INTEREST HEREON UNLESS THE REQUIRED CERTIFICATIONS HAVE BEEN DELIVERED PURSUANT TO THE TERMS OF THE TRUST AND SERVICING AGREEMENT.]

 

[FOR BOOK-ENTRY CERTIFICATES:]2 [UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE CERTIFICATE REGISTRAR FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

 

TRANSFERS OF THIS GLOBAL CERTIFICATE SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF DTC OR A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE, AND TRANSFERS OF BENEFICIAL INTERESTS IN THIS GLOBAL CERTIFICATE SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN THE TRUST AND SERVICING AGREEMENT REFERRED TO BELOW.]

 

THIS CERTIFICATE DOES NOT REPRESENT AN INTEREST IN OR OBLIGATION OF THE DEPOSITOR, THE SPONSOR, THE GUARANTOR, THE BORROWER, THE SERVICER, THE SPECIAL SERVICER, THE CERTIFICATE ADMINISTRATOR, THE TRUSTEE, THE CUSTODIAN, THE OPERATING ADVISOR, THE INITIAL PURCHASERS, THE MORTGAGE LOAN SELLERS OR ANY OF THEIR

 

 

1 Temporary Regulation S Global Certificate legend.

2 Legend required as long as DTC is the Depository under the Trust and Servicing Agreement.

 

 

 

RESPECTIVE AFFILIATES. NEITHER THIS CERTIFICATE NOR THE MORTGAGE LOAN ARE INSURED OR GUARANTEED BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY OR PRIVATE INSURER.

 

PRINCIPAL PAYMENTS IN RESPECT OF THIS CERTIFICATE ARE DISTRIBUTABLE AS SET FORTH IN THE TRUST AND SERVICING AGREEMENT. ACCORDINGLY, THE OUTSTANDING CERTIFICATE BALANCE OF THIS CERTIFICATE AT ANY TIME MAY BE LESS THAN THE INITIAL CERTIFICATE BALANCE.

 

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 (A) IN THE UNITED STATES ONLY (1) FOR SO LONG AS THIS CERTIFICATE IS ELIGIBLE FOR RESALE PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”), TO AN INSTITUTIONAL INVESTOR THAT THE HOLDER REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” WITHIN THE MEANING OF RULE 144A (“QUALIFIED INSTITUTIONAL BUYER”) PURCHASING FOR ITS OWN ACCOUNT, OR A PERSON PURCHASING FOR THE ACCOUNT OF ANOTHER QUALIFIED INSTITUTIONAL BUYER, WHOM THE HOLDER HAS INFORMED, IN EACH CASE, THAT THE REOFFER, RESALE, PLEDGE OR OTHER TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, AND (2) IN THE CASE OF THE REGULAR CERTIFICATES, TO AN INSTITUTIONAL INVESTOR THAT IS AN “ACCREDITED INVESTOR” AS SUCH TERM IS DEFINED IN RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT OR ANY ENTITY IN WHICH ALL OF THE EQUITY OWNERS ARE INSTITUTIONAL INVESTORS THAT ARE “ACCREDITED INVESTORS” AS SUCH TERM IS DEFINED IN RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT, (B) IN THE CASE OF THE REGULAR CERTIFICATES, TO AN INSTITUTION THAT IS A NON “U.S. PERSON” IN AN “OFFSHORE TRANSACTION,” AS SUCH TERMS ARE DEFINED IN, AND IN ACCORDANCE WITH, RULE 903 OR RULE 904 OF, REGULATION S UNDER THE SECURITIES ACT, AND (C) IN ACCORDANCE WITH ANY OTHER APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION.

 

TRANSFERS AND EXCHANGES OF PORTIONS OF THIS CERTIFICATE ARE SUBJECT TO RESTRICTIONS AS PROVIDED IN THE TRUST 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 CODE.

 

    Exhibit A-1-2

     

    
BX TRUST 2019-OC11
COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,
SERIES 2019-OC11, CLASS A

 

	
Pass-Through Rate: Class A Pass-Through Rate

	
 

	
 

	
 

	
First Distribution Date: January 9, 2020

	
 

	
 

	
 

	
Aggregate Initial Certificate Balance of the Class A Certificates as of the Closing Date: $561,200,000

	
Rated Final Distribution Date: December 2041

	 	 
	
Certificate Balance of this Class A Certificate as of the Closing Date: $[_] [(subject to the Schedule of Exchanges attached as Schedule A hereto)]3

 

CUSIP:      05606F AA14
U1224F AA95
05606F AB96

	
 

	
 

	
 

	
ISIN:         US05606FAA127
USU1224FAA948
US05606FAB949

	
 

	
 

	
 

	
No.: A-[1]

	
 

 

This certifies that
[FOR DEFINITIVE CERTIFICATES: [NAME OF HOLDER]][FOR BOOK-ENTRY CERTIFICATES: Cede & Co.] is the registered owner of the Percentage
Interest evidenced by this Certificate in the distributions to be made from a Trust Fund with respect to the Class A Certificates.
The Trust Fund consists primarily of one or more separate promissory notes held in trust by the Trustee, issued by a special purpose
entity and evidencing a fixed-rate mortgage loan (the “Mortgage Loan”). The Trust Fund was created, and the
Mortgage Loan is to be serviced, pursuant to the Trust and Servicing Agreement (as defined 

 

 

3
For Global Certificate only.

 

4
For Rule 144A Certificates

 

5
For Regulation S Certificates

 

6
For IAI Certificates

 

7
For Rule 144A Certificates

 

8
For Regulation S Certificates

 

9
For IAI Certificates 

 

    Exhibit A-1-3

     

    
below). The Holder of this Certificate, by virtue of the acceptance hereof, assents to the terms, provisions and conditions of the Trust and Servicing Agreement and is bound thereby. In the case of any conflict between terms specified in this Certificate and terms specified in the Trust and Servicing Agreement, the terms of the Trust and Servicing Agreement shall govern.

 

This Certificate is issued pursuant to, and in accordance with, the terms of a Trust and Servicing Agreement, dated as of December 1, 2019 (the “Trust and Servicing Agreement”), between Morgan Stanley Capital I Inc., as Depositor, KeyBank National Association, as Servicer, Situs Holdings, LLC, as Special Servicer, Wells Fargo Bank, National Association, as Trustee, Certificate Administrator and Custodian, and Park Bridge Lender Services LLC, as Operating Advisor. To the extent not defined herein, capitalized terms used herein shall have the meanings assigned thereto in the Trust and Servicing Agreement.

 

This Certificate is a “regular interest” in a “real estate mortgage investment conduit”, as those terms are defined, respectively, in Sections 860G(a)(1) and 860D of the Internal Revenue Code of 1986, as amended. Each Holder of this Certificate, by acceptance hereof, agrees to treat, and take no action inconsistent with the treatment of, this Certificate in accordance with the preceding sentence for purposes of federal income taxes, state and local income and franchise taxes and other taxes imposed on or measured by income.

 

Pursuant to the terms of the Trust and Servicing Agreement, the Certificate Administrator will distribute, on the 4th Business Day after the Determination Date, commencing in January 2020 (each such date, a “Distribution Date”), to the Person in whose name this Certificate is registered as of the related Record Date, an amount equal to such Person’s pro rata share (based on the Percentage Interest represented by this Certificate) of that portion of the aggregate amount of principal and interest then distributable, if any, allocable to the Class A Certificates for such Distribution Date, all as more fully described in the Trust and Servicing Agreement.

 

All distributions will be made to the Persons entitled thereto by wire transfer of immediately available funds to the account of such Certificateholder at a bank or other entity located in the United States and having appropriate facilities therefor provided that the Certificate Administrator has received appropriate wire transfer instructions therefrom, or by check by first class mail to the address set forth therefor in the Certificate Register if wiring instructions have not been received at least five (5) Business Days prior to the Distribution Date. The final distribution on each Certificate shall be made in like manner, but only upon presentment and surrender of such Certificate at the location that is specified by the Certificate Administrator in the notice to Certificateholders of such final distribution.

 

This Certificate does not purport to summarize the Trust and Servicing Agreement, and reference is made to the Trust and Servicing Agreement for the interests, rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights, duties and immunities of the parties thereto.

 

As provided in the Trust and Servicing Agreement, subject to certain restrictions on transfer set forth therein, upon surrender for registration of transfer of any Certificate, the Certificate Registrar shall execute, authenticate and deliver, in the name of the designated

 

    Exhibit A-1-4

     

    
transferee or transferees, one or more new Certificates in authorized denominations, in like aggregate interest and of the same Class.

 

Prior to due presentation of this Certificate for registration of transfer, the Certificate Administrator, the Trustee, the Servicer, the Special Servicer, the Operating Advisor, the Certificate Registrar, and any agent of the Certificate Administrator, the Trustee, the Servicer, the Special Servicer, the Operating Advisor or the Certificate Registrar may treat the Person in whose name any Certificate is registered as the owner of such Certificate for the purpose of receiving distributions as provided in the Trust and Servicing Agreement and for all other purposes whatsoever, and none of the Certificate Administrator, the Trustee, the Servicer, the Special Servicer, the Operating Advisor, the Certificate Registrar, nor any agent of the Certificate Administrator, the Trustee, the Servicer, the Special Servicer, the Operating Advisor or the Certificate Registrar shall be affected by any notice to the contrary; provided, however, that to the extent that a party to the Trust and Servicing Agreement responsible for distributing any report, statement or other information required to be distributed to Certificateholders has been provided an Investor Certification, such party to the Trust and Servicing Agreement shall distribute such report, statement or other information to such beneficial owner (or prospective transferee).

 

The Trust and Servicing Agreement permits, with certain exceptions therein provided, the amendment thereof and the modification of the rights and obligations of the Certificateholders under the Trust and Servicing Agreement at any time by the parties thereto with the consent of the Holders of Certificates of each Class affected by such amendment evidencing in the aggregate not less than 51% of the aggregate Percentage Interests constituting the Class. Any such consent by the Holder of this Certificate shall be conclusive and binding on such Holder and upon all future Holders of this Certificate and of any Certificate issued upon the transfer hereof or in exchange herefor or in lieu hereof whether or not notation of such consent is made upon the Certificate. The Trust and Servicing Agreement also permits the amendment thereof, in certain circumstances, without the consent of the Holders of any of the Certificates.

 

The Trust and Servicing Agreement provides that the respective obligations and responsibilities of the Servicer, the Special Servicer, the Operating Advisor, the Depositor, the Certificate Administrator and the Trustee created thereby (other than the obligation to make certain payments to the Companion Loan Holders, other than the obligation of the Certificate Administrator to make certain payments to Certificateholders after the final Distribution Date and other than the indemnification rights and obligations of the parties thereto) shall terminate upon the last action required to be taken by the Certificate Administrator on the final Distribution Date pursuant to Article 11 of the Trust and Servicing Agreement upon the later of (i) the final payment on the Certificates or (ii) the liquidation of the Mortgage Loan (including, without limitation, the sale of the Mortgage Loan pursuant to the Trust and Servicing Agreement, as applicable) or the liquidation or abandonment of the Property and all other Collateral for the Mortgage Loan; provided, that in no event shall the Trust continue beyond the expiration of 21 years from the death of the last survivor of the descendants of Joseph P. Kennedy, the late ambassador of the United States to the Court of St. James’s, living on the date of execution of the Trust and Servicing Agreement.

 

    Exhibit A-1-5

     

    
Unless the Certificate of Authentication on this Certificate has been executed by the Certificate Administrator or on its behalf by the Authenticating Agent, by manual signature, this Certificate shall not be entitled to any benefit under the Trust and Servicing Agreement or be valid for any purpose.

 

The Certificate Administrator makes no representation or warranty as to any of the statements contained herein or the validity or sufficiency of the Certificates or the Mortgage Loan and has executed this Certificate in its limited capacity as Certificate Administrator under the Trust and Servicing Agreement.

 

    Exhibit A-1-6

     

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

 

Dated: December 12, 2019

 

	 	 	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 Certificates referred to in the Trust and Servicing Agreement.

 

Dated: December 12, 2019

 

	 	 	WELLS
    FARGO BANK, NATIONAL ASSOCIATION,

    not in its individual capacity but solely as Authenticating Agent
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    Exhibit A-1-7

     

    
SCHEDULE A

 

SCHEDULE OF EXCHANGES

 

The following payments of principal and
exchanges of a part of this [Rule 144A Global Certificate] [Temporary Regulation S Global Certificate] [Regulation S Global Certificate]
[Definitive Certificate] have been made: 

 

	
Date of 

Exchange or 

Payment of 

Principal 

	 	
Certificate 

Balance 

Prior to 

Exchange or 

Payment 

	 	
Certificate 

Balance 

Exchanged 

or Principal 

Payment 

Made 

	 	
Type of 

Certificate 

Exchanged 

for 

	 	
Remaining 

Certificate 

Balance 

Following 

Such 

Exchange or 

Payment 

	 	
Notation 

Made by 

	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 

 

    Exhibit A-1-8

     

    
ASSIGNMENT

 

FOR VALUE RECEIVED, the undersigned (“Assignor(s)”) hereby sell(s), assign(s) and transfer(s) unto __________________________________________ (please print or typewrite name(s) and address(es), including postal zip code(s) of assignee(s)) (“Assignee(s)”) the entire Percentage Interest represented by the within Certificate and hereby authorize(s) the registration of transfer of such interest to Assignee(s) on the Certificate Register of the Trust.

 

I (we) further direct the Certificate Registrar to issue a new Certificate of the entire Percentage Interest represented by the within Certificate to the above-named Assignee(s) and to deliver such Certificate to the following address:

 

	 	 	 
	 	 	 

 

Date: __________________

 

	 	Signature by or on behalf
    of	 
	 	Assignor(s):	 
	 	 	 

 

	 	Taxpayer Identification Number:
    ______________	 

 

    Exhibit A-1-9

     

    
DISTRIBUTION INSTRUCTIONS

 

The Assignee(s) should include the following for purposes of distribution:

 

Address
of the Assignee(s) for the purpose of receiving notices and distributions: ____________________________________________________________.

 

Distributions, if being made by wire transfer in immediately available funds, to ____________________________ for the account of __________________________ account number ____________________.

 

This information is provided by _______________________________________ the Assignee(s) named above, or ________________________________________________ as its (their) agent.

 

	 	By:	 
	 	 	[Please print or type name(s)]
	 	 	 
	 	Title:	 
	 	 	 
	 	Taxpayer Identification Number:

 

    Exhibit A-1-10

     

    
EXHIBIT A-2

 

[FORM OF] CLASS X-A CERTIFICATE

 

[FOR TEMPORARY REGULATION S CERTIFICATES:]10 [THIS CERTIFICATE IS A TEMPORARY REGULATION S GLOBAL CERTIFICATE FOR PURPOSES OF REGULATION S UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”). NEITHER THIS TEMPORARY REGULATION S GLOBAL CERTIFICATE NOR ANY INTEREST HEREIN MAY BE OFFERED, SOLD OR DELIVERED, EXCEPT AS PERMITTED UNDER THE TRUST AND SERVICING AGREEMENT REFERRED TO BELOW.

 

NO BENEFICIAL OWNERS OF THIS TEMPORARY REGULATION S GLOBAL CERTIFICATE SHALL BE ENTITLED TO RECEIVE PAYMENTS OF INTEREST HEREON UNLESS THE REQUIRED CERTIFICATIONS HAVE BEEN DELIVERED PURSUANT TO THE TERMS OF THE TRUST AND SERVICING AGREEMENT.]

 

[FOR BOOK-ENTRY CERTIFICATES:]11 [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.

 

TRANSFERS OF THIS GLOBAL CERTIFICATE SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF DTC OR A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE, AND TRANSFERS OF BENEFICIAL INTERESTS IN THIS GLOBAL CERTIFICATE SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN THE TRUST AND SERVICING AGREEMENT REFERRED TO BELOW.]

 

THIS CERTIFICATE DOES NOT REPRESENT AN INTEREST IN OR OBLIGATION OF THE DEPOSITOR, THE SPONSOR, THE GUARANTOR, THE BORROWER, THE SERVICER, THE SPECIAL SERVICER, THE CERTIFICATE ADMINISTRATOR, THE TRUSTEE, THE CUSTODIAN, THE OPERATING ADVISOR, THE INITIAL PURCHASERS, THE MORTGAGE LOAN SELLERS OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THIS CERTIFICATE NOR THE MORTGAGE

 

 

10
Temporary Regulation S Global Certificate legend.

 

11
Legend required as long as DTC is the Depository under the Trust and Servicing Agreement. 

 

 

    Exhibit A-2-1

     

    
LOAN ARE
INSURED OR GUARANTEED BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY OR PRIVATE INSURER.

 

THE NOTIONAL
AMOUNT OF THIS CERTIFICATE WILL BE REDUCED IN CONNECTION WITH THE REDUCTION OF THE CERTIFICATE BALANCE OF THE CLASS A CERTIFICATES.
ACCORDINGLY, THE NOTIONAL AMOUNT OF THIS CERTIFICATE AT ANY TIME MAY BE LESS THAN THE INITIAL NOTIONAL AMOUNT.

 

THIS
CLASS X-A CERTIFICATE WILL NOT BE ENTITLED TO RECEIVE DISTRIBUTIONS OF PRINCIPAL.

 

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 (A) IN THE UNITED STATES ONLY (1) FOR SO LONG AS THIS CERTIFICATE
IS ELIGIBLE FOR RESALE PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”), TO AN INSTITUTIONAL
INVESTOR THAT THE HOLDER REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” WITHIN THE MEANING OF RULE 144A
(“QUALIFIED INSTITUTIONAL BUYER”) PURCHASING FOR ITS OWN ACCOUNT, OR A PERSON PURCHASING FOR THE ACCOUNT
OF ANOTHER QUALIFIED INSTITUTIONAL BUYER, WHOM THE HOLDER HAS INFORMED, IN EACH CASE, THAT THE REOFFER, RESALE, PLEDGE OR OTHER
TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, AND (2) IN THE CASE OF THE REGULAR CERTIFICATES, TO AN INSTITUTIONAL INVESTOR
THAT IS AN “ACCREDITED INVESTOR” AS SUCH TERM IS DEFINED IN RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D UNDER
THE SECURITIES ACT OR ANY ENTITY IN WHICH ALL OF THE EQUITY OWNERS ARE INSTITUTIONAL INVESTORS THAT ARE “ACCREDITED INVESTORS”
AS SUCH TERM IS DEFINED IN RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT, (B) IN THE CASE OF THE REGULAR
CERTIFICATES, TO AN INSTITUTION THAT IS A NON “U.S. PERSON” IN AN “OFFSHORE TRANSACTION,” AS SUCH
TERMS ARE DEFINED IN, AND IN ACCORDANCE WITH, RULE 903 OR RULE 904 OF, REGULATION S UNDER THE SECURITIES ACT, AND (C) IN ACCORDANCE
WITH ANY OTHER APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION.

 

TRANSFERS
AND EXCHANGES OF PORTIONS OF THIS CERTIFICATE ARE SUBJECT TO RESTRICTIONS AS PROVIDED IN THE TRUST 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 

 

    Exhibit A-2-2

     

    
CONDUIT,”
AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G(a)(1) AND 860D OF THE CODE.

 

    Exhibit A-2-3

     

    
BX TRUST 2019-OC11
COMMERCIAL
MORTGAGE PASS-THROUGH CERTIFICATES,
SERIES 2019-OC11, CLASS X-A

 

	Pass-Through
Rate: Class X-A Pass-Through Rate

	 

	 	 
	First
Distribution Date: January 9, 2020

	 

	 	 
	Aggregate
Initial Notional Amount of the Class X-A Certificates as of the Closing Date: $561,200,000

	Rated
Final Distribution Date: December 2041

	 	 
	Notional
Amount of this Class X-A Certificate as of the Closing Date: $[_] [(subject to the Schedule of Exchanges attached as Schedule
A hereto)]12

                                                        

CUSIP:
    05606F AC713
U1224F AB714
05606F AD515

	 

	 	 
	ISIN:
        US05606FAC7716
USU1224FAB7717
US05606FAD5018

	 

	No.:
X-A-[1]

	 

 

This
certifies that [FOR DEFINITIVE CERTIFICATES: [NAME OF HOLDER]][FOR BOOK-ENTRY CERTIFICATES: Cede & Co.] is the registered
owner of the Percentage Interest evidenced by this Certificate in the distributions to be made from a Trust Fund with respect
to the Class X-A Certificates. The Trust Fund consists primarily of one or more separate promissory notes held in trust by the
Trustee, issued by a special purpose entity and evidencing a fixed-rate mortgage loan (the “Mortgage Loan”).
The Trust Fund was created, and the Mortgage Loan is to be serviced, pursuant to the Trust and Servicing Agreement (as

 

 

 

12
For Global Certificate only.

 

13
For Rule 144A Certificates

 

14
For Regulation S Certificates

 

15
For IAI Certificates

 

16
For Rule 144A Certificates

 

17
For Regulation S Certificates

 

18
For IAI Certificates

 

    Exhibit A-2-4

     

    
defined
below). The Holder of this Certificate, by virtue of the acceptance hereof, assents to the terms, provisions and conditions of
the Trust and Servicing Agreement and is bound thereby. In the case of any conflict between terms specified in this Certificate
and terms specified in the Trust and Servicing Agreement, the terms of the Trust and Servicing Agreement shall govern.

 

This
Certificate is issued pursuant to, and in accordance with, the terms of a Trust and Servicing Agreement, dated as of December
1, 2019 (the “Trust and Servicing Agreement”), between Morgan Stanley Capital I Inc., as Depositor, KeyBank
National Association, as Servicer, Situs Holdings, LLC, as Special Servicer, Wells Fargo Bank, National Association, as Trustee,
Certificate Administrator and Custodian, and Park Bridge Lender Services LLC, as Operating Advisor. To the extent not defined
herein, capitalized terms used herein shall have the meanings assigned thereto in the Trust and Servicing Agreement.

 

This
Certificate is a “regular interest” in a “real estate mortgage investment conduit”, as those terms
are defined, respectively, in Sections 860G(a)(1) and 860D of the Internal Revenue Code of 1986, as amended. Each Holder of this
Certificate, by acceptance hereof, agrees to treat, and take no action inconsistent with the treatment of, this Certificate in
accordance with the preceding sentence for purposes of federal income taxes, state and local income and franchise taxes and other
taxes imposed on or measured by income.

 

Pursuant
to the terms of the Trust and Servicing Agreement, the Certificate Administrator will distribute, on the 4th Business
Day after the Determination Date, commencing in January 2020 (each such date, a “Distribution Date”), to
the Person in whose name this Certificate is registered as of the related Record Date, an amount equal to such Person’s
pro rata share (based on the Percentage Interest represented by this Certificate) of that portion of the aggregate amount of interest
then distributable, if any, allocable to the Class X-A Certificates for such Distribution Date, all as more fully described in
the Trust and Servicing Agreement.

 

All
distributions will be made to the Persons entitled thereto by wire transfer of immediately available funds to the account of such
Certificateholder at a bank or other entity located in the United States and having appropriate facilities therefor provided
that the Certificate Administrator has received appropriate wire transfer instructions therefrom, or by check by first class
mail to the address set forth therefor in the Certificate Register if wiring instructions have not been received at least five
(5) Business Days prior to the Distribution Date. The final distribution on each Certificate shall be made in like manner, but
only upon presentment and surrender of such Certificate at the location that is specified by the Certificate Administrator in
the notice to Certificateholders of such final distribution.

 

This
Certificate does not purport to summarize the Trust and Servicing Agreement, and reference is made to the Trust and Servicing
Agreement for the interests, rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights,
duties and immunities of the parties thereto.

 

As
provided in the Trust and Servicing Agreement, subject to certain restrictions on transfer set forth therein, upon surrender for
registration of transfer of any Certificate, the Certificate Registrar shall execute, authenticate and deliver, in the name of
the designated

 

    Exhibit A-2-5

     

    
transferee
or transferees, one or more new Certificates in authorized denominations, in like aggregate interest and of the same Class.

 

Prior
to due presentation of this Certificate for registration of transfer, the Certificate Administrator, the Trustee, the Servicer,
the Special Servicer, the Operating Advisor, the Certificate Registrar, and any agent of the Certificate Administrator, the Trustee,
the Servicer, the Special Servicer, the Operating Advisor or the Certificate Registrar may treat the Person in whose name any
Certificate is registered as the owner of such Certificate for the purpose of receiving distributions as provided in the Trust
and Servicing Agreement and for all other purposes whatsoever, and none of the Certificate Administrator, the Trustee, the Servicer,
the Special Servicer, the Operating Advisor, the Certificate Registrar, nor any agent of the Certificate Administrator, the Trustee,
the Servicer, the Special Servicer, the Operating Advisor or the Certificate Registrar shall be affected by any notice to the
contrary; provided, however, that to the extent that a party to the Trust and Servicing Agreement responsible for
distributing any report, statement or other information required to be distributed to Certificateholders has been provided an
Investor Certification, such party to the Trust and Servicing Agreement shall distribute such report, statement or other information
to such beneficial owner (or prospective transferee).

 

The
Trust and Servicing Agreement permits, with certain exceptions therein provided, the amendment thereof and the modification of
the rights and obligations of the Certificateholders under the Trust and Servicing Agreement at any time by the parties thereto
with the consent of the Holders of Certificates of each Class affected by such amendment evidencing in the aggregate not less
than 51% of the aggregate Percentage Interests constituting the Class. Any such consent by the Holder of this Certificate shall
be conclusive and binding on such Holder and upon all future Holders of this Certificate and of any Certificate issued upon the
transfer hereof or in exchange herefor or in lieu hereof whether or not notation of such consent is made upon the Certificate.
The Trust and Servicing Agreement also permits the amendment thereof, in certain circumstances, without the consent of the Holders
of any of the Certificates.

 

The
Trust and Servicing Agreement provides that the respective obligations and responsibilities of the Servicer, the Special Servicer,
the Operating Advisor, the Depositor, the Certificate Administrator and the Trustee created thereby (other than the obligation
to make certain payments to the Companion Loan Holders, other than the obligation of the Certificate Administrator to make certain
payments to Certificateholders after the final Distribution Date and other than the indemnification rights and obligations of
the parties thereto) shall terminate upon the last action required to be taken by the Certificate Administrator on the final Distribution
Date pursuant to Article 11 of the Trust and Servicing Agreement upon the later of (i) the final payment on the Certificates or
(ii) the liquidation of the Mortgage Loan (including, without limitation, the sale of the Mortgage Loan pursuant to the Trust
and Servicing Agreement, as applicable) or the liquidation or abandonment of the Property and all other Collateral for the Mortgage
Loan; provided, that in no event shall the Trust continue beyond the expiration of 21 years from the death of the last
survivor of the descendants of Joseph P. Kennedy, the late ambassador of the United States to the Court of St. James’s,
living on the date of execution of the Trust and Servicing Agreement.

 

    Exhibit A-2-6

     

    
Unless
the Certificate of Authentication on this Certificate has been executed by the Certificate Administrator or on its behalf by the
Authenticating Agent, by manual signature, this Certificate shall not be entitled to any benefit under the Trust and Servicing
Agreement or be valid for any purpose.

 

The
Certificate Administrator makes no representation or warranty as to any of the statements contained herein or the validity or
sufficiency of the Certificates or the Mortgage Loan and has executed this Certificate in its limited capacity as Certificate
Administrator under the Trust and Servicing Agreement.

 

    Exhibit A-2-7

     

    
 

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

 

Dated: December
12, 2019

 

	 	 	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 Trust and Servicing Agreement.

 

Dated: December
12, 2019

 

	 	 	WELLS FARGO BANK, NATIONAL ASSOCIATION,

not in its individual capacity but solely as Authenticating Agent
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    Exhibit A-2-8

     

    
EXHIBIT
A-3

 

[FORM OF]
CLASS X-B CERTIFICATE

 

[FOR TEMPORARY
REGULATION S CERTIFICATES:]19 [THIS CERTIFICATE IS A TEMPORARY REGULATION S GLOBAL CERTIFICATE FOR PURPOSES OF REGULATION
S UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”). NEITHER THIS TEMPORARY
REGULATION S GLOBAL CERTIFICATE NOR ANY INTEREST HEREIN MAY BE OFFERED, SOLD OR DELIVERED, EXCEPT AS PERMITTED UNDER THE TRUST
AND SERVICING AGREEMENT REFERRED TO BELOW.

 

NO BENEFICIAL
OWNERS OF THIS TEMPORARY REGULATION S GLOBAL CERTIFICATE SHALL BE ENTITLED TO RECEIVE PAYMENTS OF INTEREST HEREON UNLESS THE REQUIRED
CERTIFICATIONS HAVE BEEN DELIVERED PURSUANT TO THE TERMS OF THE TRUST AND SERVICING AGREEMENT.]

 

[FOR BOOK-ENTRY
CERTIFICATES:]20 [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.

 

TRANSFERS
OF THIS GLOBAL CERTIFICATE SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF DTC OR A SUCCESSOR THEREOF
OR SUCH SUCCESSOR’S NOMINEE, AND TRANSFERS OF BENEFICIAL INTERESTS IN THIS GLOBAL CERTIFICATE SHALL BE LIMITED TO TRANSFERS
MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN THE TRUST AND SERVICING AGREEMENT REFERRED TO BELOW.]

 

THIS CERTIFICATE
DOES NOT REPRESENT AN INTEREST IN OR OBLIGATION OF THE DEPOSITOR, THE SPONSOR, THE GUARANTOR, THE BORROWER, THE SERVICER, THE
SPECIAL SERVICER, THE CERTIFICATE ADMINISTRATOR, THE TRUSTEE, THE CUSTODIAN, THE OPERATING ADVISOR, THE INITIAL PURCHASERS, THE
MORTGAGE LOAN SELLERS OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THIS CERTIFICATE NOR THE MORTGAGE

 

 

19
Temporary Regulation S Global Certificate legend.

 

20
Legend required as long as DTC is the Depository under the Trust and Servicing Agreement.

 

    Exhibit A-3-1

     

    
LOAN ARE
INSURED OR GUARANTEED BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY OR PRIVATE INSURER.

 

THE NOTIONAL
AMOUNT OF THIS CERTIFICATE WILL BE REDUCED IN CONNECTION WITH THE REDUCTION OF THE CERTIFICATE BALANCE OF THE CLASS A CERTIFICATES.
ACCORDINGLY, THE NOTIONAL AMOUNT OF THIS CERTIFICATE AT ANY TIME MAY BE LESS THAN THE INITIAL NOTIONAL AMOUNT.

 

THIS
CLASS X-B CERTIFICATE WILL NOT BE ENTITLED TO RECEIVE DISTRIBUTIONS OF PRINCIPAL.

 

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 (A) IN THE UNITED STATES ONLY (1) FOR SO LONG AS THIS CERTIFICATE
IS ELIGIBLE FOR RESALE PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”), TO AN INSTITUTIONAL
INVESTOR THAT THE HOLDER REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” WITHIN THE MEANING OF RULE 144A
(“QUALIFIED INSTITUTIONAL BUYER”) PURCHASING FOR ITS OWN ACCOUNT, OR A PERSON PURCHASING FOR THE ACCOUNT
OF ANOTHER QUALIFIED INSTITUTIONAL BUYER, WHOM THE HOLDER HAS INFORMED, IN EACH CASE, THAT THE REOFFER, RESALE, PLEDGE OR OTHER
TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, AND (2) IN THE CASE OF THE REGULAR CERTIFICATES, TO AN INSTITUTIONAL INVESTOR
THAT IS AN “ACCREDITED INVESTOR” AS SUCH TERM IS DEFINED IN RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D UNDER
THE SECURITIES ACT OR ANY ENTITY IN WHICH ALL OF THE EQUITY OWNERS ARE INSTITUTIONAL INVESTORS THAT ARE “ACCREDITED INVESTORS”
AS SUCH TERM IS DEFINED IN RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT, (B) IN THE CASE OF THE REGULAR
CERTIFICATES, TO AN INSTITUTION THAT IS A NON “U.S. PERSON” IN AN “OFFSHORE TRANSACTION,” AS SUCH
TERMS ARE DEFINED IN, AND IN ACCORDANCE WITH, RULE 903 OR RULE 904 OF, REGULATION S UNDER THE SECURITIES ACT, AND (C) IN ACCORDANCE
WITH ANY OTHER APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION.

 

TRANSFERS
AND EXCHANGES OF PORTIONS OF THIS CERTIFICATE ARE SUBJECT TO RESTRICTIONS AS PROVIDED IN THE TRUST 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 

 

    Exhibit A-3-2

     

    
CONDUIT,”
AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G(a)(1) AND 860D OF THE CODE.

 

    Exhibit A-3-3

     

    
BX TRUST 2019-OC11
COMMERCIAL
MORTGAGE PASS-THROUGH CERTIFICATES,
SERIES 2019-OC11, CLASS X-B

 

	Pass-Through
Rate: Class X-B Pass-Through Rate

	 

	 	 
	First
Distribution Date: January 9, 2020

	 

	 	 
	Aggregate
Initial Notional Amount of the Class X-B Certificates as of the Closing Date: $402,500,000

	Rated
Final Distribution Date: December 2041

	 	 
	Notional
Amount of this Class X-B Certificate as of the Closing Date: $[_] [(subject to the Schedule of Exchanges attached as Schedule
A hereto)]21

 

CUSIP:
     05606F AE322
U1224F AC523
05606F AF024

	 

	 	 
	ISIN:
        US05606FAE3425
USU1224FAC5026
US05606FAF0927

	 

	 	 
	No.:
X-B-[1]

	 

 

This
certifies that [FOR DEFINITIVE CERTIFICATES: [NAME OF HOLDER]][FOR BOOK-ENTRY CERTIFICATES: Cede & Co.] is the registered
owner of the Percentage Interest evidenced by this Certificate in the distributions to be made from a Trust Fund with respect
to the Class X-B Certificates. The Trust Fund consists primarily of one or more separate promissory notes held in trust by the
Trustee, issued by a special purpose entity and evidencing a fixed-rate mortgage loan (the “Mortgage Loan”).
The Trust Fund was created, and the Mortgage Loan is to be serviced, pursuant to the Trust and Servicing Agreement (as

 

 

 

21
For Global Certificate only.

 

22
For Rule 144A Certificates

 

23
For Regulation S Certificates

 

24
For IAI Certificates

 

25
For Rule 144A Certificates

 

26
For Regulation S Certificates

 

27
For IAI Certificates

 

 

 

    Exhibit A-3-4

     

    
defined
below). The Holder of this Certificate, by virtue of the acceptance hereof, assents to the terms, provisions and conditions of
the Trust and Servicing Agreement and is bound thereby. In the case of any conflict between terms specified in this Certificate
and terms specified in the Trust and Servicing Agreement, the terms of the Trust and Servicing Agreement shall govern.

 

This
Certificate is issued pursuant to, and in accordance with, the terms of a Trust and Servicing Agreement, dated as of December
1, 2019 (the “Trust and Servicing Agreement”), between Morgan Stanley Capital I Inc., as Depositor, KeyBank
National Association, as Servicer, Situs Holdings, LLC, as Special Servicer, Wells Fargo Bank, National Association, as Trustee,
Certificate Administrator and Custodian, and Park Bridge Lender Services LLC, as Operating Advisor. To the extent not defined
herein, capitalized terms used herein shall have the meanings assigned thereto in the Trust and Servicing Agreement.

 

This
Certificate is a “regular interest” in a “real estate mortgage investment conduit”, as those terms
are defined, respectively, in Sections 860G(a)(1) and 860D of the Internal Revenue Code of 1986, as amended. Each Holder of this
Certificate, by acceptance hereof, agrees to treat, and take no action inconsistent with the treatment of, this Certificate in
accordance with the preceding sentence for purposes of federal income taxes, state and local income and franchise taxes and other
taxes imposed on or measured by income.

 

Pursuant
to the terms of the Trust and Servicing Agreement, the Certificate Administrator will distribute, on the 4th Business
Day after the Determination Date, commencing in January 2020 (each such date, a “Distribution Date”), to
the Person in whose name this Certificate is registered as of the related Record Date, an amount equal to such Person’s
pro rata share (based on the Percentage Interest represented by this Certificate) of that portion of the aggregate amount of interest
then distributable, if any, allocable to the Class X-B Certificates for such Distribution Date, all as more fully described in
the Trust and Servicing Agreement.

 

All
distributions will be made to the Persons entitled thereto by wire transfer of immediately available funds to the account of such
Certificateholder at a bank or other entity located in the United States and having appropriate facilities therefor provided
that the Certificate Administrator has received appropriate wire transfer instructions therefrom, or by check by first class
mail to the address set forth therefor in the Certificate Register if wiring instructions have not been received at least five
(5) Business Days prior to the Distribution Date. The final distribution on each Certificate shall be made in like manner, but
only upon presentment and surrender of such Certificate at the location that is specified by the Certificate Administrator in
the notice to Certificateholders of such final distribution.

 

This
Certificate does not purport to summarize the Trust and Servicing Agreement, and reference is made to the Trust and Servicing
Agreement for the interests, rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights,
duties and immunities of the parties thereto.

 

As
provided in the Trust and Servicing Agreement, subject to certain restrictions on transfer set forth therein, upon surrender for
registration of transfer of any Certificate, the Certificate Registrar shall execute, authenticate and deliver, in the name of
the designated

 

    Exhibit A-3-5

     

    
transferee
or transferees, one or more new Certificates in authorized denominations, in like aggregate interest and of the same Class.

 

Prior
to due presentation of this Certificate for registration of transfer, the Certificate Administrator, the Trustee, the Servicer,
the Special Servicer, the Operating Advisor, the Certificate Registrar, and any agent of the Certificate Administrator, the Trustee,
the Servicer, the Special Servicer, the Operating Advisor or the Certificate Registrar may treat the Person in whose name any
Certificate is registered as the owner of such Certificate for the purpose of receiving distributions as provided in the Trust
and Servicing Agreement and for all other purposes whatsoever, and none of the Certificate Administrator, the Trustee, the Servicer,
the Special Servicer, the Operating Advisor, the Certificate Registrar, nor any agent of the Certificate Administrator, the Trustee,
the Servicer, the Special Servicer, the Operating Advisor or the Certificate Registrar shall be affected by any notice to the
contrary; provided, however, that to the extent that a party to the Trust and Servicing Agreement responsible for
distributing any report, statement or other information required to be distributed to Certificateholders has been provided an
Investor Certification, such party to the Trust and Servicing Agreement shall distribute such report, statement or other information
to such beneficial owner (or prospective transferee).

 

The
Trust and Servicing Agreement permits, with certain exceptions therein provided, the amendment thereof and the modification of
the rights and obligations of the Certificateholders under the Trust and Servicing Agreement at any time by the parties thereto
with the consent of the Holders of Certificates of each Class affected by such amendment evidencing in the aggregate not less
than 51% of the aggregate Percentage Interests constituting the Class. Any such consent by the Holder of this Certificate shall
be conclusive and binding on such Holder and upon all future Holders of this Certificate and of any Certificate issued upon the
transfer hereof or in exchange herefor or in lieu hereof whether or not notation of such consent is made upon the Certificate.
The Trust and Servicing Agreement also permits the amendment thereof, in certain circumstances, without the consent of the Holders
of any of the Certificates.

 

The
Trust and Servicing Agreement provides that the respective obligations and responsibilities of the Servicer, the Special Servicer,
the Operating Advisor, the Depositor, the Certificate Administrator and the Trustee created thereby (other than the obligation
to make certain payments to the Companion Loan Holders, other than the obligation of the Certificate Administrator to make certain
payments to Certificateholders after the final Distribution Date and other than the indemnification rights and obligations of
the parties thereto) shall terminate upon the last action required to be taken by the Certificate Administrator on the final Distribution
Date pursuant to Article 11 of the Trust and Servicing Agreement upon the later of (i) the final payment on the Certificates or
(ii) the liquidation of the Mortgage Loan (including, without limitation, the sale of the Mortgage Loan pursuant to the Trust
and Servicing Agreement, as applicable) or the liquidation or abandonment of the Property and all other Collateral for the Mortgage
Loan; provided, that in no event shall the Trust continue beyond the expiration of 21 years from the death of the last
survivor of the descendants of Joseph P. Kennedy, the late ambassador of the United States to the Court of St. James’s,
living on the date of execution of the Trust and Servicing Agreement.

 

    Exhibit A-3-6

     

    
Unless
the Certificate of Authentication on this Certificate has been executed by the Certificate Administrator or on its behalf by the
Authenticating Agent, by manual signature, this Certificate shall not be entitled to any benefit under the Trust and Servicing
Agreement or be valid for any purpose.

 

The
Certificate Administrator makes no representation or warranty as to any of the statements contained herein or the validity or
sufficiency of the Certificates or the Mortgage Loan and has executed this Certificate in its limited capacity as Certificate
Administrator under the Trust and Servicing Agreement.

 

    Exhibit A-3-7

     

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

 

Dated: December
12, 2019

 

	 	 	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-B Certificates referred to in the Trust and Servicing Agreement.

 

Dated: December
12, 2019

 

	 	 	WELLS FARGO BANK, NATIONAL ASSOCIATION, 

not in its individual capacity but solely as Authenticating Agent
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    Exhibit A-3-8

     

    
SCHEDULE
A

 

SCHEDULE OF
EXCHANGES

 

The following
exchanges of a part of this [Rule 144A Global Certificate] [Temporary Regulation S Global Certificate] [Regulation S Global Certificate]
[Definitive Certificate] have been made:

 

	Date of

Exchange 

	 	Notional

Amount 

Prior to 

Exchange 

	 	Notional

Amount 

Exchanged 

	 	Type of

Certificate 

Exchanged 

for 

	 	Remaining

Notional 

Amount 

Following 

Such 

Exchange 

	 	Notation

Made by 

	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 

 

    Exhibit A-3-9

     

    
ASSIGNMENT

 

FOR
VALUE RECEIVED, the undersigned (“Assignor(s)”) hereby sell(s), assign(s) and transfer(s) unto __________________________________________
(please print or typewrite name(s) and address(es), including postal zip code(s) of assignee(s)) (“Assignee(s)”)
the entire Percentage Interest represented by the within Certificate and hereby authorize(s) the registration of transfer of such
interest to Assignee(s) on the Certificate Register of the Trust.

 

I
(we) further direct the Certificate Registrar to issue a new Certificate of the entire Percentage Interest represented by the
within Certificate to the above-named Assignee(s) and to deliver such Certificate to the following address:

 

	 	 
	 	 

 

Date: __________________

 

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

 

    Exhibit A-3-10

     

    
DISTRIBUTION
INSTRUCTIONS

 

The
Assignee(s) should include the following for purposes of distribution:

 

Address
of the Assignee(s) for the purpose of receiving notices and distributions: ____________________________________________________________.

 

Distributions,
if being made by wire transfer in immediately available funds, to ____________________________ for the account of __________________________
account number ____________________.

 

This
information is provided by _______________________________________ the Assignee(s) named above, or ________________________________________________
as its (their) agent.

 

	 	By:	 
	 	 	[Please print or type name(s)]
	 	 	 
	 	Title:	 
	 	 	 
	 	Taxpayer Identification Number:

    Exhibit A-3-11

     

    
EXHIBIT
A-4

 

[FORM OF]
CLASS B CERTIFICATE

 

[FOR TEMPORARY
REGULATION S CERTIFICATES:]28 [THIS CERTIFICATE IS A TEMPORARY REGULATION S GLOBAL CERTIFICATE FOR PURPOSES OF REGULATION
S UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”). NEITHER THIS TEMPORARY
REGULATION S GLOBAL CERTIFICATE NOR ANY INTEREST HEREIN MAY BE OFFERED, SOLD OR DELIVERED, EXCEPT AS PERMITTED UNDER THE TRUST
AND SERVICING AGREEMENT REFERRED TO BELOW.

 

NO BENEFICIAL
OWNERS OF THIS TEMPORARY REGULATION S GLOBAL CERTIFICATE SHALL BE ENTITLED TO RECEIVE PAYMENTS OF PRINCIPAL OR INTEREST HEREON
UNLESS THE REQUIRED CERTIFICATIONS HAVE BEEN DELIVERED PURSUANT TO THE TERMS OF THE TRUST AND SERVICING AGREEMENT.]

 

[FOR BOOK-ENTRY
CERTIFICATES:]29 [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.

 

TRANSFERS
OF THIS GLOBAL CERTIFICATE SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF DTC OR A SUCCESSOR THEREOF
OR SUCH SUCCESSOR’S NOMINEE, AND TRANSFERS OF BENEFICIAL INTERESTS IN THIS GLOBAL CERTIFICATE SHALL BE LIMITED TO TRANSFERS
MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN THE TRUST AND SERVICING AGREEMENT REFERRED TO BELOW.]

 

THIS CERTIFICATE
DOES NOT REPRESENT AN INTEREST IN OR OBLIGATION OF THE DEPOSITOR, THE SPONSOR, THE GUARANTOR, THE BORROWER, THE SERVICER, THE
SPECIAL SERVICER, THE CERTIFICATE ADMINISTRATOR, THE TRUSTEE, THE CUSTODIAN, THE OPERATING ADVISOR, THE INITIAL PURCHASERS, THE
MORTGAGE LOAN SELLERS OR ANY OF THEIR

 

 

28
Temporary Regulation S Global Certificate legend.

 

29
Legend required as long as DTC is the Depository under the Trust and Servicing Agreement. 

 

    Exhibit A-4-1

     

    
RESPECTIVE
AFFILIATES. NEITHER THIS CERTIFICATE NOR THE MORTGAGE LOAN ARE INSURED OR GUARANTEED BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY
OR PRIVATE INSURER.

 

PRINCIPAL
PAYMENTS IN RESPECT OF THIS CERTIFICATE ARE DISTRIBUTABLE AS SET FORTH IN THE TRUST AND SERVICING AGREEMENT. ACCORDINGLY, THE
OUTSTANDING CERTIFICATE BALANCE OF THIS CERTIFICATE AT ANY TIME MAY BE LESS THAN THE INITIAL CERTIFICATE BALANCE.

 

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 (A) IN THE UNITED STATES ONLY (1) FOR SO LONG AS THIS CERTIFICATE
IS ELIGIBLE FOR RESALE PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”), TO AN INSTITUTIONAL
INVESTOR THAT THE HOLDER REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” WITHIN THE MEANING OF RULE 144A
(“QUALIFIED INSTITUTIONAL BUYER”) PURCHASING FOR ITS OWN ACCOUNT, OR A PERSON PURCHASING FOR THE ACCOUNT
OF ANOTHER QUALIFIED INSTITUTIONAL BUYER, WHOM THE HOLDER HAS INFORMED, IN EACH CASE, THAT THE REOFFER, RESALE, PLEDGE OR OTHER
TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, AND (2) IN THE CASE OF THE REGULAR CERTIFICATES, TO AN INSTITUTIONAL INVESTOR
THAT IS AN “ACCREDITED INVESTOR” AS SUCH TERM IS DEFINED IN RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D UNDER
THE SECURITIES ACT OR ANY ENTITY IN WHICH ALL OF THE EQUITY OWNERS ARE INSTITUTIONAL INVESTORS THAT ARE “ACCREDITED INVESTORS”
AS SUCH TERM IS DEFINED IN RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT, (B) IN THE CASE OF THE REGULAR
CERTIFICATES, TO AN INSTITUTION THAT IS A NON “U.S. PERSON” IN AN “OFFSHORE TRANSACTION,” AS SUCH
TERMS ARE DEFINED IN, AND IN ACCORDANCE WITH, RULE 903 OR RULE 904 OF, REGULATION S UNDER THE SECURITIES ACT, AND (C) IN ACCORDANCE
WITH ANY OTHER APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION.

 

THIS CLASS
B CERTIFICATE IS SUBORDINATED TO CERTAIN OTHER CLASSES OF CERTIFICATES AS AND TO THE EXTENT SET FORTH IN THE TRUST AND SERVICING
AGREEMENT REFERRED TO HEREIN.

 

TRANSFERS
AND EXCHANGES OF PORTIONS OF THIS CERTIFICATE ARE SUBJECT TO RESTRICTIONS AS PROVIDED IN THE TRUST AND SERVICING AGREEMENT REFERRED
TO BELOW.

 

    Exhibit A-4-2

     

    
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 CODE.

 

    Exhibit A-4-3

     

    
BX TRUST 2019-OC11
COMMERCIAL
MORTGAGE PASS-THROUGH CERTIFICATES,
SERIES 2019-OC11, CLASS B

 

	Pass-Through
Rate: Class B Pass-Through Rate

	 

	 	 
	First
Distribution Date: January 9, 2020

	 

	 	 
	Aggregate
Initial Certificate Balance of the Class B Certificates as of the Closing Date: $154,800,000

	Rated
Final Distribution Date: December 2041

	 	 
	Certificate
Balance of this Class B Certificate as of the Closing Date: $[_____] [(subject to the Schedule of Exchanges attached as Schedule
A hereto)] 30

	 

	 	 
	CUSIP:
                                                 05606F AG831

                                                              U1224F AD332

                                                              05606F AH633

	 
	 	 
	ISIN:
                                                                 US05606FAG8134

                                                         USU1224FAD3435
  US05606FAH6436

	 

	 	 
	No.:
B-[1]

	 

 

This
certifies that [FOR DEFINITIVE CERTIFICATES: [NAME OF HOLDER]][FOR BOOK-ENTRY CERTIFICATES: Cede & Co.] is the registered
owner of the Percentage Interest evidenced by this Certificate in the distributions to be made from a Trust Fund with respect
to the Class B Certificates. The Trust Fund consists primarily of one or more separate promissory notes held in trust by the Trustee,
issued by a special purpose entity and evidencing a fixed-rate mortgage loan (the “Mortgage Loan”). The Trust
Fund was created, and the Mortgage Loan is to be serviced, pursuant to the Trust and Servicing Agreement (as defined

 

 

30
For Global Certificate only.

 

31
For Rule 144A Certificates

 

32
For Regulation S Certificates

 

33
For IAI Certificates

 

34
For Rule 144A Certificates

 

35
For Regulation S Certificates

 

36
For IAI Certificates

 

 

    Exhibit A-4-4

     

    
below).
The Holder of this Certificate, by virtue of the acceptance hereof, assents to the terms, provisions and conditions of the Trust
and Servicing Agreement and is bound thereby. In the case of any conflict between terms specified in this Certificate and terms
specified in the Trust and Servicing Agreement, the terms of the Trust and Servicing Agreement shall govern.

 

This
Certificate is issued pursuant to, and in accordance with, the terms of a Trust and Servicing Agreement, dated as of December
1, 2019 (the “Trust and Servicing Agreement”), between Morgan Stanley Capital I Inc., as Depositor, KeyBank
National Association, as Servicer, Situs Holdings, LLC, as Special Servicer, Wells Fargo Bank, National Association, as Trustee,
Certificate Administrator and Custodian, and Park Bridge Lender Services LLC, as Operating Advisor. To the extent not defined
herein, capitalized terms used herein shall have the meanings assigned thereto in the Trust and Servicing Agreement.

 

This
Certificate is a “regular interest” in a “real estate mortgage investment conduit”, as those terms
are defined, respectively, in Sections 860G(a)(1) and 860D of the Internal Revenue Code of 1986, as amended. Each Holder of this
Certificate, by acceptance hereof, agrees to treat, and take no action inconsistent with the treatment of, this Certificate in
accordance with the preceding sentence for purposes of federal income taxes, state and local income and franchise taxes and other
taxes imposed on or measured by income.

 

Pursuant
to the terms of the Trust and Servicing Agreement, the Certificate Administrator will distribute, on the 4th Business
Day after the Determination Date, commencing in January 2020 (each such date, a “Distribution Date”), to
the Person in whose name this Certificate is registered as of the related Record Date, an amount equal to such Person’s
pro rata share (based on the Percentage Interest represented by this Certificate) of that portion of the aggregate amount of principal
and interest then distributable, if any, allocable to the Class B Certificates for such Distribution Date, all as more fully described
in the Trust and Servicing Agreement.

 

All
distributions will be made to the Persons entitled thereto by wire transfer of immediately available funds to the account of such
Certificateholder at a bank or other entity located in the United States and having appropriate facilities therefor provided
that the Certificate Administrator has received appropriate wire transfer instructions therefrom, or by check by first class
mail to the address set forth therefor in the Certificate Register if wiring instructions have not been received at least five
(5) Business Days prior to the Distribution Date. The final distribution on each Certificate shall be made in like manner, but
only upon presentment and surrender of such Certificate at the location that is specified by the Certificate Administrator in
the notice to Certificateholders of such final distribution.

 

This
Certificate does not purport to summarize the Trust and Servicing Agreement, and reference is made to the Trust and Servicing
Agreement for the interests, rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights,
duties and immunities of the parties thereto.

 

As
provided in the Trust and Servicing Agreement, subject to certain restrictions on transfer set forth therein, upon surrender for
registration of transfer of any Certificate, the Certificate Registrar shall execute, authenticate and deliver, in the name of
the designated

 

    Exhibit A-4-5

     

    
transferee
or transferees, one or more new Certificates in authorized denominations, in like aggregate interest and of the same Class.

 

Prior
to due presentation of this Certificate for registration of transfer, the Certificate Administrator, the Trustee, the Servicer,
the Special Servicer, the Operating Advisor, the Certificate Registrar, and any agent of the Certificate Administrator, the Trustee,
the Servicer, the Special Servicer, the Operating Advisor or the Certificate Registrar may treat the Person in whose name any
Certificate is registered as the owner of such Certificate for the purpose of receiving distributions as provided in the Trust
and Servicing Agreement and for all other purposes whatsoever, and none of the Certificate Administrator, the Trustee, the Servicer,
the Special Servicer, the Operating Advisor, the Certificate Registrar, nor any agent of the Certificate Administrator, the Trustee,
the Servicer, the Special Servicer, the Operating Advisor or the Certificate Registrar shall be affected by any notice to the
contrary; provided, however, that to the extent that a party to the Trust and Servicing Agreement responsible for
distributing any report, statement or other information required to be distributed to Certificateholders has been provided an
Investor Certification, such party to the Trust and Servicing Agreement shall distribute such report, statement or other information
to such beneficial owner (or prospective transferee).

 

The
Trust and Servicing Agreement permits, with certain exceptions therein provided, the amendment thereof and the modification of
the rights and obligations of the Certificateholders under the Trust and Servicing Agreement at any time by the parties thereto
with the consent of the Holders of Certificates of each Class affected by such amendment evidencing in the aggregate not less
than 51% of the aggregate Percentage Interests constituting the Class. Any such consent by the Holder of this Certificate shall
be conclusive and binding on such Holder and upon all future Holders of this Certificate and of any Certificate issued upon the
transfer hereof or in exchange herefor or in lieu hereof whether or not notation of such consent is made upon the Certificate.
The Trust and Servicing Agreement also permits the amendment thereof, in certain circumstances, without the consent of the Holders
of any of the Certificates.

 

The
Trust and Servicing Agreement provides that the respective obligations and responsibilities of the Servicer, the Special Servicer,
the Operating Advisor, the Depositor, the Certificate Administrator and the Trustee created thereby (other than the obligation
to make certain payments to the Companion Loan Holders, other than the obligation of the Certificate Administrator to make certain
payments to Certificateholders after the final Distribution Date and other than the indemnification rights and obligations of
the parties thereto) shall terminate upon the last action required to be taken by the Certificate Administrator on the final Distribution
Date pursuant to Article 11 of the Trust and Servicing Agreement upon the later of (i) the final payment on the Certificates or
(ii) the liquidation of the Mortgage Loan (including, without limitation, the sale of the Mortgage Loan pursuant to the Trust
and Servicing Agreement, as applicable) or the liquidation or abandonment of the Property and all other Collateral for the Mortgage
Loan; provided, that in no event shall the Trust continue beyond the expiration of 21 years from the death of the last
survivor of the descendants of Joseph P. Kennedy, the late ambassador of the United States to the Court of St. James’s,
living on the date of execution of the Trust and Servicing Agreement.

 

    Exhibit A-4-6

     

    
Unless
the Certificate of Authentication on this Certificate has been executed by the Certificate Administrator or on its behalf by the
Authenticating Agent, by manual signature, this Certificate shall not be entitled to any benefit under the Trust and Servicing
Agreement or be valid for any purpose.

 

The
Certificate Administrator makes no representation or warranty as to any of the statements contained herein or the validity or
sufficiency of the Certificates or the Mortgage Loan and has executed this Certificate in its limited capacity as Certificate
Administrator under the Trust and Servicing Agreement.

 

    Exhibit A-4-7

     

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

 

Dated: December
12, 2019

 

	 	 	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 Trust and Servicing Agreement.

 

Dated: December
12, 2019

 

	 	 	WELLS FARGO BANK, NATIONAL ASSOCIATION, 

not in its individual capacity but solely as Authenticating Agent
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

 

    Exhibit A-4-8

     

    
SCHEDULE
A

 

SCHEDULE OF
EXCHANGES

 

The following
payments of principal and exchanges of a part of this [Rule 144A Global Certificate] [Temporary Regulation S Global Certificate]
[Regulation S Global Certificate] [Definitive Certificate] have been made:

 

	Date of

Exchange or 

Payment of 

Principal 

	 	Certificate

Balance 

Prior to 

Exchange or 

Payment 

	 	Certificate

Balance 

Exchanged 

or Principal 

Payment 

Made 

	 	Type of

Certificate 

Exchanged 

for 

	 	Remaining

Certificate 

Balance 

Following 

Such 

Exchange or 

Payment 

	 	Notation

Made by 

	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 

 

    Exhibit A-4-9

     

    
ASSIGNMENT

 

FOR
VALUE RECEIVED, the undersigned (“Assignor(s)”) hereby sell(s), assign(s) and transfer(s) unto __________________________________________
(please print or typewrite name(s) and address(es), including postal zip code(s) of assignee(s)) (“Assignee(s)”)
the entire Percentage Interest represented by the within Certificate and hereby authorize(s) the registration of transfer of such
interest to Assignee(s) on the Certificate Register of the Trust.

 

I
(we) further direct the Certificate Registrar to issue a new Certificate of the entire Percentage Interest represented by the
within Certificate to the above-named Assignee(s) and to deliver such Certificate to the following address:

 

	 	 
	 	 

 

Date: __________________

 

	 	Signature by or on behalf of

Assignor(s):	 
	 	 	 
	 	 	 
	 	
        Taxpayer Identification Number: _________ 
	 

    Exhibit A-4-10

     

    
DISTRIBUTION
INSTRUCTIONS

 

The
Assignee(s) should include the following for purposes of distribution:

 

Address
of the Assignee(s) for the purpose of receiving notices and distributions: ____________________________________________________________.

 

Distributions,
if being made by wire transfer in immediately available funds, to ____________________________ for the account of __________________________
account number ____________________.

 

This
information is provided by _______________________________________ the Assignee(s) named above, or ________________________________________________
as its (their) agent.

 

	 	By:	 
	 	 	[Please print or type name(s)]
	 	 	 
	 	Title:	 
	 	 	 
	 	Taxpayer Identification Number:

 

    Exhibit A-4-11

     

    
EXHIBIT
A-5

 

[FORM OF]
CLASS C CERTIFICATE

 

[FOR
TEMPORARY REGULATION S CERTIFICATES:] 37 [THIS CERTIFICATE IS A TEMPORARY REGULATION S GLOBAL CERTIFICATE FOR
PURPOSES OF REGULATION S UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”). NEITHER THIS TEMPORARY REGULATION S GLOBAL CERTIFICATE NOR ANY INTEREST HEREIN MAY BE OFFERED, SOLD OR
DELIVERED, EXCEPT AS PERMITTED UNDER THE TRUST AND SERVICING AGREEMENT REFERRED TO BELOW.

 

NO BENEFICIAL
OWNERS OF THIS TEMPORARY REGULATION S GLOBAL CERTIFICATE SHALL BE ENTITLED TO RECEIVE PAYMENTS OF PRINCIPAL OR INTEREST HEREON
UNLESS THE REQUIRED CERTIFICATIONS HAVE BEEN DELIVERED PURSUANT TO THE TERMS OF THE TRUST AND SERVICING AGREEMENT.]

 

[FOR BOOK-ENTRY
CERTIFICATES:]38 [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.

 

TRANSFERS
OF THIS GLOBAL CERTIFICATE SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF DTC OR A SUCCESSOR THEREOF
OR SUCH SUCCESSOR’S NOMINEE, AND TRANSFERS OF BENEFICIAL INTERESTS IN THIS GLOBAL CERTIFICATE SHALL BE LIMITED TO TRANSFERS
MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN THE TRUST AND SERVICING AGREEMENT REFERRED TO BELOW.]

 

THIS CERTIFICATE
DOES NOT REPRESENT AN INTEREST IN OR OBLIGATION OF THE DEPOSITOR, THE SPONSOR, THE GUARANTOR, THE BORROWER, THE SERVICER, THE
SPECIAL SERVICER, THE CERTIFICATE ADMINISTRATOR, THE TRUSTEE, THE CUSTODIAN, THE OPERATING ADVISOR, THE INITIAL PURCHASERS, THE
MORTGAGE LOAN SELLERS OR ANY OF THEIR

 

 

37
Temporary Regulation S Global Certificate legend.

 

38
Legend required as long as DTC is the Depository under the Trust and Servicing Agreement. 

 

    Exhibit A-5-1

     

    
RESPECTIVE
AFFILIATES. NEITHER THIS CERTIFICATE NOR THE MORTGAGE LOAN ARE INSURED OR GUARANTEED BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY
OR PRIVATE INSURER.

 

PRINCIPAL
PAYMENTS IN RESPECT OF THIS CERTIFICATE ARE DISTRIBUTABLE AS SET FORTH IN THE TRUST AND SERVICING AGREEMENT. ACCORDINGLY, THE
OUTSTANDING CERTIFICATE BALANCE OF THIS CERTIFICATE AT ANY TIME MAY BE LESS THAN THE INITIAL CERTIFICATE BALANCE.

 

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 (A) IN THE UNITED STATES ONLY (1) FOR SO LONG AS THIS CERTIFICATE IS ELIGIBLE
FOR RESALE PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”), TO AN INSTITUTIONAL INVESTOR THAT
THE HOLDER REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” WITHIN THE MEANING OF RULE 144A (“QUALIFIED
INSTITUTIONAL BUYER”) PURCHASING FOR ITS OWN ACCOUNT, OR A PERSON PURCHASING FOR THE ACCOUNT OF ANOTHER QUALIFIED INSTITUTIONAL
BUYER, WHOM THE HOLDER HAS INFORMED, IN EACH CASE, THAT THE REOFFER, RESALE, PLEDGE OR OTHER TRANSFER IS BEING MADE IN RELIANCE
ON RULE 144A, AND (2) IN THE CASE OF THE REGULAR CERTIFICATES, TO AN INSTITUTIONAL INVESTOR THAT IS AN “ACCREDITED INVESTOR”
AS SUCH TERM IS DEFINED IN RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT OR ANY ENTITY IN WHICH ALL
OF THE EQUITY OWNERS ARE INSTITUTIONAL INVESTORS THAT ARE “ACCREDITED INVESTORS” AS SUCH TERM IS DEFINED IN RULE
501(a)(1), (2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT, (B) IN THE CASE OF THE REGULAR CERTIFICATES, TO AN INSTITUTION
THAT IS A NON “U.S. PERSON” IN AN “OFFSHORE TRANSACTION,” AS SUCH TERMS ARE DEFINED IN, AND IN ACCORDANCE
WITH, RULE 903 OR RULE 904 OF, REGULATION S UNDER THE SECURITIES ACT, AND (C) IN ACCORDANCE WITH ANY OTHER APPLICABLE SECURITIES
LAWS OF ANY STATE OF THE UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION.

 

THIS CLASS
C CERTIFICATE IS SUBORDINATED TO CERTAIN OTHER CLASSES OF CERTIFICATES AS AND TO THE EXTENT SET FORTH IN THE TRUST AND SERVICING
AGREEMENT REFERRED TO HEREIN.

 

TRANSFERS
AND EXCHANGES OF PORTIONS OF THIS CERTIFICATE ARE SUBJECT TO RESTRICTIONS AS PROVIDED IN THE TRUST AND SERVICING AGREEMENT REFERRED
TO BELOW.

 

    Exhibit A-5-2

     

    
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 CODE.

 

    Exhibit A-5-3

     

    
BX TRUST 2019-OC11
COMMERCIAL
MORTGAGE PASS-THROUGH CERTIFICATES,
SERIES 2019-OC11, CLASS C

 

	Pass-Through
Rate: Class C Pass-Through Rate

	 

	 	 
	First
Distribution Date: January 9, 2020

	 

	 	 
	Aggregate
Initial Certificate Balance of the Class C Certificates as of the Closing Date: $247,700,000

	Rated
Final Distribution Date: December 2041

	 	 
	Certificate
Balance of this Class C Certificate as of the Closing Date: $[_____] [(subject to the Schedule of Exchanges attached as Schedule
A hereto)]39

                                                        

CUSIP:
     05606F AJ240
U1224F AE141
05606F AK942

	 

	 	 
	ISIN:
       US05606FAJ2143
USU1224FAE1744
US05606FAK9345

	 

	 	 
	No.: C-[1]

	 

 

This
certifies that [FOR DEFINITIVE CERTIFICATES: [NAME OF HOLDER]][FOR BOOK-ENTRY CERTIFICATES: Cede & Co.] is the registered
owner of the Percentage Interest evidenced by this Certificate in the distributions to be made from a Trust Fund with respect
to the Class C Certificates. The Trust Fund consists primarily of one or more separate promissory notes held in trust by the Trustee,
issued by a special purpose entity and evidencing a fixed-rate mortgage loan (the “Mortgage Loan”). The Trust
Fund was created, and the Mortgage Loan is to be serviced, pursuant to the Trust and Servicing Agreement (as defined

 

 

39
For Global Certificate only.

 

40
For Rule 144A Certificates

 

41
For Regulation S Certificates

 

42
For IAI Certificates

 

43
For Rule 144A Certificates

 

44
For Regulation S Certificates

 

45
For IAI Certificates 

 

    Exhibit A-5-4

     

    
below).
The Holder of this Certificate, by virtue of the acceptance hereof, assents to the terms, provisions and conditions of the Trust
and Servicing Agreement and is bound thereby. In the case of any conflict between terms specified in this Certificate and terms
specified in the Trust and Servicing Agreement, the terms of the Trust and Servicing Agreement shall govern.

 

This
Certificate is issued pursuant to, and in accordance with, the terms of a Trust and Servicing Agreement, dated as of December
1, 2019 (the “Trust and Servicing Agreement”), between Morgan Stanley Capital I Inc., as Depositor, KeyBank
National Association, as Servicer, Situs Holdings, LLC, as Special Servicer, Wells Fargo Bank, National Association, as Trustee,
Certificate Administrator and Custodian, and Park Bridge Lender Services LLC, as Operating Advisor. To the extent not defined
herein, capitalized terms used herein shall have the meanings assigned thereto in the Trust and Servicing Agreement.

 

This
Certificate is a “regular interest” in a “real estate mortgage investment conduit”, as those terms
are defined, respectively, in Sections 860G(a)(1) and 860D of the Internal Revenue Code of 1986, as amended. Each Holder of this
Certificate, by acceptance hereof, agrees to treat, and take no action inconsistent with the treatment of, this Certificate in
accordance with the preceding sentence for purposes of federal income taxes, state and local income and franchise taxes and other
taxes imposed on or measured by income.

 

Pursuant
to the terms of the Trust and Servicing Agreement, the Certificate Administrator will distribute, on the 4th Business
Day after the Determination Date, commencing in January 2020 (each such date, a “Distribution Date”), to
the Person in whose name this Certificate is registered as of the related Record Date, an amount equal to such Person’s
pro rata share (based on the Percentage Interest represented by this Certificate) of that portion of the aggregate amount of principal
and interest then distributable, if any, allocable to the Class C Certificates for such Distribution Date, all as more fully described
in the Trust and Servicing Agreement.

 

All
distributions will be made to the Persons entitled thereto by wire transfer of immediately available funds to the account of such
Certificateholder at a bank or other entity located in the United States and having appropriate facilities therefor provided
that the Certificate Administrator has received appropriate wire transfer instructions therefrom, or by check by first class
mail to the address set forth therefor in the Certificate Register if wiring instructions have not been received at least five
(5) Business Days prior to the Distribution Date. The final distribution on each Certificate shall be made in like manner, but
only upon presentment and surrender of such Certificate at the location that is specified by the Certificate Administrator in
the notice to Certificateholders of such final distribution.

 

This
Certificate does not purport to summarize the Trust and Servicing Agreement, and reference is made to the Trust and Servicing
Agreement for the interests, rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights,
duties and immunities of the parties thereto.

 

As
provided in the Trust and Servicing Agreement, subject to certain restrictions on transfer set forth therein, upon surrender for
registration of transfer of any Certificate, the Certificate Registrar shall execute, authenticate and deliver, in the name of
the designated

 

    Exhibit A-5-5

     

    
transferee
or transferees, one or more new Certificates in authorized denominations, in like aggregate interest and of the same Class.

 

Prior
to due presentation of this Certificate for registration of transfer, the Certificate Administrator, the Trustee, the Servicer,
the Special Servicer, the Operating Advisor, the Certificate Registrar, and any agent of the Certificate Administrator, the Trustee,
the Servicer, the Special Servicer, the Operating Advisor or the Certificate Registrar may treat the Person in whose name any
Certificate is registered as the owner of such Certificate for the purpose of receiving distributions as provided in the Trust
and Servicing Agreement and for all other purposes whatsoever, and none of the Certificate Administrator, the Trustee, the Servicer,
the Special Servicer, the Operating Advisor, the Certificate Registrar, nor any agent of the Certificate Administrator, the Trustee,
the Servicer, the Special Servicer, the Operating Advisor or the Certificate Registrar shall be affected by any notice to the
contrary; provided, however, that to the extent that a party to the Trust and Servicing Agreement responsible for
distributing any report, statement or other information required to be distributed to Certificateholders has been provided an
Investor Certification, such party to the Trust and Servicing Agreement shall distribute such report, statement or other information
to such beneficial owner (or prospective transferee).

 

The
Trust and Servicing Agreement permits, with certain exceptions therein provided, the amendment thereof and the modification of
the rights and obligations of the Certificateholders under the Trust and Servicing Agreement at any time by the parties thereto
with the consent of the Holders of Certificates of each Class affected by such amendment evidencing in the aggregate not less
than 51% of the aggregate Percentage Interests constituting the Class. Any such consent by the Holder of this Certificate shall
be conclusive and binding on such Holder and upon all future Holders of this Certificate and of any Certificate issued upon the
transfer hereof or in exchange herefor or in lieu hereof whether or not notation of such consent is made upon the Certificate.
The Trust and Servicing Agreement also permits the amendment thereof, in certain circumstances, without the consent of the Holders
of any of the Certificates.

 

The
Trust and Servicing Agreement provides that the respective obligations and responsibilities of the Servicer, the Special Servicer,
the Operating Advisor, the Depositor, the Certificate Administrator and the Trustee created thereby (other than the obligation
to make certain payments to the Companion Loan Holders, other than the obligation of the Certificate Administrator to make certain
payments to Certificateholders after the final Distribution Date and other than the indemnification rights and obligations of
the parties thereto) shall terminate upon the last action required to be taken by the Certificate Administrator on the final Distribution
Date pursuant to Article 11 of the Trust and Servicing Agreement upon the later of (i) the final payment on the Certificates or
(ii) the liquidation of the Mortgage Loan (including, without limitation, the sale of the Mortgage Loan pursuant to the Trust
and Servicing Agreement, as applicable) or the liquidation or abandonment of the Property and all other Collateral for the Mortgage
Loan; provided, that in no event shall the Trust continue beyond the expiration of 21 years from the death of the last
survivor of the descendants of Joseph P. Kennedy, the late ambassador of the United States to the Court of St. James’s,
living on the date of execution of the Trust and Servicing Agreement.

 

    Exhibit A-5-6

     

    
Unless
the Certificate of Authentication on this Certificate has been executed by the Certificate Administrator or on its behalf by the
Authenticating Agent, by manual signature, this Certificate shall not be entitled to any benefit under the Trust and Servicing
Agreement or be valid for any purpose.

 

The
Certificate Administrator makes no representation or warranty as to any of the statements contained herein or the validity or
sufficiency of the Certificates or the Mortgage Loan and has executed this Certificate in its limited capacity as Certificate
Administrator under the Trust and Servicing Agreement.

 

    Exhibit A-5-7

     

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

 

Dated: December
12, 2019

 

	 	 	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 Trust and Servicing Agreement.

 

Dated: December
12, 2019

 

	 	 	WELLS FARGO BANK, NATIONAL ASSOCIATION, 

not in its individual capacity but solely as Authenticating Agent
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    Exhibit A-5-8

     

    
SCHEDULE
A

 

SCHEDULE OF
EXCHANGES

 

The following
payments of principal and exchanges of a part of this [Rule 144A Global Certificate] [Temporary Regulation S Global Certificate]
[Regulation S Global Certificate] [Definitive Certificate] have been made:

 

	Date of

Exchange or 

Payment of 

Principal 

	 	Certificate

Balance 

Prior to 

Exchange or 

Payment 

	 	Certificate

Balance 

Exchanged 

or Principal 

Payment 

Made 

	 	Type of

Certificate 

Exchanged 

for 

	 	Remaining

Certificate 

Balance 

Following 

Such 

Exchange or 

Payment 

	 	Notation

Made by 

	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 

 

    Exhibit A-5-9

     

    
ASSIGNMENT

 

FOR
VALUE RECEIVED, the undersigned (“Assignor(s)”) hereby sell(s), assign(s) and transfer(s) unto __________________________________________
(please print or typewrite name(s) and address(es), including postal zip code(s) of assignee(s)) (“Assignee(s)”)
the entire Percentage Interest represented by the within Certificate and hereby authorize(s) the registration of transfer of such
interest to Assignee(s) on the Certificate Register of the Trust.

 

I
(we) further direct the Certificate Registrar to issue a new Certificate of the entire Percentage Interest represented by the
within Certificate to the above-named Assignee(s) and to deliver such Certificate to the following address:

 

	 	 
	 	 

 

Date: __________________

 

	 	Signature by or on behalf of

Assignor(s):	 
	 	 	 
	 	 	 
	 	
        Taxpayer Identification Number: _________
	 

 

    Exhibit A-5-10

     

    
DISTRIBUTION
INSTRUCTIONS

 

The
Assignee(s) should include the following for purposes of distribution:

 

Address
of the Assignee(s) for the purpose of receiving notices and distributions: ____________________________________________________________.

 

Distributions,
if being made by wire transfer in immediately available funds, to ____________________________ for the account of __________________________
account number ____________________.

 

This
information is provided by _______________________________________ the Assignee(s) named above, or ________________________________________________
as its (their) agent.

 

	 	By:	 
	 	 	[Please print or type name(s)]
	 	 	 
	 	Title:	 
	 	 	 
	 	Taxpayer Identification Number:

  

    Exhibit A-5-11

     

    

EXHIBIT A-6

 

[FORM OF] CLASS D CERTIFICATE

 

[FOR TEMPORARY REGULATION
S CERTIFICATES:] 46
[THIS CERTIFICATE IS A TEMPORARY REGULATION S GLOBAL CERTIFICATE FOR PURPOSES OF REGULATION S UNDER THE UNITED STATES
SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”). NEITHER THIS TEMPORARY REGULATION S GLOBAL
CERTIFICATE NOR ANY INTEREST HEREIN MAY BE OFFERED, SOLD OR DELIVERED, EXCEPT AS PERMITTED UNDER THE TRUST AND SERVICING
AGREEMENT REFERRED TO BELOW.

 

NO BENEFICIAL OWNERS OF THIS
TEMPORARY REGULATION S GLOBAL CERTIFICATE SHALL BE ENTITLED TO RECEIVE PAYMENTS OF PRINCIPAL OR INTEREST HEREON UNLESS THE
REQUIRED CERTIFICATIONS HAVE BEEN DELIVERED PURSUANT TO THE TERMS OF THE TRUST AND SERVICING AGREEMENT.]

 

[FOR BOOK-ENTRY CERTIFICATES:]47
[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.

 

TRANSFERS OF THIS GLOBAL CERTIFICATE
SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF DTC OR A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE,
AND TRANSFERS OF BENEFICIAL INTERESTS IN THIS GLOBAL CERTIFICATE SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS
SET FORTH IN THE TRUST AND SERVICING AGREEMENT REFERRED TO BELOW.]

 

THIS CERTIFICATE DOES NOT REPRESENT
AN INTEREST IN OR OBLIGATION OF THE DEPOSITOR, THE SPONSOR, THE GUARANTOR, THE BORROWER, THE SERVICER, THE SPECIAL SERVICER, THE
CERTIFICATE ADMINISTRATOR, THE TRUSTEE, THE CUSTODIAN, THE OPERATING ADVISOR, THE INITIAL PURCHASERS, THE MORTGAGE LOAN SELLERS
OR ANY OF THEIR

 

 

 

46
Temporary Regulation S Global Certificate legend.

 

47
Legend required as long as DTC is the Depository under the Trust and Servicing Agreement.

    Exhibit A-6-1

     

    

RESPECTIVE AFFILIATES. NEITHER THIS CERTIFICATE NOR THE MORTGAGE LOAN ARE INSURED OR GUARANTEED BY ANY GOVERNMENTAL
AGENCY OR INSTRUMENTALITY OR PRIVATE INSURER.

 

PRINCIPAL PAYMENTS IN RESPECT OF THIS
CERTIFICATE ARE DISTRIBUTABLE AS SET FORTH IN THE TRUST AND SERVICING AGREEMENT. ACCORDINGLY, THE OUTSTANDING CERTIFICATE BALANCE
OF THIS CERTIFICATE AT ANY TIME MAY BE LESS THAN THE INITIAL CERTIFICATE BALANCE.

 

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 (A) IN THE UNITED STATES ONLY (1) FOR SO LONG AS THIS CERTIFICATE IS
ELIGIBLE FOR RESALE PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”), TO AN INSTITUTIONAL
INVESTOR THAT THE HOLDER REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” WITHIN THE MEANING OF RULE 144A
(“QUALIFIED INSTITUTIONAL BUYER”) PURCHASING FOR ITS OWN ACCOUNT, OR A PERSON PURCHASING FOR THE ACCOUNT
OF ANOTHER QUALIFIED INSTITUTIONAL BUYER, WHOM THE HOLDER HAS INFORMED, IN EACH CASE, THAT THE REOFFER, RESALE, PLEDGE OR
OTHER TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, AND (2) IN THE CASE OF THE REGULAR CERTIFICATES, TO AN INSTITUTIONAL
INVESTOR THAT IS AN “ACCREDITED INVESTOR” AS SUCH TERM IS DEFINED IN RULE 501(a)(1), (2), (3) OR (7) OF
REGULATION D UNDER THE SECURITIES ACT OR ANY ENTITY IN WHICH ALL OF THE EQUITY OWNERS ARE INSTITUTIONAL INVESTORS THAT ARE
“ACCREDITED INVESTORS” AS SUCH TERM IS DEFINED IN RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D UNDER THE
SECURITIES ACT, (B) IN THE CASE OF THE REGULAR CERTIFICATES, TO AN INSTITUTION THAT IS A NON “U.S. PERSON” IN AN
“OFFSHORE TRANSACTION,” AS SUCH TERMS ARE DEFINED IN, AND IN ACCORDANCE WITH, RULE 903 OR RULE 904 OF, REGULATION
S UNDER THE SECURITIES ACT, AND (C) IN ACCORDANCE WITH ANY OTHER APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES
OR ANY OTHER APPLICABLE JURISDICTION.

 

THIS CLASS D CERTIFICATE IS SUBORDINATED
TO CERTAIN OTHER CLASSES OF CERTIFICATES AS AND TO THE EXTENT SET FORTH IN THE TRUST AND SERVICING AGREEMENT REFERRED TO HEREIN.

 

TRANSFERS AND EXCHANGES
OF PORTIONS OF THIS CERTIFICATE ARE SUBJECT TO RESTRICTIONS AS PROVIDED IN THE TRUST AND SERVICING AGREEMENT REFERRED TO BELOW.

 

    Exhibit A-6-2

     

    

 

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 CODE.

 

    Exhibit A-6-3

     

    

 

BX TRUST 2019-OC11

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,

SERIES 2019-OC11, CLASS D

 

	Pass-Through Rate: Class D Pass-Through Rate	 
	 	 
	First Distribution Date: January 9, 2020	 
	 	 
	Aggregate Initial Certificate Balance of the Class D Certificates as of the Closing Date: $263,000,000	Rated Final Distribution Date: December 2041
	 	 
	
        Certificate Balance of this Class D Certificate as of the Closing
        Date: $[_____] [(subject to the Schedule of Exchanges attached as Schedule A hereto)]48

         

        CUSIP:  05606F AL749

        U1224F AF850

        05606F AM551

        
	 
	 	 
	ISIN:      US05606FAL7652

USU1224FAF8153

US05606FAM5954	 
	 	 
	No.: D-[1]	 

 

This certifies that
[FOR DEFINITIVE CERTIFICATES: [NAME OF HOLDER]][FOR BOOK-ENTRY CERTIFICATES: Cede & Co.] is the registered owner of the Percentage
Interest evidenced by this Certificate in the distributions to be made from a Trust Fund with respect to the Class D Certificates.
The Trust Fund consists primarily of one or more separate promissory notes held in trust by the Trustee, issued by a special purpose
entity and evidencing a fixed-rate mortgage loan (the “Mortgage Loan”). The Trust Fund was created, and the
Mortgage Loan is to be serviced, pursuant to the Trust and Servicing Agreement (as defined

 

 

 

48
For Global Certificate only.

 

49
For Rule 144A Certificates

 

50
For Regulation S Certificates

 

51
For IAI Certificates

 

52
For Rule 144A Certificates

 

53
For Regulation S Certificates

 

54
For IAI Certificates

 

    Exhibit A-6-4

     

    

 

below). The Holder of this Certificate,
by virtue of the acceptance hereof, assents to the terms, provisions and conditions of the Trust and Servicing Agreement and is
bound thereby. In the case of any conflict between terms specified in this Certificate and terms specified in the Trust and Servicing
Agreement, the terms of the Trust and Servicing Agreement shall govern.

 

This Certificate is
issued pursuant to, and in accordance with, the terms of a Trust and Servicing Agreement, dated as of December 1, 2019 (the “Trust
and Servicing Agreement”), between Morgan Stanley Capital I Inc., as Depositor, KeyBank National Association, as Servicer,
Situs Holdings, LLC, as Special Servicer, Wells Fargo Bank, National Association, as Trustee, Certificate Administrator and Custodian,
and Park Bridge Lender Services LLC, as Operating Advisor. To the extent not defined herein, capitalized terms used herein shall
have the meanings assigned thereto in the Trust and Servicing Agreement.

 

This Certificate is
a “regular interest” in a “real estate mortgage investment conduit”, as those terms are defined, respectively,
in Sections 860G(a)(1) and 860D of the Internal Revenue Code of 1986, as amended. Each Holder of this Certificate, by acceptance
hereof, agrees to treat, and take no action inconsistent with the treatment of, this Certificate in accordance with the preceding
sentence for purposes of federal income taxes, state and local income and franchise taxes and other taxes imposed on or measured
by income.

 

Pursuant to the terms
of the Trust and Servicing Agreement, the Certificate Administrator will distribute, on the 4th Business Day after the
Determination Date, commencing in January 2020 (each such date, a “Distribution Date”), to the Person in whose
name this Certificate is registered as of the related Record Date, an amount equal to such Person’s pro rata share (based
on the Percentage Interest represented by this Certificate) of that portion of the aggregate amount of principal and interest then
distributable, if any, allocable to the Class D Certificates for such Distribution Date, all as more fully described in the Trust
and Servicing Agreement.

 

All distributions will
be made to the Persons entitled thereto by wire transfer of immediately available funds to the account of such Certificateholder
at a bank or other entity located in the United States and having appropriate facilities therefor provided that the Certificate
Administrator has received appropriate wire transfer instructions therefrom, or by check by first class mail to the address set
forth therefor in the Certificate Register if wiring instructions have not been received at least five (5) Business Days prior
to the Distribution Date. The final distribution on each Certificate shall be made in like manner, but only upon presentment and
surrender of such Certificate at the location that is specified by the Certificate Administrator in the notice to Certificateholders
of such final distribution.

 

This Certificate does
not purport to summarize the Trust and Servicing Agreement, and reference is made to the Trust and Servicing Agreement for the
interests, rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights, duties and immunities
of the parties thereto.

 

As provided in the Trust
and Servicing Agreement, subject to certain restrictions on transfer set forth therein, upon surrender for registration of transfer
of any Certificate, the Certificate Registrar shall execute, authenticate and deliver, in the name of the designated

 

    Exhibit A-6-5

     

    

 

transferee
or transferees, one or more new Certificates in authorized denominations, in like aggregate interest and of the same Class.

 

Prior to due presentation
of this Certificate for registration of transfer, the Certificate Administrator, the Trustee, the Servicer, the Special Servicer,
the Operating Advisor, the Certificate Registrar, and any agent of the Certificate Administrator, the Trustee, the Servicer, the
Special Servicer, the Operating Advisor or the Certificate Registrar may treat the Person in whose name any Certificate is registered
as the owner of such Certificate for the purpose of receiving distributions as provided in the Trust and Servicing Agreement and
for all other purposes whatsoever, and none of the Certificate Administrator, the Trustee, the Servicer, the Special Servicer,
the Operating Advisor, the Certificate Registrar, nor any agent of the Certificate Administrator, the Trustee, the Servicer, the
Special Servicer, the Operating Advisor or the Certificate Registrar shall be affected by any notice to the contrary; provided,
however, that to the extent that a party to the Trust and Servicing Agreement responsible for distributing any report, statement
or other information required to be distributed to Certificateholders has been provided an Investor Certification, such party to
the Trust and Servicing Agreement shall distribute such report, statement or other information to such beneficial owner (or prospective
transferee).

 

The Trust and Servicing
Agreement permits, with certain exceptions therein provided, the amendment thereof and the modification of the rights and obligations
of the Certificateholders under the Trust and Servicing Agreement at any time by the parties thereto with the consent of the Holders
of Certificates of each Class affected by such amendment evidencing in the aggregate not less than 51% of the aggregate Percentage
Interests constituting the Class. Any such consent by the Holder of this Certificate shall be conclusive and binding on such Holder
and upon all future Holders of this Certificate and of any Certificate issued upon the transfer hereof or in exchange herefor or
in lieu hereof whether or not notation of such consent is made upon the Certificate. The Trust and Servicing Agreement also permits
the amendment thereof, in certain circumstances, without the consent of the Holders of any of the Certificates.

 

The Trust and Servicing
Agreement provides that the respective obligations and responsibilities of the Servicer, the Special Servicer, the Operating Advisor,
the Depositor, the Certificate Administrator and the Trustee created thereby (other than the obligation to make certain payments
to the Companion Loan Holders, other than the obligation of the Certificate Administrator to make certain payments to Certificateholders
after the final Distribution Date and other than the indemnification rights and obligations of the parties thereto) shall terminate
upon the last action required to be taken by the Certificate Administrator on the final Distribution Date pursuant to Article 11
of the Trust and Servicing Agreement upon the later of (i) the final payment on the Certificates or (ii) the liquidation of the
Mortgage Loan (including, without limitation, the sale of the Mortgage Loan pursuant to the Trust and Servicing Agreement, as applicable)
or the liquidation or abandonment of the Property and all other Collateral for the Mortgage Loan; provided, that in no event
shall the Trust continue beyond the expiration of 21 years from the death of the last survivor of the descendants of Joseph P.
Kennedy, the late ambassador of the United States to the Court of St. James’s, living on the date of execution of the Trust
and Servicing Agreement.

 

    Exhibit A-6-6

     

    

 

Unless the Certificate
of Authentication on this Certificate has been executed by the Certificate Administrator or on its behalf by the Authenticating
Agent, by manual signature, this Certificate shall not be entitled to any benefit under the Trust and Servicing Agreement or be
valid for any purpose.

 

The Certificate Administrator
makes no representation or warranty as to any of the statements contained herein or the validity or sufficiency of the Certificates
or the Mortgage Loan and has executed this Certificate in its limited capacity as Certificate Administrator under the Trust and
Servicing Agreement.

 

    Exhibit A-6-7

     

    

 

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

 

Dated: December 12, 2019 

	 	 	 
	 	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 Trust and Servicing Agreement.

 

Dated: December 12, 2019

	 	 	 
	 	WELLS
FARGO BANK, NATIONAL ASSOCIATION,
not in its individual capacity but solely as Authenticating Agent

	 	 	 
	 	By: 	 
	 	 	Name:
	 	 	Title:

 

    Exhibit A-6-8

     

    

 

SCHEDULE A

 

SCHEDULE OF EXCHANGES

 

The following payments of principal
and exchanges of a part of this [Rule 144A Global Certificate] [Temporary Regulation S Global Certificate] [Regulation S
Global Certificate] [Definitive Certificate] have been made:

 

	Date
    of 

Exchange or 

Payment of 

Principal	 	Certificate
    

Balance Prior 

to Exchange or 

Payment	 	Certificate
    

Balance 

Exchanged or 

Principal 

Payment Made	 	Type
    of 

Certificate 

Exchanged for	 	Remaining
    

Certificate 

Balance 

Following Such 

Exchange or 

Payment	 	Notation
    Made 

by
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 

 

    Exhibit A-6-9

     

    

ASSIGNMENT

 

FOR VALUE RECEIVED,
the undersigned (“Assignor(s)”) hereby sell(s), assign(s) and transfer(s) unto __________________________________________
(please print or typewrite name(s) and address(es), including postal zip code(s) of assignee(s)) (“Assignee(s)”)
the entire Percentage Interest represented by the within Certificate and hereby authorize(s) the registration of transfer of such
interest to Assignee(s) on the Certificate Register of the Trust.

 

I (we) further direct
the Certificate Registrar to issue a new Certificate of the entire Percentage Interest represented by the within Certificate to
the above-named Assignee(s) and to deliver such Certificate to the following address:

	 	 
	 	 
	 	 
	 	 
	Date:
    __________________	 

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

 

    Exhibit A-6-10

     

    

 

DISTRIBUTION
INSTRUCTIONS

 

The
Assignee(s) should include the following for purposes of distribution:

 

Address
of the Assignee(s) for the purpose of receiving notices and distributions: _____________________________________________________________.

 

Distributions,
if being made by wire transfer in immediately available funds, to ____________________________ for the account of __________________________
account number ____________________.

 

This
information is provided by _____________________________________________________ the Assignee(s) named above, or ________________________________________________
as its (their) agent.

 

	 	By:	 
	 	 	[Please
    print or type name(s)]

 

	 	Title:	 
	 	 	 
	 	 	Taxpayer
    Identification Number:

 

    Exhibit A-6-11

     

    

 

EXHIBIT A-7

 

[FORM OF] CLASS E CERTIFICATE

 

[FOR TEMPORARY REGULATION
S CERTIFICATES:] 55
[THIS CERTIFICATE IS A TEMPORARY REGULATION S GLOBAL CERTIFICATE FOR PURPOSES OF REGULATION S UNDER THE UNITED STATES
SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”). NEITHER THIS TEMPORARY REGULATION S GLOBAL
CERTIFICATE NOR ANY INTEREST HEREIN MAY BE OFFERED, SOLD OR DELIVERED, EXCEPT AS PERMITTED UNDER THE TRUST AND SERVICING
AGREEMENT REFERRED TO BELOW.

 

NO BENEFICIAL OWNERS OF THIS
TEMPORARY REGULATION S GLOBAL CERTIFICATE SHALL BE ENTITLED TO RECEIVE PAYMENTS OF PRINCIPAL OR INTEREST HEREON UNLESS THE
REQUIRED CERTIFICATIONS HAVE BEEN DELIVERED PURSUANT TO THE TERMS OF THE TRUST AND SERVICING AGREEMENT.]

 

[FOR BOOK-ENTRY CERTIFICATES:]56
[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.

 

TRANSFERS OF THIS GLOBAL CERTIFICATE
SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF DTC OR A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE,
AND TRANSFERS OF BENEFICIAL INTERESTS IN THIS GLOBAL CERTIFICATE SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS
SET FORTH IN THE TRUST AND SERVICING AGREEMENT REFERRED TO BELOW.]

 

THIS CERTIFICATE DOES NOT REPRESENT
AN INTEREST IN OR OBLIGATION OF THE DEPOSITOR, THE SPONSOR, THE GUARANTOR, THE BORROWER, THE SERVICER, THE SPECIAL SERVICER, THE
CERTIFICATE ADMINISTRATOR, THE TRUSTEE, THE CUSTODIAN, THE OPERATING ADVISOR, THE INITIAL PURCHASERS, THE MORTGAGE LOAN SELLERS
OR ANY OF THEIR

 

 

 

55
Temporary Regulation S Global Certificate legend.

 

56
Legend required as long as DTC is the Depository under the Trust and Servicing Agreement.

 

    Exhibit A-7-1

     

    

 

RESPECTIVE AFFILIATES. NEITHER THIS CERTIFICATE NOR THE MORTGAGE LOAN ARE INSURED OR GUARANTEED BY ANY GOVERNMENTAL
AGENCY OR INSTRUMENTALITY OR PRIVATE INSURER.

 

PRINCIPAL PAYMENTS IN RESPECT OF THIS
CERTIFICATE ARE DISTRIBUTABLE AS SET FORTH IN THE TRUST AND SERVICING AGREEMENT. ACCORDINGLY, THE OUTSTANDING CERTIFICATE BALANCE
OF THIS CERTIFICATE AT ANY TIME MAY BE LESS THAN THE INITIAL CERTIFICATE BALANCE.

 

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 (A) IN THE UNITED STATES ONLY (1) FOR SO LONG AS THIS CERTIFICATE IS
ELIGIBLE FOR RESALE PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”), TO AN INSTITUTIONAL
INVESTOR THAT THE HOLDER REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” WITHIN THE MEANING OF RULE 144A
(“QUALIFIED INSTITUTIONAL BUYER”) PURCHASING FOR ITS OWN ACCOUNT, OR A PERSON PURCHASING FOR THE ACCOUNT
OF ANOTHER QUALIFIED INSTITUTIONAL BUYER, WHOM THE HOLDER HAS INFORMED, IN EACH CASE, THAT THE REOFFER, RESALE, PLEDGE OR
OTHER TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, AND (2) IN THE CASE OF THE REGULAR CERTIFICATES, TO AN INSTITUTIONAL
INVESTOR THAT IS AN “ACCREDITED INVESTOR” AS SUCH TERM IS DEFINED IN RULE 501(a)(1), (2), (3) OR (7) OF
REGULATION D UNDER THE SECURITIES ACT OR ANY ENTITY IN WHICH ALL OF THE EQUITY OWNERS ARE INSTITUTIONAL INVESTORS THAT ARE
“ACCREDITED INVESTORS” AS SUCH TERM IS DEFINED IN RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D UNDER THE
SECURITIES ACT, (B) IN THE CASE OF THE REGULAR CERTIFICATES, TO AN INSTITUTION THAT IS A NON “U.S. PERSON” IN AN
“OFFSHORE TRANSACTION,” AS SUCH TERMS ARE DEFINED IN, AND IN ACCORDANCE WITH, RULE 903 OR RULE 904 OF, REGULATION
S UNDER THE SECURITIES ACT, AND (C) IN ACCORDANCE WITH ANY OTHER APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES
OR ANY OTHER APPLICABLE JURISDICTION.

 

THIS CLASS E CERTIFICATE IS SUBORDINATED
TO CERTAIN OTHER CLASSES OF CERTIFICATES AS AND TO THE EXTENT SET FORTH IN THE TRUST AND SERVICING AGREEMENT REFERRED TO HEREIN.

 

TRANSFERS AND EXCHANGES
OF PORTIONS OF THIS CERTIFICATE ARE SUBJECT TO RESTRICTIONS AS PROVIDED IN THE TRUST AND SERVICING AGREEMENT REFERRED TO BELOW.

 

    Exhibit A-7-2

     

    

 

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 CODE.

 

    Exhibit A-7-3

     

    

 

BX TRUST 2019-OC11

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,

SERIES 2019-OC11, CLASS E

 

	Pass-Through Rate: Class E Pass-Through Rate	 
	 	 
	First Distribution Date: January 9, 2020	 
	 	 
	Aggregate Initial Certificate Balance of the Class E Certificates as of the Closing Date: $563,730,000	Rated Final Distribution Date: December 2041
	 	 
	
        Certificate Balance of this Class E Certificate as of the Closing
        Date: $[_____] [(subject to the Schedule of Exchanges attached as Schedule A hereto)]57

         

        CUSIP:  05606F AN358

        U1224F AG659

        05606F AP860

         
	 
	ISIN:     US05606FAN3361

   USU1224FAG6462

   US05606FAP8063	 
	 	 
	No.: E-[1]	 

 

This certifies that
[FOR DEFINITIVE CERTIFICATES: [NAME OF HOLDER]][FOR BOOK-ENTRY CERTIFICATES: Cede & Co.] is the registered owner of the Percentage
Interest evidenced by this Certificate in the distributions to be made from a Trust Fund with respect to the Class E Certificates.
The Trust Fund consists primarily of one or more separate promissory notes held in trust by the Trustee, issued by a special purpose
entity and evidencing a fixed-rate mortgage loan (the “Mortgage Loan”). The Trust Fund was created, and the
Mortgage Loan is to be serviced, pursuant to the Trust and Servicing Agreement (as defined

 

 

 

57 For Global Certificate
only.

 

58 For Rule 144A Certificates

 

59 For Regulation S Certificates

 

60 For IAI Certificates

 

61 For Rule 144A Certificates

 

62 For Regulation S Certificates

 

63 For IAI
Certificates

 

    Exhibit A-7-4

     

    

below). The Holder of this Certificate,
by virtue of the acceptance hereof, assents to the terms, provisions and conditions of the Trust and Servicing Agreement and is
bound thereby. In the case of any conflict between terms specified in this Certificate and terms specified in the Trust and Servicing
Agreement, the terms of the Trust and Servicing Agreement shall govern.

 

This Certificate is
issued pursuant to, and in accordance with, the terms of a Trust and Servicing Agreement, dated as of December 1, 2019 (the “Trust
and Servicing Agreement”), between Morgan Stanley Capital I Inc., as Depositor, KeyBank National Association, as Servicer,
Situs Holdings, LLC, as Special Servicer, Wells Fargo Bank, National Association, as Trustee, Certificate Administrator and Custodian,
and Park Bridge Lender Services LLC, as Operating Advisor. To the extent not defined herein, capitalized terms used herein shall
have the meanings assigned thereto in the Trust and Servicing Agreement.

 

This Certificate is
a “regular interest” in a “real estate mortgage investment conduit”, as those terms are defined, respectively,
in Sections 860G(a)(1) and 860D of the Internal Revenue Code of 1986, as amended. Each Holder of this Certificate, by acceptance
hereof, agrees to treat, and take no action inconsistent with the treatment of, this Certificate in accordance with the preceding
sentence for purposes of federal income taxes, state and local income and franchise taxes and other taxes imposed on or measured
by income.

 

Pursuant to the terms
of the Trust and Servicing Agreement, the Certificate Administrator will distribute, on the 4th Business Day after the
Determination Date, commencing in January 2020 (each such date, a “Distribution Date”), to the Person in whose
name this Certificate is registered as of the related Record Date, an amount equal to such Person’s pro rata share (based
on the Percentage Interest represented by this Certificate) of that portion of the aggregate amount of principal and interest then
distributable, if any, allocable to the Class E Certificates for such Distribution Date, all as more fully described in the Trust
and Servicing Agreement.

 

All distributions will
be made to the Persons entitled thereto by wire transfer of immediately available funds to the account of such Certificateholder
at a bank or other entity located in the United States and having appropriate facilities therefor provided that the Certificate
Administrator has received appropriate wire transfer instructions therefrom, or by check by first class mail to the address set
forth therefor in the Certificate Register if wiring instructions have not been received at least five (5) Business Days prior
to the Distribution Date. The final distribution on each Certificate shall be made in like manner, but only upon presentment and
surrender of such Certificate at the location that is specified by the Certificate Administrator in the notice to Certificateholders
of such final distribution.

 

This Certificate does
not purport to summarize the Trust and Servicing Agreement, and reference is made to the Trust and Servicing Agreement for the
interests, rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights, duties and immunities
of the parties thereto.

 

As provided in the Trust
and Servicing Agreement, subject to certain restrictions on transfer set forth therein, upon surrender for registration of transfer
of any Certificate, the Certificate Registrar shall execute, authenticate and deliver, in the name of the designated

 

    Exhibit A-7-5

     

    

 

transferee
or transferees, one or more new Certificates in authorized denominations, in like aggregate interest and of the same Class.

 

Prior to due presentation
of this Certificate for registration of transfer, the Certificate Administrator, the Trustee, the Servicer, the Special Servicer,
the Operating Advisor, the Certificate Registrar, and any agent of the Certificate Administrator, the Trustee, the Servicer, the
Special Servicer, the Operating Advisor or the Certificate Registrar may treat the Person in whose name any Certificate is registered
as the owner of such Certificate for the purpose of receiving distributions as provided in the Trust and Servicing Agreement and
for all other purposes whatsoever, and none of the Certificate Administrator, the Trustee, the Servicer, the Special Servicer,
the Operating Advisor, the Certificate Registrar, nor any agent of the Certificate Administrator, the Trustee, the Servicer, the
Special Servicer, the Operating Advisor or the Certificate Registrar shall be affected by any notice to the contrary; provided,
however, that to the extent that a party to the Trust and Servicing Agreement responsible for distributing any report, statement
or other information required to be distributed to Certificateholders has been provided an Investor Certification, such party to
the Trust and Servicing Agreement shall distribute such report, statement or other information to such beneficial owner (or prospective
transferee).

 

The Trust and Servicing
Agreement permits, with certain exceptions therein provided, the amendment thereof and the modification of the rights and obligations
of the Certificateholders under the Trust and Servicing Agreement at any time by the parties thereto with the consent of the Holders
of Certificates of each Class affected by such amendment evidencing in the aggregate not less than 51% of the aggregate Percentage
Interests constituting the Class. Any such consent by the Holder of this Certificate shall be conclusive and binding on such Holder
and upon all future Holders of this Certificate and of any Certificate issued upon the transfer hereof or in exchange herefor or
in lieu hereof whether or not notation of such consent is made upon the Certificate. The Trust and Servicing Agreement also permits
the amendment thereof, in certain circumstances, without the consent of the Holders of any of the Certificates.

 

The Trust and Servicing
Agreement provides that the respective obligations and responsibilities of the Servicer, the Special Servicer, the Operating Advisor,
the Depositor, the Certificate Administrator and the Trustee created thereby (other than the obligation to make certain payments
to the Companion Loan Holders, other than the obligation of the Certificate Administrator to make certain payments to Certificateholders
after the final Distribution Date and other than the indemnification rights and obligations of the parties thereto) shall terminate
upon the last action required to be taken by the Certificate Administrator on the final Distribution Date pursuant to Article 11
of the Trust and Servicing Agreement upon the later of (i) the final payment on the Certificates or (ii) the liquidation of the
Mortgage Loan (including, without limitation, the sale of the Mortgage Loan pursuant to the Trust and Servicing Agreement, as applicable)
or the liquidation or abandonment of the Property and all other Collateral for the Mortgage Loan; provided, that in no event
shall the Trust continue beyond the expiration of 21 years from the death of the last survivor of the descendants of Joseph P.
Kennedy, the late ambassador of the United States to the Court of St. James’s, living on the date of execution of the Trust
and Servicing Agreement.

 

    Exhibit A-7-6

     

    

 

Unless the Certificate
of Authentication on this Certificate has been executed by the Certificate Administrator or on its behalf by the Authenticating
Agent, by manual signature, this Certificate shall not be entitled to any benefit under the Trust and Servicing Agreement or be
valid for any purpose.

 

The Certificate Administrator
makes no representation or warranty as to any of the statements contained herein or the validity or sufficiency of the Certificates
or the Mortgage Loan and has executed this Certificate in its limited capacity as Certificate Administrator under the Trust and
Servicing Agreement.

 

    Exhibit A-7-7

     

    

  

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

 

Dated: December 12, 2019 

	 	 	 
	 	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
E Certificates referred to in the Trust and Servicing Agreement.

 

Dated: December 12, 2019

	 	 	 
	 	WELLS
FARGO BANK, NATIONAL ASSOCIATION,
not in its individual capacity but solely as Authenticating Agent

	 	 	 
	 	By: 	 
	 	 	Name:
	 	 	Title:

 

    Exhibit A-7-8

     

    

 

SCHEDULE A

 

SCHEDULE OF EXCHANGES

 

The following payments of principal
and exchanges of a part of this [Rule 144A Global Certificate] [Temporary Regulation S Global Certificate] [Regulation S
Global Certificate] [Definitive Certificate] have been made:

 

	Date
    of 

Exchange or 

Payment of 

Principal	 	Certificate
    

Balance Prior 

to Exchange or 

Payment	 	Certificate
    

Balance 

Exchanged or 

Principal 

Payment Made	 	Type
    of 

Certificate 

Exchanged for	 	Remaining
    

Certificate 

Balance 

Following Such 

Exchange or 

Payment	 	Notation
    Made 

by
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 

    Exhibit A-7-9

     

    

 

ASSIGNMENT

 

FOR VALUE RECEIVED,
the undersigned (“Assignor(s)”) hereby sell(s), assign(s) and transfer(s) unto __________________________________________
(please print or typewrite name(s) and address(es), including postal zip code(s) of assignee(s)) (“Assignee(s)”)
the entire Percentage Interest represented by the within Certificate and hereby authorize(s) the registration of transfer of such
interest to Assignee(s) on the Certificate Register of the Trust.

 

I (we) further direct
the Certificate Registrar to issue a new Certificate of the entire Percentage Interest represented by the within Certificate to
the above-named Assignee(s) and to deliver such Certificate to the following address:

 

	 	 
	 	 
	 	 
	 	 
	Date:
    __________________	 

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

 

    Exhibit A-7-10

     

    

 

DISTRIBUTION
INSTRUCTIONS

 

The
Assignee(s) should include the following for purposes of distribution:

 

Address
of the Assignee(s) for the purpose of receiving notices and distributions: _____________________________________________________________.

 

Distributions,
if being made by wire transfer in immediately available funds, to ____________________________ for the account of __________________________
account number ____________________.

 

This
information is provided by _____________________________________________________ the Assignee(s) named above, or ________________________________________________
as its (their) agent.

 

	 	By:	 
	 	 	[Please
    print or type name(s)]

 

	 	Title:	 
	 	 
	 	Taxpayer
    Identification Number:

 

    Exhibit A-7-11

     

    

 

EXHIBIT A-8

 

[FORM OF] CLASS HRR CERTIFICATES

 

[FOR TEMPORARY REGULATION
S CERTIFICATES:]64
[THIS CERTIFICATE IS A TEMPORARY REGULATION S GLOBAL CERTIFICATE FOR PURPOSES OF REGULATION S UNDER THE UNITED STATES
SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”). NEITHER THIS TEMPORARY REGULATION S GLOBAL
CERTIFICATE NOR ANY INTEREST HEREIN MAY BE OFFERED, SOLD OR DELIVERED, EXCEPT AS PERMITTED UNDER THE TRUST AND SERVICING
AGREEMENT REFERRED TO BELOW.

 

NO BENEFICIAL OWNERS OF THIS
TEMPORARY REGULATION S GLOBAL CERTIFICATE SHALL BE ENTITLED TO RECEIVE PAYMENTS OF PRINCIPAL OR INTEREST HEREON UNLESS THE
REQUIRED CERTIFICATIONS HAVE BEEN DELIVERED PURSUANT TO THE TERMS OF THE TRUST AND SERVICING AGREEMENT.]

 

[FOR BOOK-ENTRY CERTIFICATES:]65
[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.

 

TRANSFERS OF THIS GLOBAL CERTIFICATE
SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF DTC OR A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE,
AND TRANSFERS OF BENEFICIAL INTERESTS IN THIS GLOBAL CERTIFICATE SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS
SET FORTH IN THE TRUST AND SERVICING AGREEMENT REFERRED TO BELOW.]

 

THIS CERTIFICATE DOES NOT REPRESENT
AN INTEREST IN OR OBLIGATION OF THE DEPOSITOR, THE SPONSOR, THE GUARANTOR, THE BORROWER, THE SERVICER, THE SPECIAL SERVICER, THE
CERTIFICATE ADMINISTRATOR, THE TRUSTEE, THE CUSTODIAN, THE OPERATING ADVISOR, THE INITIAL PURCHASERS, THE MORTGAGE LOAN SELLERS
OR ANY OF THEIR

 

 

 

64
Temporary Regulation S Global Certificate legend.

 

65
Legend required as long DTC is the Depository under the Trust and Servicing Agreement. 

 

    Exhibit A-8-1

     

    

 

RESPECTIVE AFFILIATES. NEITHER THIS CERTIFICATE NOR THE MORTGAGE LOAN ARE INSURED OR GUARANTEED BY ANY GOVERNMENTAL
AGENCY OR INSTRUMENTALITY OR PRIVATE INSURER.

 

PRINCIPAL PAYMENTS IN RESPECT OF THIS
CERTIFICATE ARE DISTRIBUTABLE AS SET FORTH IN THE TRUST AND SERVICING AGREEMENT. ACCORDINGLY, THE OUTSTANDING CERTIFICATE BALANCE
OF THIS CERTIFICATE AT ANY TIME MAY BE LESS THAN THE INITIAL CERTIFICATE BALANCE.

 

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 (A) IN THE UNITED STATES ONLY (1) FOR SO LONG AS THIS CERTIFICATE IS
ELIGIBLE FOR RESALE PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”), TO AN INSTITUTIONAL
INVESTOR THAT THE HOLDER REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” WITHIN THE MEANING OF RULE 144A
(“QUALIFIED INSTITUTIONAL BUYER”) PURCHASING FOR ITS OWN ACCOUNT, OR A PERSON PURCHASING FOR THE ACCOUNT
OF ANOTHER QUALIFIED INSTITUTIONAL BUYER, WHOM THE HOLDER HAS INFORMED, IN EACH CASE, THAT THE REOFFER, RESALE, PLEDGE OR
OTHER TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, AND (2) IN THE CASE OF THE REGULAR CERTIFICATES, TO AN INSTITUTIONAL
INVESTOR THAT IS AN “ACCREDITED INVESTOR” AS SUCH TERM IS DEFINED IN RULE 501(a)(1), (2), (3) OR (7) OF
REGULATION D UNDER THE SECURITIES ACT OR ANY ENTITY IN WHICH ALL OF THE EQUITY OWNERS ARE INSTITUTIONAL INVESTORS THAT ARE
“ACCREDITED INVESTORS” AS SUCH TERM IS DEFINED IN RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D UNDER THE
SECURITIES ACT, (B) IN THE CASE OF THE REGULAR CERTIFICATES, TO AN INSTITUTION THAT IS A NON “U.S. PERSON” IN AN
“OFFSHORE TRANSACTION,” AS SUCH TERMS ARE DEFINED IN, AND IN ACCORDANCE WITH, RULE 903 OR RULE 904 OF, REGULATION
S UNDER THE SECURITIES ACT, AND (C) IN ACCORDANCE WITH ANY OTHER APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES
OR ANY OTHER APPLICABLE JURISDICTION.

 

THIS CERTIFICATE IS INTENDED TO CONSTITUTE
PART OF AN “ELIGIBLE HORIZONTAL RESIDUAL INTEREST” (AS DEFINED IN REGULATION RR PROMULGATED UNDER SECTION 15G OF THE
SECURITIES EXCHANGE ACT OF 1934, AS AMENDED), AND AS SUCH IS SUBJECT TO VARIOUS PROHIBITIONS ON HEDGING, TRANSFER AND FINANCING
SET FORTH IN REGULATION RR. THE INITIAL PURCHASER OF THIS CERTIFICATE, AND EACH SUBSEQUENT PURCHASER OF THIS CERTIFICATE, BY PURCHASING
THIS CERTIFICATE OR AN INTEREST HEREIN, IS DEEMED TO HAVE AGREED TO COMPLY WITH CERTAIN TRANSFER REQUIREMENTS SET FORTH IN THE
TRUST AND

 

    Exhibit A-8-2

     

    

 

SERVICING AGREEMENT. THE CERTIFICATE REGISTRAR SHALL REFUSE TO REGISTER THE TRANSFER OF THIS CERTIFICATE UNLESS SUCH
TRANSFER IS IN ACCORDANCE WITH SECTION 5.3(i) OF THE TRUST AND SERVICING AGREEMENT. 

 

THIS CLASS HRR CERTIFICATE IS SUBORDINATED
TO CERTAIN OTHER CLASSES OF CERTIFICATES AS AND TO THE EXTENT SET FORTH IN THE TRUST AND SERVICING AGREEMENT REFERRED TO HEREIN.

 

TRANSFERS AND EXCHANGES
OF PORTIONS OF THIS CERTIFICATE ARE SUBJECT TO RESTRICTIONS AS PROVIDED IN THE TRUST 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 CODE.

 

    Exhibit A-8-3

     

    

 

BX TRUST 2019-OC11

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,

SERIES 2019-OC11, CLASS HRR

 

	Pass-Through Rate: Class HRR Pass-Through Rate	 
	First Distribution Date: January 9, 2020	 
	Aggregate Initial Certificate Balance of the Class HRR Certificates as of the Closing Date: $119,570,000	Rated Final Distribution Date: December 2041
	
        Certificate Balance of this Class HRR Certificate as of the
        Closing Date: $[_____] [(subject to the Schedule of Exchanges attached as Schedule A hereto)]66

         

        CUSIP:  05606F AQ667

        U1224F AH468

        05606F AR469

         
	 
	ISIN:       US05606FAQ6370

  USU1224FAH4871

  US05606FAR4772	 
	 	 
	No.: HRR-[1]	 

 

This certifies that
[FOR DEFINITIVE CERTIFICATES: [NAME OF HOLDER]][FOR BOOK-ENTRY CERTIFICATES: Cede & Co.] is the registered owner of the Percentage
Interest evidenced by this Certificate in the distributions to be made from a Trust Fund with respect to the Class HRR Certificates.
The Trust Fund consists primarily of one or more separate promissory notes held in trust by the Trustee, issued by a special purpose
entity and evidencing a fixed-rate mortgage loan (the “Mortgage Loan”). The Trust Fund was created, and the
Mortgage Loan is to be serviced, pursuant to the Trust and Servicing Agreement (as

 

 

 

66
For Global Certificate only.

 

67
For Rule 144A Certificates

 

68
For Regulation S Certificates

 

69
For IAI Certificates

 

70
For Rule 144A Certificates

 

71
For Regulation S Certificates

 

72
For IAI Certificates

 

    Exhibit A-8-4

     

    

 

defined below). The Holder of this Certificate,
by virtue of the acceptance hereof, assents to the terms, provisions and conditions of the Trust and Servicing Agreement and is
bound thereby. In the case of any conflict between terms specified in this Certificate and terms specified in the Trust and Servicing
Agreement, the terms of the Trust and Servicing Agreement shall govern.

 

This Certificate is
issued pursuant to, and in accordance with, the terms of a Trust and Servicing Agreement, dated as of December 1, 2019 (the “Trust
and Servicing Agreement”), between Morgan Stanley Capital I Inc., as Depositor, KeyBank National Association, as Servicer,
Situs Holdings, LLC, as Special Servicer, Wells Fargo Bank, National Association, as Trustee, Certificate Administrator and Custodian,
and Park Bridge Lender Services LLC, as Operating Advisor. To the extent not defined herein, capitalized terms used herein shall
have the meanings assigned thereto in the Trust and Servicing Agreement.

 

This Certificate is
a “regular interest” in a “real estate mortgage investment conduit”, as those terms are defined, respectively,
in Sections 860G(a)(1) and 860D of the Internal Revenue Code of 1986, as amended. Each Holder of this Certificate, by acceptance
hereof, agrees to treat, and take no action inconsistent with the treatment of, this Certificate in accordance with the preceding
sentence for purposes of federal income taxes, state and local income and franchise taxes and other taxes imposed on or measured
by income.

 

Pursuant to the terms
of the Trust and Servicing Agreement, the Certificate Administrator will distribute, on the 4th Business Day after the Determination
Date, commencing in January 2020 (each such date, a “Distribution Date”), to the Person in whose name this Certificate
is registered as of the related Record Date, an amount equal to such Person’s pro rata share (based on the Percentage Interest
represented by this Certificate) of that portion of the aggregate amount of principal and interest then distributable, if any,
allocable to the Class HRR Certificates for such Distribution Date, all as more fully described in the Trust and Servicing Agreement.

 

All distributions will
be made to the Persons entitled thereto by wire transfer of immediately available funds to the account of such Certificateholder
at a bank or other entity located in the United States and having appropriate facilities therefor provided that the Certificate
Administrator has received appropriate wire transfer instructions therefrom, or by check by first class mail to the address set
forth therefor in the Certificate Register if wiring instructions have not been received at least five (5) Business Days prior
to the Distribution Date. The final distribution on each Certificate shall be made in like manner, but only upon presentment and
surrender of such Certificate at the location that is specified by the Certificate Administrator in the notice to Certificateholders
of such final distribution.

 

This Certificate does
not purport to summarize the Trust and Servicing Agreement, and reference is made to the Trust and Servicing Agreement for the
interests, rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights, duties and immunities
of the parties thereto.

 

As provided in the Trust
and Servicing Agreement, subject to certain restrictions on transfer set forth therein, upon surrender for registration of transfer
of any Certificate, the Certificate Registrar shall execute, authenticate and deliver, in the name of the designated

 

    Exhibit A-8-5

     

    

 

transferee
or transferees, one or more new Certificates in authorized denominations, in like aggregate interest and of the same Class.

 

Prior to due presentation
of this Certificate for registration of transfer, the Certificate Administrator, the Trustee, the Servicer, the Special Servicer,
the Operating Advisor, the Certificate Registrar, and any agent of the Certificate Administrator, the Trustee, the Servicer, the
Special Servicer, the Operating Advisor or the Certificate Registrar may treat the Person in whose name any Certificate is registered
as the owner of such Certificate for the purpose of receiving distributions as provided in the Trust and Servicing Agreement and
for all other purposes whatsoever, and none of the Certificate Administrator, the Trustee, the Servicer, the Special Servicer,
the Operating Advisor, the Certificate Registrar, nor any agent of the Certificate Administrator, the Trustee, the Servicer, the
Special Servicer, the Operating Advisor or the Certificate Registrar shall be affected by any notice to the contrary; provided,
however, that to the extent that a party to the Trust and Servicing Agreement responsible for distributing any report, statement
or other information required to be distributed to Certificateholders has been provided an Investor Certification, such party to
the Trust and Servicing Agreement shall distribute such report, statement or other information to such beneficial owner (or prospective
transferee).

 

The Trust and Servicing
Agreement permits, with certain exceptions therein provided, the amendment thereof and the modification of the rights and obligations
of the Certificateholders under the Trust and Servicing Agreement at any time by the parties thereto with the consent of the Holders
of Certificates of each Class affected by such amendment evidencing in the aggregate not less than 51% of the aggregate Percentage
Interests constituting the Class. Any such consent by the Holder of this Certificate shall be conclusive and binding on such Holder
and upon all future Holders of this Certificate and of any Certificate issued upon the transfer hereof or in exchange herefor or
in lieu hereof whether or not notation of such consent is made upon the Certificate. The Trust and Servicing Agreement also permits
the amendment thereof, in certain circumstances, without the consent of the Holders of any of the Certificates.

 

The Trust and Servicing
Agreement provides that the respective obligations and responsibilities of the Servicer, the Special Servicer, the Operating Advisor,
the Depositor, the Certificate Administrator and the Trustee created thereby (other than the obligation to make certain payments
to the Companion Loan Holders, other than the obligation of the Certificate Administrator to make certain payments to Certificateholders
after the final Distribution Date and other than the indemnification rights and obligations of the parties thereto) shall terminate
upon the last action required to be taken by the Certificate Administrator on the final Distribution Date pursuant to Article 11
of the Trust and Servicing Agreement upon the later of (i) the final payment on the Certificates or (ii) the liquidation of the
Mortgage Loan (including, without limitation, the sale of the Mortgage Loan pursuant to the Trust and Servicing Agreement, as applicable)
or the liquidation or abandonment of the Property and all other Collateral for the Mortgage Loan; provided, that in no event
shall the Trust continue beyond the expiration of 21 years from the death of the last survivor of the descendants of Joseph P.
Kennedy, the late ambassador of the United States to the Court of St. James’s, living on the date of execution of the Trust
and Servicing Agreement.

 

    Exhibit A-8-6

     

    

 

Unless the Certificate
of Authentication on this Certificate has been executed by the Certificate Administrator or on its behalf by the Authenticating
Agent, by manual signature, this Certificate shall not be entitled to any benefit under the Trust and Servicing Agreement or be
valid for any purpose.

 

The Certificate Administrator
makes no representation or warranty as to any of the statements contained herein or the validity or sufficiency of the Certificates
or the Mortgage Loan and has executed this Certificate in its limited capacity as Certificate Administrator under the Trust and
Servicing Agreement.

 

    Exhibit A-8-7

     

    

 

 

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

 

Dated: December 12, 2019 

	 	 	 
	 	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
HRR Certificates referred to in the Trust and Servicing Agreement.

 

Dated: December 12, 2019

	 	 	 
	 	WELLS
FARGO BANK, NATIONAL ASSOCIATION,
not in its individual capacity but solely as Authenticating Agent

	 	 	 
	 	By: 	 
	 	 	Name:
	 	 	Title:

 

    Exhibit A-8-8

     

    

 

SCHEDULE A

 

SCHEDULE OF EXCHANGES

 

The following payments of principal
and exchanges of a part of this [Rule 144A Global Certificate] [Temporary Regulation S Global Certificate] [Regulation S
Global Certificate] [Definitive Certificate] have been made:

 

	Date
    of 

Exchange or 

Payment of 

Principal	 	Certificate
    

Balance Prior 

to Exchange or 

Payment	 	Certificate
    

Balance 

Exchanged or 

Principal 

Payment Made	 	Type
    of 

Certificate 

Exchanged for	 	Remaining
    

Certificate 

Balance 

Following Such 

Exchange or 

Payment	 	Notation
    Made 

by
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 

 

    Exhibit A-8-9

     

    

 

ASSIGNMENT

 

FOR VALUE RECEIVED,
the undersigned (“Assignor(s)”) hereby sell(s), assign(s) and transfer(s) unto __________________________________________
(please print or typewrite name(s) and address(es), including postal zip code(s) of assignee(s)) (“Assignee(s)”)
the entire Percentage Interest represented by the within Certificate and hereby authorize(s) the registration of transfer of such
interest to Assignee(s) on the Certificate Register of the Trust.

 

I (we) further direct
the Certificate Registrar to issue a new Certificate of the entire Percentage Interest represented by the within Certificate to
the above-named Assignee(s) and to deliver such Certificate to the following address:

 

	 	 
	 	 
	 	 
	 	 
	Date:
    __________________	 

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

 

    Exhibit A-8-10

     

    

 

DISTRIBUTION
INSTRUCTIONS

 

The
Assignee(s) should include the following for purposes of distribution:

 

Address
of the Assignee(s) for the purpose of receiving notices and distributions: _____________________________________________________________.

 

Distributions,
if being made by wire transfer in immediately available funds, to ____________________________ for the account of __________________________
account number ____________________.

 

This
information is provided by _____________________________________________________ the Assignee(s) named above, or ________________________________________________
as its (their) agent.

 

	 	By:	 
	 	 	[Please
    print or type name(s)]

 

	 	Title:	 
	 	 
	 	Taxpayer
    Identification Number:

 

    Exhibit A-8-11

     

    

 

 EXHIBIT
A-9

 

[FORM OF] CLASS R CERTIFICATE

 

THIS CERTIFICATE DOES NOT REPRESENT
AN INTEREST IN OR OBLIGATION OF THE DEPOSITOR, THE SPONSOR, THE GUARANTOR, THE BORROWER, THE SERVICER, THE SPECIAL SERVICER, THE
CERTIFICATE ADMINISTRATOR, THE TRUSTEE, THE CUSTODIAN, THE OPERATING ADVISOR, THE INITIAL PURCHASERS, THE MORTGAGE LOAN SELLERS
OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THIS CERTIFICATE NOR THE MORTGAGE LOAN ARE INSURED OR GUARANTEED BY ANY GOVERNMENTAL
AGENCY OR INSTRUMENTALITY OR PRIVATE INSURER.

 

THIS CERTIFICATE IS A “RESIDUAL
INTEREST” IN TWO “REAL ESTATE MORTGAGE INVESTMENT CONDUITS” AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS
860G(a)(2) AND 860D OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED. EACH TRANSFEREE OF THIS CERTIFICATE, BY ACCEPTANCE HEREOF,
IS DEEMED TO HAVE ACCEPTED THIS CERTIFICATE SUBJECT TO CERTAIN RESTRICTIONS ON TRANSFERABILITY TO DISQUALIFIED ORGANIZATIONS, NON-U.S.
TAX PERSONS OR AGENTS OF EITHER, AS SET FORTH IN SECTION 5.02 OF THE TRUST AND SERVICING AGREEMENT, AND SHALL BE REQUIRED TO FURNISH
AN AFFIDAVIT IN THE FORM ATTACHED AS AN EXHIBIT TO THE TRUST AND SERVICING AGREEMENT TO THE TRANSFEROR AND THE CERTIFICATE ADMINISTRATOR
TO THE EFFECT THAT, AMONG OTHER THINGS, (A) IT IS NOT A DISQUALIFIED ORGANIZATION, AS SUCH TERM IS DEFINED IN CODE SECTION 860E(e)(5),
OR AN AGENT (INCLUDING A BROKER, NOMINEE OR OTHER MIDDLEMAN) FOR SUCH DISQUALIFIED ORGANIZATION AND IS OTHERWISE A PERMITTED TRANSFEREE,
(B) IT HAS HISTORICALLY PAID ITS DEBTS AS THEY HAVE COME DUE AND INTENDS TO PAY ITS DEBTS AS THEY COME DUE IN THE FUTURE, (C) IT
UNDERSTANDS THAT IT MAY INCUR TAX LIABILITIES WITH RESPECT TO THIS CERTIFICATE IN EXCESS OF CASH FLOWS GENERATED HEREBY, (D) IT
INTENDS TO PAY ANY TAXES ASSOCIATED WITH HOLDING THIS CERTIFICATE AS THEY BECOME DUE, (E) IT WILL NOT CAUSE INCOME WITH RESPECT
TO THIS CERTIFICATE TO BE ATTRIBUTABLE TO A FOREIGN PERMANENT ESTABLISHMENT OR FIXED BASE, WITHIN THE MEANING OF AN APPLICABLE
INCOME TAX TREATY, OF SUCH PERSON OR ANY OTHER U.S. TAX 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 AB INITIO 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),

 

    Exhibit A-6-1

     

    

 

AND THEREFORE, TRANSFERS OF THIS CERTIFICATE MAY BE DISREGARDED FOR FEDERAL
INCOME TAX PURPOSES. IN ORDER TO SATISFY A REGULATORY SAFE HARBOR UNDER WHICH SUCH TRANSFERS WILL NOT BE DISREGARDED, THE TRANSFEROR
MAY BE REQUIRED, AMONG OTHER THINGS, TO SATISFY ITSELF AS TO THE FINANCIAL CONDITION OF THE PROPOSED TRANSFEREE AND EITHER TO TRANSFER
AT A MINIMUM PRICE OR TO AN ELIGIBLE TRANSFEREE AS SPECIFIED IN TREASURY REGULATIONS. THE HOLDER OF THIS CERTIFICATE, BY ACCEPTANCE
HEREOF, IS DEEMED TO HAVE AGREED TO CONSENT TO THE DESIGNATION OF THE CERTIFICATE ADMINISTRATOR AS THE “PARTNERSHIP REPRESENTATIVE”
OF EACH TRUST REMIC WITHIN THE MEANING OF 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 (A) IN THE UNITED STATES ONLY (1) FOR SO LONG AS THIS CERTIFICATE IS
ELIGIBLE FOR RESALE PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”), TO AN INSTITUTIONAL
INVESTOR THAT THE HOLDER REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” WITHIN THE MEANING OF RULE 144A
(“QUALIFIED INSTITUTIONAL BUYER”) PURCHASING FOR ITS OWN ACCOUNT, OR A PERSON PURCHASING FOR THE ACCOUNT
OF ANOTHER QUALIFIED INSTITUTIONAL BUYER, WHOM THE HOLDER HAS INFORMED, IN EACH CASE, THAT THE REOFFER, RESALE, PLEDGE OR
OTHER TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, AND (2) IN THE CASE OF THE REGULAR CERTIFICATES, TO AN INSTITUTIONAL
INVESTOR THAT IS AN “ACCREDITED INVESTOR” AS SUCH TERM IS DEFINED IN RULE 501(a)(1), (2), (3) OR (7) OF
REGULATION D UNDER THE SECURITIES ACT OR ANY ENTITY IN WHICH ALL OF THE EQUITY OWNERS ARE INSTITUTIONAL INVESTORS THAT ARE
“ACCREDITED INVESTORS” AS SUCH TERM IS DEFINED IN RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D UNDER THE
SECURITIES ACT, (B) IN THE CASE OF THE REGULAR CERTIFICATES, TO AN INSTITUTION THAT IS A NON “U.S. PERSON” IN AN
“OFFSHORE TRANSACTION,” AS SUCH TERMS ARE DEFINED IN, AND IN ACCORDANCE WITH, RULE 903 OR RULE 904 OF, REGULATION
S UNDER THE SECURITIES ACT, AND (C) IN ACCORDANCE WITH ANY OTHER APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES
OR ANY OTHER APPLICABLE JURISDICTION.

 

THIS CERTIFICATE MAY
NOT BE PURCHASED BY OR PLEDGED, SOLD OR OTHERWISE TRANSFERRED TO ANY PERSON THAT IS OR BECOMES AN EMPLOYEE BENEFIT PLAN OR OTHER
PLAN THAT IS SUBJECT TO THE FIDUCIARY RESPONSIBILITY PROVISIONS OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED
(“ERISA”), OR TO SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”),
OR A

 

    Exhibit A-6-2

     

    

 

GOVERNMENTAL PLAN (AS DEFINED IN SECTION 3(32) OF ERISA) OR OTHER PLAN THAT IS SUBJECT TO ANY FEDERAL, STATE OR LOCAL LAW
THAT IS, TO A MATERIAL EXTENT, SIMILAR TO THE FOREGOING PROVISIONS OF ERISA OR THE CODE (“SIMILAR LAW”), OR
ANY PERSON ACTING ON BEHALF OF ANY SUCH PLAN OR USING THE ASSETS OF SUCH PLAN TO ACQUIRE THIS CERTIFICATE.

 

TRANSFERS AND EXCHANGES OF PORTIONS
OF THIS CERTIFICATE ARE SUBJECT TO RESTRICTIONS AS PROVIDED IN THE TRUST AND SERVICING AGREEMENT REFERRED TO BELOW.

 

ANY HOLDER DESIRING TO EFFECT A TRANSFER
OF THIS CERTIFICATE SHALL, AND DOES HEREBY AGREE TO, INDEMNIFY THE CERTIFICATE REGISTRAR, THE CERTIFICATE ADMINISTRATOR, THE TRUSTEE,
THE CUSTODIAN, THE SERVICER, THE SPECIAL 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.

 

    Exhibit A-6-3

     

    

 

BX TRUST 2019-OC11

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,

SERIES 2019-OC11, CLASS R

 

	Pass-Through Rate: N/A	Rated Final Distribution Date: N/A
	 	 
	CUSIP: 05606F AS2	Percentage Interest of the Class R

Certificates: [_]%
	 	 
	ISIN: US05606FAS20	 
	 	 
	No.: R-[1]	 
	 	 

This certifies that
[____________] is the registered owner of the Percentage Interest evidenced by this Certificate in the distributions to be made
from a Trust Fund with respect to the Class R Certificates. The Trust Fund consists primarily of one or more separate promissory
notes held in trust by the Trustee, issued by a special purpose entity and evidencing a fixed-rate mortgage loan (the “Mortgage
Loan”). The Trust Fund was created, and the Mortgage Loan is to be serviced, pursuant to the Trust and Servicing Agreement
(as defined below). The Holder of this Certificate, by virtue of the acceptance hereof, assents to the terms, provisions and conditions
of the Trust and Servicing Agreement and is bound thereby. In the case of any conflict between terms specified in this Certificate
and terms specified in the Trust and Servicing Agreement, the terms of the Trust and Servicing Agreement shall govern.

 

This Certificate is
issued pursuant to, and in accordance with, the terms of a Trust and Servicing Agreement, dated as of December 1, 2019 (the “Trust
and Servicing Agreement”), between Morgan Stanley Capital I Inc., as Depositor, KeyBank National Association, as Servicer,
Situs Holdings, LLC, as Special Servicer, Wells Fargo Bank, National Association, as Trustee, Certificate Administrator and Custodian,
and Park Bridge Lender Services LLC, as Operating Advisor. To the extent not defined herein, capitalized terms used herein shall
have the meanings assigned thereto in the Trust and Servicing Agreement.

 

This Class R Certificate
represents the sole “residual interest” in two “real estate mortgage investment conduits”, as those terms
are defined, respectively, in Sections 860G(a)(2) and 860D of the Internal Revenue Code of 1986, as amended. Each Holder of this
Certificate, by acceptance hereof, agrees to treat, and take no action inconsistent with the treatment of, this Certificate in
accordance with the preceding sentence for purposes of federal income taxes, state and local income and franchise taxes and other
taxes imposed on or measured by income. The Certificate Administrator is also hereby irrevocably designated as the “partnership
representative” of the Upper-Tier REMIC and the Lower-Tier REMIC under Section 6223 of the Code.

 

    Exhibit A-6-4

     

    

 

This Certificate does
not purport to summarize the Trust and Servicing Agreement, and reference is made to the Trust and Servicing Agreement for the
interests, rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights, duties and immunities
of the parties thereto.

 

As provided in the Trust
and Servicing Agreement, subject to certain restrictions on transfer set forth therein, upon surrender for registration of transfer
of any Certificate, the Certificate Registrar shall execute, authenticate and deliver, in the name of the designated transferee
or transferees, one or more new Certificates in authorized denominations, in like aggregate interest and of the same Class.

 

Prior to due presentation
of this Certificate for registration of transfer, the Certificate Administrator, the Trustee, the Servicer, the Special Servicer,
the Operating Advisor, the Certificate Registrar, and any agent of the Certificate Administrator, the Trustee, the Servicer, the
Special Servicer, the Operating Advisor or the Certificate Registrar may treat the Person in whose name any Certificate is registered
as the owner of such Certificate for the purpose of receiving distributions as provided in the Trust and Servicing Agreement and
for all other purposes whatsoever, and none of the Certificate Administrator, the Trustee, the Servicer, the Special Servicer,
the Operating Advisor, the Certificate Registrar, nor any agent of the Certificate Administrator, the Trustee, the Servicer, the
Special Servicer, the Operating Advisor or the Certificate Registrar shall be affected by any notice to the contrary; provided,
however, that to the extent that a party to the Trust and Servicing Agreement responsible for distributing any report, statement
or other information required to be distributed to Certificateholders has been provided an Investor Certification, such party to
the Trust and Servicing Agreement shall distribute such report, statement or other information to such beneficial owner (or prospective
transferee).

 

The Trust and Servicing
Agreement permits, with certain exceptions therein provided, the amendment thereof and the modification of the rights and obligations
of the Certificateholders under the Trust and Servicing Agreement at any time by the parties thereto with the consent of the Holders
of Certificates of each Class affected by such amendment evidencing in the aggregate not less than 51% of the aggregate Percentage
Interests constituting the Class. Any such consent by the Holder of this Certificate shall be conclusive and binding on such Holder
and upon all future Holders of this Certificate and of any Certificate issued upon the transfer hereof or in exchange herefor or
in lieu hereof whether or not notation of such consent is made upon the Certificate. The Trust and Servicing Agreement also permits
the amendment thereof, in certain circumstances, without the consent of the Holders of any of the Certificates.

 

The Trust and Servicing
Agreement provides that the respective obligations and responsibilities of the Servicer, the Special Servicer, the Operating Advisor,
the Depositor, the Certificate Administrator and the Trustee created thereby (other than the obligation to make certain payments
to the Companion Loan Holders, other than the obligation of the Certificate Administrator to make certain payments to Certificateholders
after the final Distribution Date and other than the indemnification rights and obligations of the parties thereto) shall terminate
upon the last action required to be taken by the Certificate Administrator on the final Distribution Date pursuant to Article 11
of the Trust and Servicing Agreement upon the later of (i) the final payment on the Certificates or (ii) the liquidation of the
Mortgage Loan (including, without

 

    Exhibit A-6-5

     

    

 

limitation, the sale of the Mortgage Loan pursuant to the Trust and Servicing Agreement, as applicable)
or the liquidation or abandonment of the Property and all other Collateral for the Mortgage Loan; provided, that in no event
shall the Trust continue beyond the expiration of 21 years from the death of the last survivor of the descendants of Joseph P.
Kennedy, the late ambassador of the United States to the Court of St. James’s, living on the date of execution of the Trust
and Servicing Agreement.

 

Unless the Certificate
of Authentication on this Certificate has been executed by the Certificate Administrator or on its behalf by the Authenticating
Agent, by manual signature, this Certificate shall not be entitled to any benefit under the Trust and Servicing Agreement or be
valid for any purpose.

 

The Certificate Administrator
makes no representation or warranty as to any of the statements contained herein or the validity or sufficiency of the Certificates
or the Mortgage Loan and has executed this Certificate in its limited capacity as Certificate Administrator under the Trust and
Servicing Agreement.

 

    Exhibit A-6-6

     

    

 

 

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

 

Dated: December 12, 2019 

	 	 	 
	 	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 Trust and Servicing Agreement.

 

Dated: December 12, 2019

	 	 	 
	 	WELLS
FARGO BANK, NATIONAL ASSOCIATION,
not in its individual capacity but solely as Authenticating Agent

	 	 	 
	 	By: 	 
	 	 	Name:
	 	 	Title:

 

    Exhibit A-6-7

     

    

 

ASSIGNMENT

 

FOR VALUE RECEIVED,
the undersigned (“Assignor(s)”) hereby sell(s), assign(s) and transfer(s) unto __________________________________________
(please print or typewrite name(s) and address(es), including postal zip code(s) of assignee(s)) (“Assignee(s)”)
the entire Percentage Interest represented by the within Certificate and hereby authorize(s) the registration of transfer of such
interest to Assignee(s) on the Certificate Register of the Trust.

 

I (we) further direct
the Certificate Registrar to issue a new Certificate of the entire Percentage Interest represented by the within Certificate to
the above-named Assignee(s) and to deliver such Certificate to the following address:

 

	 	 
	 	 
	 	 
	 	 
	Date:
    __________________	 

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

  

    Exhibit A-6-8

     

    

DISTRIBUTION INSTRUCTIONS

 

The
Assignee(s) should include the following for purposes of distribution:

 

Address
of the Assignee(s) for the purpose of receiving notices and distributions: _____________________________________________________________.

 

Distributions,
if being made by wire transfer in immediately available funds, to ____________________________ for the account of __________________________
account number ____________________.

 

This
information is provided by _____________________________________________________ the Assignee(s) named above, or ________________________________________________
as its (their) agent.

 

	 	By:	 
	 	 	[Please
    print or type name(s)]

 

	 	Title:	 
	 	 
	 	Taxpayer
    Identification Number:

  

    Exhibit A-6-9

     

    

EXHIBIT B

 

FORM OF REQUEST FOR RELEASE

(for Custodian)

 

	Mortgage Loan Information
	 
	 	Name of Mortgagor:	
 
	Custodian
	 	Name:	Wells Fargo Bank, National Association

        1055 10th Avenue SE

	 	Address:	Minneapolis, Minnesota 55414

Attention: Document Custody Group – BX 2019-OC11
	 	 	 
	 	Custodian/Certificate 

Administrator 

Mortgage File No.:	
 
	 	 	 
	Depositor
	 
	 	Name:	Morgan Stanley Capital I Inc.
	 	 	 
	 	Address:	
        1585 Broadway

New York, New York 10036

	 	 	 
	 	Certificates:	BX Trust 2019-OC11, Commercial Mortgage Pass-Through Certificates, Series 2019-OC11

 

The undersigned [Servicer]
[Special Servicer] hereby requests delivery from Wells Fargo Bank, National Association, as custodian (the “Custodian”),
for the Holders of BX Trust 2019-OC11, Commercial Mortgage Pass-Through Certificates, Series 2019-OC11, of the documents referred
to below (the “Documents”). All capitalized terms not otherwise defined in this Request for Release shall have
the meanings given them in the Trust and Servicing Agreement, dated as of December 1, 2019, between Morgan Stanley Capital I Inc.,
as Depositor, KeyBank National Association, as Servicer, Situs Holdings, LLC, as Special Servicer, Wells Fargo Bank, National Association,
as Trustee, Certificate Administrator and Custodian, and Park Bridge Lender Services LLC, as Operating Advisor (the “Trust
and Servicing Agreement”).

 

	( )	Note dated [          ], 2019, in the original principal sum of $________, made by _______, payable to, or endorsed to the order of, the
Trustee.

 

	( )	Mortgage(s) recorded on ____________ as instrument no. ________ in the County Recorder’s Office of the County of _________,
State of ___________ in book/reel/docket ___________ of official records at page/image ________.

 

    Exhibit B-1 

     

    

 

	( )	Deed of Trust(s) recorded on __________ as instrument no. ________ in the County Recorder’s Office of the County of ___________,
State of _______ in book/reel/docket ____________ of official records at page/image.

 

	( )	Deed to Secure Debt recorded on __________ as instrument no. ________ in the County Recorder’s Office of the County of ___________,
State of _______ in book/reel/docket ____________ of official records at page/image.

 

	( )	Other documents, including any amendments, assignments or other assumptions of the Note or Mortgages.

 

	(
    )	 
	 	 
	(
    )	 
	 	 
	(
    )	 
	 	 
	(
    )	 

 

The undersigned [Servicer]
[Special Servicer] hereby acknowledges and agrees as follows:

 

(1)       Once
received, the [Servicer] [Special Servicer] shall hold and retain possession of the Documents in accordance with the provisions
of the Trust and Servicing Agreement and the Documents will be returned to you, except if the Mortgage Loan (or the related Mortgage
Loan Seller Percentage Interest therein) has been paid in full or repurchased and the proceeds thereof have been remitted to the
Collection Account except as expressly provided in the Trust and Servicing Agreement (in which case the Documents will be retained
by us permanently or, in the case of a repurchase, sent to the designee of each Mortgage Loan Seller, as the case may be), when
the need therefor no longer exists; provided, that in the case of a repurchase of a Mortgage Loan Seller Percentage Interest in
the Mortgage Loan (and not a repurchase of the entire Mortgage Loan), the Documents (other than the related Trust Note(s)) will
be returned to you.

 

(2)       The
[Servicer] [Special Servicer] shall not cause or permit the Documents to become subject to, or encumbered by, any claims, liens,
security interests, charges, writs of attachment or other impositions nor shall the [Servicer] [Special Servicer] assert or seek
to assert any claims or rights of set-off to or against the Documents or any proceeds thereof except as otherwise provided in the
Trust and Servicing Agreement.

 

(3)       The
Documents, coming into the possession or control of the [Servicer] [Special Servicer] shall at all times be earmarked for the account
of the Custodian, and the [Servicer] [Special Servicer] shall keep the Documents separate and distinct from all other property
in the [Servicer’s] [Special Servicer’s] possession, custody or control.

 

    Exhibit B-2 

     

    

	 	 	 
	 	[SERVICER][SPECIAL
    SERVICER]
	 	 
	 	By:
    	 
	 	 	Name:
	 	 	Title:
	 	 	 
	Date:	 	 	 	 

 

    Exhibit B-3 

     

    

 

EXHIBIT C

 

FORM OF TRANSFER CERTIFICATE

FOR RULE 144A GLOBAL CERTIFICATE

TO TEMPORARY REGULATION S GLOBAL CERTIFICATE

 

(Exchanges or transfers pursuant to

Section 5.3(c) of the Trust and Servicing Agreement)

 

Wells Fargo Bank, National Association,

as Certificate Registrar 

600 South 4th Street, 7th Floor 

MAC: N9300-070 

Minneapolis, Minnesota 55479 

Attention: Certificate
Transfer Services – CTS (CMBS) – BX 2019-OC11

 

		Re:	BX Trust 2019-OC11,
                                         Commercial Mortgage Pass-Through Certificates, Series 2019-OC11, Class [__]

 

Reference is hereby
made to the Trust and Servicing Agreement, dated as of December 1, 2019 (the “Trust and Servicing Agreement”),
between Morgan Stanley Capital I Inc., as Depositor, KeyBank National Association, as Servicer, Situs Holdings, LLC, as Special
Servicer, Wells Fargo Bank, National Association, as Trustee, Certificate Administrator and Custodian, and Park Bridge Lender Services
LLC, as Operating Advisor. Capitalized terms used but not defined herein shall have the meanings given to them in the Trust and
Servicing Agreement.

 

This letter relates
to US $[______] aggregate Certificate Balance of the Class [__] Certificates (the “Certificates”) which are
held in the form of a beneficial interest in the Rule 144A Global Certificate of such Class (CUSIP No. [______]) with the Depository
in the name of [insert name of Transferor] (the “Transferor”). The Transferor has requested an exchange or transfer
of such beneficial interest for a beneficial interest in the Temporary Regulation S Global Certificate of such Class (CINS No.
[______] and ISIN No. [______]) to be held with the Depository in the name of [Euroclear] [Clearstream]*
(Common Code No. [______]).

 

In connection with such
request and in respect of such Certificates, the Transferor does hereby certify that such exchange or transfer has been made in
compliance with the transfer restrictions set forth in the Trust and Servicing Agreement and pursuant to and in accordance with
Regulation S (“Regulation S”) under the Securities Act of 1933, as amended (the “Securities Act”),
and accordingly the Transferor does hereby certify that:

 

(1)       the
offer of the Certificates was not made to a person in the United States;

 

 

* Select appropriate depository.

    Exhibit C-1 

     

    

 

[(2)       at the time
the buy order was originated, the transferee was an institution outside the United States or the Transferor and any person acting
on its behalf reasonably believed and believes that the transferee was an institution outside the United States;]**

 

[(2)       the transaction
was executed in, on or through the facilities of a designated offshore securities market and neither the Transferor nor any person
acting on its behalf knows that the transaction was pre-arranged with a buyer in the United States;]**

 

(3)       no
directed selling efforts have been made in contravention of the requirements of Rule 903(b) or 904(b) of Regulation S, as applicable;
and

 

(4)       the
transaction is not part of a plan or scheme to evade the registration requirements of the Securities Act.

 

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

	 	 	 
	 	[Insert Name of Transferor]
	 	 
	 	By:
    	 
	 	 	Name:
	 	 	Title:
	 	 	 
	Dated:	 	 	 	 

 

cc: Morgan Stanley
Capital I Inc.

 

 

** Insert
one of these two provisions, which come from the definition of “offshore transaction” in Regulation S.

    Exhibit C-2 

     

    

 

EXHIBIT D

 

FORM OF TRANSFER CERTIFICATE

FOR RULE 144A GLOBAL CERTIFICATE

TO REGULATION S GLOBAL CERTIFICATE

 

(Exchange or transfers pursuant to

Section 5.3(d) of the Trust and Servicing Agreement)

 

Wells Fargo Bank, National Association,

as Certificate Registrar 

600 South 4th Street, 7th Floor 

MAC: N9300-070 

Minneapolis, Minnesota 55479

Attention: Certificate
Transfer Services – CTS (CMBS) – BX 2019-OC11

 

		Re:	BX
                                         Trust 2019-OC11, Commercial Mortgage Pass-Through Certificates, Series 2019-OC11, Class
                                         [__]

 

Reference is hereby
made to the Trust and Servicing Agreement, dated as of December 1, 2019 (the “Trust and Servicing Agreement”),
between Morgan Stanley Capital I Inc., as Depositor, KeyBank National Association, as Servicer, Situs Holdings, LLC, as Special
Servicer, Wells Fargo Bank, National Association, as Trustee, Certificate Administrator and Custodian, and Park Bridge Lender Services
LLC, as Operating Advisor. Capitalized terms used but not defined herein shall have the meanings given to them in the Trust and
Servicing Agreement.

 

This letter relates
to US $[______] aggregate Certificate Balance of the Class [__] Certificates (the “Certificates”) which are
held in the form of a beneficial interest in the Rule 144A Global Certificate of such Class (CUSIP No. [______]) with the Depository
in the name of [insert name of Transferor] (the “Transferor”). The Transferor has requested an exchange or transfer
of such beneficial interest for a beneficial interest in the Regulation S Global Certificate of such Class (CINS No. [______],
ISIN No. [______], and Common Code No. [______]).

 

In connection with such
request and in respect of such Certificates, the Transferor does hereby certify that such exchange or transfer has been made in
compliance with the transfer restrictions set forth in the Trust and Servicing Agreement and, with respect to transfers made in
reliance on Regulation S (“Regulation S”) under the Securities Act of 1933, as amended (the “Securities
Act”), the Transferor does hereby certify that:

 

(1)       the
offer of the Certificates was not made to a person in the United States,

 

    Exhibit D-1 

     

    

 

[(2)       at the time
the buy order was originated, the transferee was an institution outside the United States or the Transferor and any person acting
on its behalf reasonably believed and believes that the transferee was an institution outside the United States,]*

 

[(2)      the transaction
was executed in, on or through the facilities of a designated offshore securities market and neither the Transferor nor any person
acting on its behalf knows that the transaction was pre-arranged with a buyer in the United States,] *

 

(3)       no
directed selling efforts have been made in contravention of the requirements of Rule 903(b) or 904(b) of Regulation S, as applicable,
and

 

(4)       the
transaction is not part of a plan or scheme to evade the registration requirements of the Securities Act.

 

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

	 	 	 
	 	[Insert Name of Transferor]
	 	 
	 	By:
    	 
	 	 	Name:
	 	 	Title:
	 	 	 
	Dated:	 	 	 	 

 

cc: Morgan Stanley Capital I Inc.

 

 

* Insert one of these two provisions, which come from
the definition of “offshore transaction” in Regulation S.

 

    Exhibit D-2 

     

    

 

EXHIBIT E

 

FORM OF TRANSFER CERTIFICATE

FOR TEMPORARY REGULATION S GLOBAL CERTIFICATE

TO RULE 144A GLOBAL CERTIFICATE DURING RESTRICTED PERIOD

 

(Exchange or transfers pursuant to

Section 5.3(e) of the Trust and Servicing Agreement)

 

Wells Fargo Bank, National Association,

as Certificate Registrar 

600 South 4th Street, 7th Floor 

MAC: N9300-070 

Minneapolis, Minnesota 55479

Attention: Certificate
Transfer Services – CTS (CMBS) – BX 2019-OC11

 

		Re:	BX Trust 2019-OC11,
                                         Commercial Mortgage Pass-Through Certificates, Series 2019-OC11, Class [__]

 

Reference is hereby
made to the Trust and Servicing Agreement, dated as of December 1, 2019 (the “Trust and Servicing Agreement”),
between Morgan Stanley Capital I Inc., as Depositor, KeyBank National Association, as Servicer, Situs Holdings, LLC, as Special
Servicer, Wells Fargo Bank, National Association, as Trustee, Certificate Administrator and Custodian, and Park Bridge Lender Services
LLC, as Operating Advisor. Capitalized terms used but not defined herein shall have the meanings given to them in the Trust and
Servicing Agreement.

 

This letter relates
to US $[______] aggregate Certificate Balance of the Class [__] Certificates (the “Certificates”) which are
held in the form of a beneficial interest in the Temporary Regulation S Global Certificate of such Class (CINS No. [______] and
ISIN No. [______]) with [Euroclear] [Clearstream]* (Common Code [______]) through
the Depository in the name of [insert name of transferor] (the “Transferor”). The Transferor has requested an
exchange or transfer of such beneficial interest for a beneficial interest in the Rule 144A Global Certificate of such Class (CUSIP
No. [______]).

 

In connection with such
request, and in respect of such Certificates, the Transferor does hereby certify that such Certificates are being exchanged or
transferred in accordance with Rule 144A (“Rule 144A”) under the Securities Act of 1933, as amended (the “Securities
Act”), to a transferee that the Transferor reasonably believes is purchasing the Certificates for its own account, or
for one or more accounts with respect to which the transferee exercises sole investment discretion, and the transferee and any
such account is a “qualified institutional buyer” within the meaning of Rule 144A in each case in a transaction meeting
the requirements of Rule 144A and in accordance with any applicable securities laws of any state of the United States or other
applicable jurisdiction.

 

 

* Select appropriate depository.

 

    Exhibit E-1 

     

    

 

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

	 	 	 
	 	[Insert Name of Transferor]
	 	 
	 	By:
    	 
	 	 	Name:
	 	 	Title:
	 	 	 
	Dated:	 	 	 	 

 

cc: Morgan Stanley Capital I Inc.

 

    Exhibit E-2 

     

    

EXHIBIT F

 

FORM OF CERTIFICATION TO BE GIVEN BY

BENEFICIAL OWNER OF TEMPORARY

REGULATION S GLOBAL CERTIFICATE

 

(Exchanges pursuant to

Section 5.3(f) of the Trust and Servicing Agreement)

 

Wells Fargo Bank, National Association,

as Certificate Registrar 

600 South 4th Street, 7th Floor 

MAC: N9300-070 

Minneapolis, Minnesota 55479

Attention: Certificate
Transfer Services – CTS (CMBS) – BX 2019-OC11

 

		Re:	BX Trust 2019-OC11,
                                         Commercial Mortgage Pass-Through Certificates, Series 2019-OC11, Class [__]

 

Reference is hereby
made to the Trust and Servicing Agreement, dated as of December 1, 2019 (the “Trust and Servicing Agreement”),
between Morgan Stanley Capital I Inc., as Depositor, KeyBank National Association, as Servicer, Situs Holdings, LLC, as Special
Servicer, Wells Fargo Bank, National Association, as Trustee, Certificate Administrator and Custodian, and Park Bridge Lender Services
LLC, as Operating Advisor. Capitalized terms used but not defined herein shall have the meanings given to them in the Trust and
Servicing Agreement.

 

[For purposes of acquiring
a beneficial interest in a Regulation S Global Certificate of the Class specified above after the expiration of the Restricted
Period,] [For purposes of receiving payments under a Temporary Regulation S Global Certificate of the Class specified above,]*
the undersigned holder of a beneficial interest in a Temporary Regulation S Global Certificate of the Class specified above issued
under the Trust and Servicing Agreement certifies that it is not a U.S. Person as defined by Regulation S under the Securities
Act of 1933, as amended.

 

We undertake to advise
you promptly by facsimile on or prior to the date on which you intend to submit your corresponding certification relating to the
Certificates of the Class specified above held by you for our account if any applicable statement herein is not correct on such
date, and in the absence of any such notification it may be assumed that this certification applies as of such date.

 

We understand that this
certificate is required in connection with certain securities laws of the United States. In connection therewith, if administrative
or legal proceedings are

 

 

*
Select, as applicable.

    Exhibit F-1 

     

    

 

commenced or threatened in connection with which this certificate is or would be relevant, we irrevocably
authorize you to produce this certificate to any interested party in such proceeding. This certificate and the statements contained
herein are made for your benefit and the benefit of the Depositor, the Servicer, the Special Servicer, the Operating Advisor, the
Certificate Administrator, the Trustee, the Custodian and the Initial Purchasers.

 

		Dated: 	             	 

 

		By:	 	 
	 	 	as,
                                         or as agent for, the holder of a beneficial interest in the Certificates to which this
                                         certificate relates.

 

    Exhibit F-2 

     

    

 

EXHIBIT G

 

FORM OF TRANSFER CERTIFICATE

FOR NON-BOOK ENTRY CERTIFICATE

TO TEMPORARY REGULATION S GLOBAL CERTIFICATE

 

(Exchanges or transfers pursuant to

Section 5.3(g) of the Trust and Servicing Agreement)

 

Wells Fargo Bank, National Association,

as Certificate Registrar 

600 South 4th Street, 7th Floor

MAC: N9300-070

Minneapolis, Minnesota 55479

Attention: Certificate
Transfer Services – CTS (CMBS) – BX 2019-OC11

 

		Re:	BX Trust 2019-OC11,
                                         Commercial Mortgage Pass-Through Certificates, Series 2019-OC11, Class [__]

 

Reference is hereby
made to the Trust and Servicing Agreement, dated as of December 1, 2019 (the “Trust and Servicing Agreement”),
between Morgan Stanley Capital I Inc., as Depositor, KeyBank National Association, as Servicer, Situs Holdings, LLC, as Special
Servicer, Wells Fargo Bank, National Association, as Trustee, Certificate Administrator and Custodian, and Park Bridge Lender Services
LLC, as Operating Advisor. Capitalized terms used but not defined herein shall have the meanings given to them in the Trust and
Servicing Agreement.

 

This letter relates
to US $[______] aggregate Certificate Balance of the Class [__] Certificates (the “Certificates”) which are
held in the form of Non-Book Entry Certificates of such Class (CUSIP No. [______]) in the name of [insert name of Transferor] (the
“Transferor”). The Transferor has requested an exchange or transfer of such Non-Book Entry Certificates for
a beneficial interest in the Temporary Regulation S Global Certificate of such Class (CINS No. [______] and ISIN No. [______])
to be held with [Euroclear] [Clearstream]* (Common Code [______]) through the Depository.

 

In connection with such
request, and in respect of such Certificates, the Transferor does hereby certify that such exchange or transfer has been made in
compliance with the transfer restrictions set forth in the Trust and Servicing Agreement and pursuant to and in accordance with
Regulation S (“Regulation S”) under the Securities Act of 1933, as amended (the “Securities Act”),
and accordingly the Transferor does hereby certify that:

 

(1)       the
offer of the Certificates was not made to a person in the United States;

 

 

*
Select appropriate depository.

    Exhibit G-1 

     

    

 

[(2)      at the time
the buy order was originated, the transferee was an institution outside the United States or the Transferor and any person acting
on its behalf reasonably believed and believes that the transferee was an institution outside the United States;]**

 

[(2)      the transaction
was executed in, on or through the facilities of a designated offshore securities market and neither the Transferor nor any person
acting on its behalf knows that the transaction was pre-arranged with a buyer in the United States;] **

 

(3)       no
directed selling efforts have been made in contravention of the requirements of Rule 903(b) or 904(b) of Regulation S, as applicable;
and

 

(4)       the
transaction is not part of a plan or scheme to evade the registration requirements of the Securities Act.

 

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

	 	 	 
	 	[Insert Name of Transferor]
	 	 
	 	By:
    	 
	 	 	Name:
	 	 	Title:
	 	 	 
	Dated:	 	 	 	 

 

cc: Morgan Stanley Capital I Inc.

 

 

** Insert one of these two provisions, which come from
the definition of “offshore transaction” in Regulation S.

 

    Exhibit G-2 

     

    

 

EXHIBIT H

 

FORM OF TRANSFER CERTIFICATE

FOR NON-BOOK ENTRY CERTIFICATE

TO REGULATION S GLOBAL CERTIFICATE

 

(Exchange or transfers pursuant to

Section 5.3(g) of the Trust and Servicing Agreement)

 

Wells Fargo Bank, National Association,

as Certificate Registrar 

600 South 4th Street, 7th Floor

MAC: N9300-070

Minneapolis, Minnesota 55479

Attention: Certificate Transfer Services – CTS (CMBS)
– BX 2019-OC11

 

		Re:	BX Trust 2019-OC11,
                                         Commercial Mortgage Pass-Through Certificates, Series 2019-OC11, Class [__]

 

Reference is hereby
made to the Trust and Servicing Agreement, dated as of December 1, 2019 (the “Trust and Servicing Agreement”),
between Morgan Stanley Capital I Inc., as Depositor, KeyBank National Association, as Servicer, Situs Holdings, LLC, as Special
Servicer, Wells Fargo Bank, National Association, as Trustee, Certificate Administrator and Custodian, and Park Bridge Lender Services
LLC, as Operating Advisor. Capitalized terms used but not defined herein shall have the meanings given to them in the Trust and
Servicing Agreement.

 

This letter relates
to US $[______] aggregate Certificate Balance of the Class [__] Certificates (the “Certificates”) which are
held in the form of Non-Book Entry Certificates of such Class (CUSIP No. [______]) in the name of [insert name of Transferor] (the
“Transferor”). The Transferor has requested an exchange or transfer of such Non-Book Entry Certificates for
a beneficial interest in the Regulation S Global Certificate (CINS No. [______], ISIN No. [______], and Common Code No. [______]).

 

In connection with such
request, and in respect of such Certificates, the Transferor does hereby certify that such exchange or transfer has been made in
compliance with the transfer restrictions set forth in the Trust and Servicing Agreement and, with respect to transfers made in
reliance on Regulation S (“Regulation S”) under the Securities Act of 1933, as amended (the “Securities
Act”), the Transferor does hereby certify that:

 

(1)       the
offer of the Certificates was not made to a person in the United States,

 

    Exhibit H-1 

     

    

 

[(2)       at the time
the buy order was originated, the transferee was an institution outside the United States or the Transferor and any person acting
on its behalf reasonably believed and believes that the transferee was an institution outside the United States,]*

 

[(2)       the transaction
was executed in, on or through the facilities of a designated offshore securities market and neither the Transferor nor any person
acting on its behalf knows that the transaction was pre-arranged with a buyer in the United States,] *

 

(3)       no
directed selling efforts have been made in contravention of the requirements of Rule 903(b) or 904(b) of Regulation S, as applicable,
and

 

(4)       the
transaction is not part of a plan or scheme to evade the registration requirements of the Securities Act.

 

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

	 	 	 
	 	[Insert Name of Transferor]
	 	 
	 	By:
    	 
	 	 	Name:
	 	 	Title:
	 	 	 
	Dated:	 	 	 	 

 

cc: Morgan Stanley Capital I Inc.

 

 

* Insert one of these two provisions, which come from
the definition of “offshore transaction” in Regulation S.

  

    Exhibit H-2 

     

    

 

EXHIBIT I

 

FORM OF TRANSFER CERTIFICATE

FOR NON-BOOK ENTRY CERTIFICATE

TO RULE 144A GLOBAL CERTIFICATE

 

(Exchange or transfers pursuant to

Section 5.3(g) of the Trust and Servicing Agreement)

 

Wells Fargo Bank, National Association,

as Certificate Registrar 

600 South 4th Street, 7th Floor 

MAC: N9300-070 

Minneapolis, Minnesota 55479 

Attention: Certificate
Transfer Services – CTS (CMBS) – BX 2019-OC11

 

		Re:	BX Trust 2019-OC11,
                                         Commercial Mortgage Pass-Through Certificates, Series 2019-OC11, Class [__]

 

Reference is hereby
made to the Trust and Servicing Agreement, dated as of December 1, 2019 (the “Trust and Servicing Agreement”),
between Morgan Stanley Capital I Inc., as Depositor, KeyBank National Association, as Servicer, Situs Holdings, LLC, as Special
Servicer, Wells Fargo Bank, National Association, as Trustee, Certificate Administrator and Custodian, and Park Bridge Lender Services
LLC, as Operating Advisor. Capitalized terms used but not defined herein shall have the meanings given to them in the Trust and
Servicing Agreement.

 

This letter relates
to US $[______] aggregate Certificate Balance of the Class [__] Certificates (the “Certificates”) which are
held in the form of Non-Book Entry Certificates of such Class (CUSIP No. [______]) in the name of [insert name of transferor] (the
“Transferor”). The Transferor has requested an exchange or transfer of such beneficial interest for a beneficial
interest in the Rule 144A Global Certificate of such Class (CUSIP No. [______]).

 

In connection with such
request, and in respect of such Certificates, the Transferor does hereby certify that such Certificates are being exchanged or
transferred in accordance with Rule 144A (“Rule 144A”) under the Securities Act of 1933, as amended (the “Securities
Act”), to a transferee that the Transferor reasonably believes is purchasing the Certificates for its own account, or
for one or more accounts with respect to which the transferee exercises sole investment discretion, and the transferee and any
such account is a “qualified institutional buyer” within the meaning of Rule 144A in each case in a transaction meeting
the requirements of Rule 144A and in accordance with any applicable securities laws of any state of the United States or other
applicable jurisdiction.

 

We understand that this
certificate is required in connection with certain securities laws of the United States. In connection therewith, if administrative
or legal proceedings are commenced or threatened in connection with which this certificate is or would be relevant, we irrevocably
authorize you to produce this certificate to any interested party in such proceeding.

 

    Exhibit I-1 

     

    

 

This certificate and the statements contained
herein are made for your benefit and the benefit of the Depositor, the Servicer, the Special Servicer, the Operating Advisor, the
Certificate Administrator, the Trustee, the Custodian and the Initial Purchasers.

	 	 	 
	 	[Insert Name of Transferor]
	 	 
	 	By:
    	 
	 	 	Name:
	 	 	Title:
	 	 	 
	Dated:	 	 	 	 

 

cc: Morgan Stanley Capital I Inc.

 

    Exhibit I-2 

     

    

 

EXHIBIT J-1

 

FORM OF AFFIDAVIT PURSUANT TO 

SECTION 860(E)(e) OF THE INTERNAL REVENUE CODE OF 1986

 

AFFIDAVIT PURSUANT TO

SECTION 860E(e)(4) OF THE

INTERNAL REVENUE CODE OF

1986, AS AMENDED

 

	STATE OF _________		)
	 		)  ss: 
	COUNTY OF_________		) 

 

______________, being first duly sworn,
deposes and says:

 

1.       That
he/she is a ______________ of ____________ (the “Purchaser”), a ___________ duly organized and existing under the laws of the State of  ___________ on behalf of which he/she
makes this affidavit.

 

2.       That
the Purchaser’s Taxpayer Identification Number is ___________.

 

3.       That
the Purchaser is acquiring a BX Trust 2019-OC11, Commercial Mortgage Pass-Through Certificate, Series 2019-OC11, Class R (the “Residual
Certificate”) and, further, that the Purchaser is a Permitted Transferee (as defined in Article 1 of the Trust and Servicing
Agreement, dated as of December 1, 2019 (the “Trust and Servicing Agreement”), entered into between Morgan Stanley
Capital I Inc., as depositor, KeyBank National Association, as Servicer, Situs Holdings, LLC, as Special Servicer, Wells Fargo
Bank, National Association, as Trustee, Certificate Administrator and Custodian, and Park Bridge Lender Services LLC, as Operating
Advisor, or is acquiring the Residual Certificate for the account of, or as agent (including as a broker, nominee, or other middleman)
for, a Permitted Transferee and has received from such person or entity an affidavit substantially in the form of this affidavit.

 

4.       That
the Purchaser historically has paid its debts as they have come due, intends to pay its debts as they come due in the future and
the Purchaser intends to pay taxes associated with holding the Residual Certificate as they become due and the Purchaser understands
that, as the holder of a Residual Certificates, it may incur liabilities in excess of cash flows generated by the residual interest.

 

5.       That
the Purchaser understands that it may incur tax liabilities with respect to the Residual Certificate in excess of any cash flow
generated by the Residual Certificate.

 

6.       That
the Purchaser will not transfer the Residual Certificate to any person or entity from which the Purchaser has not received an affidavit
substantially in the form of this affidavit or as to which the Purchaser (i) has actual knowledge that the requirements set forth
in paragraph 3, paragraph 4 or paragraph 7 hereof are not satisfied, (ii) has reason to know does not satisfy the requirements
set forth in paragraph 4 hereof or (iii) has actual knowledge that such

 

    Exhibit J-1-1 

     

    

 

person or entity is not a Permitted Transferee or is acting
as an agent (including a broker, nominee or other middleman) for a person or entity that is not a Permitted Transferee.

 

7.       That
the Purchaser is not a Disqualified Non-U.S. Person and is not purchasing the Residual Certificate for the account of, or as an
agent (including as a broker, nominee or other middleman) for, a Disqualified Non-U.S. Person and is otherwise a Permitted Transferee,
and attached hereto is an Internal Revenue Service (“IRS”) Form W-9 (or successor form).

 

8.       That
the Purchaser agrees to such amendments of the Trust and Servicing Agreement as may be required to further effectuate the restrictions
on transfer of the Residual Certificate to a “disqualified organization,” an agent thereof, or a person that does not
satisfy the requirements of paragraph 4, paragraph 7 and paragraph 11 hereof. For the purposes hereof, a “disqualified organization”
is any of the following: (a) the United States, a State, or any agency or instrumentality of any of the foregoing (other than an
instrumentality that is a corporation if all of its activities are subject to tax and, except in the case of FHLMC, a majority
of its board of directors is not selected by any such governmental unit), (b) a foreign government, International Organization
or agency or instrumentality of either of the foregoing, (c) an organization that is exempt from tax imposed by Chapter 1 of the
Code (including the tax imposed by Section 511 of the Code on unrelated business taxable income) on any excess inclusions (as defined
in Section 860E(c)(1)) of the Code with respect to the Class R Certificates (except certain farmers’ cooperatives described
in Section 521 of the Code), (d) rural electric and telephone cooperatives described in Section 1381(a)(2) of the Code or (e) any
other person so designated by the Certificate Registrar based upon an Opinion of Counsel to the effect that any transfer of a Residual
Certificate to such person may cause the Upper-Tier REMIC or the Lower-Tier REMIC to fail to qualify as a REMIC at any time that
the Certificates are outstanding. The terms “United States,” “State” and “International Organization”
have the meanings set forth in Section 7701 of the Code or successor provisions.

 

9.       The
Purchaser agrees (a) that the Certificate Administrator shall make any elections allowed to avoid (i) the application of Code Section
6221 to the Trust REMIC and (ii) payment by the Trust REMIC under Code Section 6225 of any tax, penalty, interest or other amount
imposed under the Code that would otherwise be imposed on the holders of the Residual Certificates and (b) to the Certificate Administrator
being designated pursuant to Section 13.1(h) of the Trust and Servicing Agreement as the “partnership representative”
of the Upper-Tier REMIC and the Lower-Tier REMIC under Section 6223 of the Code.

 

10.       The
Purchaser agrees to be bound by and to abide by the provisions of Section 5.3 of the Trust and Servicing Agreement concerning registration
of the transfer and exchange of the Residual Certificate.

 

11.       The
Purchaser will not cause income from the Residual Certificate to be attributable to a foreign permanent establishment or fixed
base, within the meaning of an applicable income tax treaty, of the Purchaser or any other U.S. Person.

 

12.       Check
the applicable paragraph:

 

    Exhibit J-1-2 

     

    

 

☐        The
present value of the anticipated tax liabilities associated with holding the Residual Certificate, as applicable, does not exceed
the sum of:

 

(i)         the
present value of any consideration given to the Purchaser to acquire such Residual Certificate;

 

(ii)        the
present value of the expected future distributions on such Certificate; and

 

(iii)       the
present value of the anticipated tax savings associated with holding such Residual Certificate as the related REMIC generates losses.

 

For purposes of this calculation,
(i) the Purchaser is assumed to pay tax at the 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 Residual Certificate complies with U.S. Treasury Regulations Section 1.860E-1(c)(5) and (6) and, accordingly,

 

(i)         the
Purchaser is an “eligible corporation,” as defined in U.S. Treasury Regulations Section 1.860E-1(c)(6)(i), as to which
income from the Residual Certificate will only be taxed in the United States;

 

(ii)        at
the time of the transfer, and at the close of the Purchaser’s two fiscal years preceding the year of the transfer, the Purchaser
had gross assets for financial reporting purposes (excluding any obligation of a person related to the Purchaser within the meaning
of U.S. Treasury Regulations Section 1.860E-1(c)(6)(ii)) in excess of $100 million and net assets in excess of $10 million;

 

(iii)       the
Purchaser will transfer the Residual Certificate only to another “eligible corporation,” as defined in U.S. Treasury
Regulations Section 1.860E-1(c)(6)(i), in a transaction that satisfies the requirements of Section 1.860E-1(c)(4)(i), (ii) and
(iii) and Section 1.860E-1(c)(5) of the U.S. Treasury Regulations; and

 

(iv)       the
Purchaser determined the consideration paid to it to acquire the Residual Certificate based on reasonable market assumptions (including,
but not limited to, borrowing and investment rates, prepayment and loss assumptions, expense and reinvestment assumptions, tax
rates and other factors specific to the Purchaser) that it has determined in good faith.

 

☐       None
of the above.

 

    Exhibit J-1-3 

     

    

 

Capitalized terms used
but not defined herein have the respective meanings ascribed to such terms in the Trust and Servicing Agreement.

 

IN WITNESS WHEREOF,
the Purchaser has caused this instrument to be executed on its behalf by its this day of , 20 .

 

	 	

[The Purchaser]
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    Exhibit J-1-4 

     

    

 

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 December, 2019.

 

	NOTARY PUBLIC	 

	COUNTY OF	 	 

	STATE OF	 	 

 

My commission expires the _____ day of _____ , 20 ___.

 

    Exhibit J-1-5 

     

    

 

EXHIBIT J-2

 

FORM OF TRANSFEROR LETTER

 

[Date]

 

Wells Fargo Bank, National Association,

as Certificate Registrar 

600 South 4th Street, 7th Floor 

MAC: N9300-070 

Minneapolis, Minnesota 55479

Attention: Certificate Transfer Services – CTS (CMBS) – BX 2019-OC11

 

		Re:	BX Trust 2019-OC11,
                                         Commercial Mortgage Pass-Through Certificates, Series 2019-OC11, 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 Trust and Servicing Agreement defined in the attached affidavit) and has no actual knowledge
that the Transferee is not a Permitted Transferee and has no actual knowledge or reason to know that the information contained
in paragraphs 4, 7 and 11 thereof is not true. No purpose of [Transferor] relating to the transfer of the Class R Certificate by
[Transferor] to [Transferee] is or will be to impede the assessment of any tax.

	 	 	 
	 	Very truly yours,
	 	 
	 	[Transferor]
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    Exhibit J-2-1 

     

    

 

EXHIBIT J-3

 

Form
of Transferee CERTIFICATE FOR TRANSFERS 

OF CLASS HRR CERTIFICATES

 

[Date]

 

Wells Fargo Bank, National Association 

9062 Old Annapolis Road 

Columbia, Maryland 21045-1951 

Attention: Risk Retention Custody
(CMBS) – BX 2019-OC11

 

[OR OTHER CERTIFICATE REGISTRAR]

 

Morgan Stanley Mortgage Capital
Holdings LLC,

as Retaining Sponsor       

1585 Broadway 

New York, New York 10036 

Attention: Jane Lam

 

Morgan Stanley Mortgage Capital
Holdings LLC,

as Retaining Sponsor       

1633 Broadway, 29th Floor

New York, New York 10019

Attention: Legal Compliance Division

 

Morgan Stanley Capital I Inc.       

1585 Broadway

New York, New York 10036

Attention: Jane Lam

 

Morgan Stanley Capital I Inc.       

1633 Broadway, 29th Floor

New York, New York 10019

Attention: Legal Compliance Division

 

With a copy via email to: cmbs_notices@morganstanley.com

 

		Re:	BX Trust 2019-OC11, Commercial Mortgage Pass-Through Certificates, Series
2019-OC11 (the “Certificates”) issued pursuant
to the Trust and Servicing Agreement (the “Trust and Servicing
Agreement”), dated as of December 1, 2019, between Morgan Stanley Capital I Inc., as Depositor, KeyBank National
Association, as Servicer, Situs Holdings, LLC, as Special Servicer, Wells Fargo Bank, National Association, as Trustee and Certificate
Administrator, and Park Bridge Lender Services LLC, as Operating Advisor.

 

    Exhibit J-3-1 

     

    

 

	STATE OF 		)
	 	 	 
	 		)        ss.: 
	 	 	 
	COUNTY OF		) 

 

[_________] (the “Purchaser”)
hereby certifies, represents and warrants to you, as Certificate Registrar and as “retaining sponsor”, respectively,
as such term is defined in Regulation RR, that:

 

		1.	The Purchaser is acquiring $[_____] aggregate Certificate Balance of the Class HRR Certificate
from [_____] (the “Transferor”).

 

		2.	The Purchaser is aware that the Certificate Registrar will not register any transfer of any portion
of the Class HRR Certificate by the Transferor unless the Purchaser’s 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 transfer is in compliance with any applicable third party purchaser agreement in effect between
the retaining sponsor and the Transferor (the “Third Party Purchaser Agreement”).

 

		4.	If the Purchaser is an insurance company general account relying on PTCE 95-60 to cover its acquisition
of the Class HRR Certificate, (a) all of the conditions of Parts I and III of PTCE 95-60 will be satisfied with respect to the
acquisition of the Class HRR Certificate and (b) the acquisition of the Class HRR Certificate will be effected through Morgan Stanley
& Co. LLC, Citigroup Global Markets Inc. and J.P. Morgan Securities LLC or an affiliate thereof.

 

		5.	Check one of the following:

 

☐       The
transfer will occur during the Class HRR Certificate Transfer Restriction Period, and the Purchaser certifies, represents and warrants
to you, as Certificate Registrar, that:

 

		A.	It is a “majority-owned affiliate”, as such term is defined in Regulation RR, of the
Transferor (a “Majority-Owned Affiliate”).

 

		B.	It is not acquiring the Class HRR Certificate as a nominee, trustee or agent for any person that
is not a Majority-Owned Affiliate, and that for so long as it retains its interest in the Class HRR Certificate, it will remain
a Majority-Owned Affiliate.

 

		C.	It will deliver a joinder agreement substantially in the form attached to the Third Party Purchaser
Agreement pursuant to which it has agreed to be bound 

 

    Exhibit J-3-2 

     

    

 

	 	 	by the terms of the Third Party Purchaser Agreement to the same extent as
if it was the Transferor itself.

 

☐       The
transfer will occur during the Class HRR Certificate Transfer Restriction Period with respect to the Class HRR Certificate, and
the Purchaser certificates, represents and warrants to each of the addressees hereto that it is in compliance with Section [3(d)]
of the Third Party Purchaser Agreement.

 

☐       The
transfer will occur after the expiration of the Class HRR Certificate Transfer Restriction Period with respect to the Class HRR
Certificate and the consent of the Retaining Sponsor is not required.

 

Capitalized terms used
but not defined herein have the meanings assigned thereto in the Trust and Servicing Agreement.

 

IN WITNESS WHEREOF,
the Purchaser has caused this instrument to be duly executed on its behalf by its duly authorized senior officer this ___day of
_________, 20__.

	 	 	 
	 	[PURCHASER]
	 	 	 
	 	By: 	 
	 	 	Name:
	 	 	Title:

 

    Exhibit J-3-3 

     

    

On this ____ day of _______20__, before me,
the undersigned, a Notary Public in and for the State of _______________, duly commissioned and sworn, personally appeared ______________________
and ________________________, known or proved to me to be the same persons who executed the foregoing instrument and to be _____________________________
and ___________________________, respectively, of the Purchaser, and acknowledged to me that they executed the same as their respective
free acts and deeds and as the free act and deed of the Purchaser.

 

 

	NOTARY PUBLIC in and for the

State of _______________	 
	 	 
	[SEAL]	 
	 	 
	My Commission expires:	 
	 	 

 

    Exhibit J-3-4 

     

    

The foregoing certificate
is hereby confirmed, and the transfer is accepted, as of the date first above written:

	 	 	 
	[RETAINING SPONSOR]	 
	 	 	 
	By: 	 	 
	 	Name:	 
	 	Title:	 

 

    Exhibit J-3-5 

     

    

 

EXHIBIT J-4

 

FORM OF TRANSFEROR CERTIFICATE FOR TRANSFERS

OF CLASS HRR CERTIFICATES

 

[Date]

 

Wells Fargo Bank, National Association 

9062 Old Annapolis Road 

Columbia, Maryland 21045-1951 

Attention: Risk Retention Custody
(CMBS) – BX 2019-OC11

 

[OR OTHER CERTIFICATE REGISTRAR]

 

Morgan Stanley Mortgage Capital
Holdings LLC,

as Retaining Sponsor       

1585 Broadway 

New York, New York 10036

Attention: Jane Lam

 

With a copy via email to: cmbs_notices@morganstanley.com

 

[EACH OTHER HOLDER OF AN RR INTEREST]

 

		Re:	BX Trust 2019-OC11, Commercial Mortgage Pass-Through Certificates, Series
2019-OC11 (the “Certificates”)       

 

Ladies and Gentlemen:

 

This is delivered to
you in connection with the transfer by [____] (the “Transferor”)
to [____] (the “Transferee”) of $[____] aggregate
Certificate Balance of the Class HRR Certificate. The Certificates were issued pursuant to the Trust and Servicing Agreement, dated
as of December 1, 2019 (the “Trust and Servicing Agreement”),
between Morgan Stanley Capital I Inc., as Depositor, KeyBank National Association, as Servicer, Situs Holdings, LLC, as Special
Servicer, Wells Fargo Bank, National Association, as Trustee, Certificate Administrator and Custodian, and Park Bridge Lender Services
LLC, as Operating Advisor. All capitalized terms used but not otherwise defined herein shall have the respective meanings set forth
in the Trust and Servicing Agreement. The Transferor hereby certifies, represents and warrants to you that:

 

		1.	The transfer is in compliance with Section [3(b) or 3(d)], as applicable, of that certain third
party purchaser agreement in effect between the retaining sponsor and the Transferor (the Third Party Purchaser Agreement”)
and the Trust and Servicing Agreement.

 

		2.	Check one of the following:

 

    Exhibit J-4-1 

     

    

 

☐       The
transfer will occur during the Class HRR Certificate Transfer Restriction Period, and the Purchaser certifies, represents and warrants
to you, as Certificate Registrar, that:

 

		A.	The Transferee is a “majority-owned affiliate”, as such term is defined in Regulation
RR, of the Transferor (a “Majority-Owned Affiliate”).

 

		B.	The Transferor has satisfied all of the conditions under the Third Party Purchaser Agreement applicable
to transfers by the Transferor to a Majority- Owned Affiliate.

 

		C.	The Transferor certifies, represents and warrants to you that the Transferor has provided notice
of the Transfer to the Retaining Sponsor and the Retaining Sponsor has consented to the Transfer, a copy of which is attached hereto.

 

☐       The
transfer will occur during the Class HRR Certificate Transfer Restriction Period with respect to the Class HRR Certificate, and
the Transferor certifies, represents and warrants to you that:

 

		A.	The Transferor has satisfied all of the conditions under the Third Party Purchaser Agreement applicable
to transfers by the Transferor to subsequent Third Party Purchasers.

 

		B.	The Transferor certifies, represents and warrants to you that the Transferor has provided notice
of the Transfer to the Retaining Sponsor and the Retaining Sponsor has consented to the Transfer, a copy of which is attached hereto.

 

		3.	The Transferor understands that the Transferee has delivered to you a Transferee Certificate in
the form attached to the Trust and Servicing Agreement as Exhibit J-3. The Transferor does not know or believe that any
representation contained therein is false.

 

    Exhibit J-4-2 

     

    

 

IN WITNESS WHEREOF,
the Transferor has caused this instrument to be duly executed on its behalf by its duly authorized senior officer this ___day of
_________, 20__.

	 	 	 
	 	 	[TRANSFEROR]
	 	 	 
	 	By: 	 
	 	 	Name:
	 	 	Title:

 

		
	

The foregoing certificate
is hereby confirmed, and the transfer is accepted, as of the date first above written:

	 	 	 
	[RETAINING SPONSOR]	 
	 	 	 
	By: 	 	 
	 	Name:	 
	 	Title:	 

 

    Exhibit J-4-3 

     

    

 

EXHIBIT J-5

 

FORM OF ERISA REPRESENTATION LETTER

 

[Date]

 

Wells
Fargo Bank, National Association, 

as Certificate
Registrar 

600 South
4th Street, 7th Floor 

MAC: N9300-070 

Minneapolis, Minnesota
55479 

Attention: Certificate
Transfer Services – CTS (CMBS) – BX 2019-OC11

 

Morgan Stanley Capital I Inc.

1585 Broadway

New York, New York 10036

Attention: Jane Lam

 

		Re:	BX Trust 2019-OC11, Commercial Mortgage Pass-Through Certificates, Series
2019-OC11, [Class R]

 

Ladies and Gentlemen:

 

(the “Purchaser”)
intends to purchase from ________ (the “Seller”) [ ]% Percentage Interest of BX Trust 2019-OC11, Commercial
Mortgage Pass-Through Certificates, Series 2019-OC11, Class [ ], CUSIP No. [ ] (the “Certificates”), issued
pursuant to the Trust and Servicing Agreement, dated as of December 1, 2019 (the “Trust and Servicing Agreement”),
entered into between Morgan Stanley Capital I Inc., as depositor, KeyBank National Association, as Servicer, Situs Holdings, LLC,
as Special Servicer, Wells Fargo Bank, National Association, as Trustee, Certificate Administrator and Custodian, and Park Bridge
Lender Services LLC, as Operating Advisor. All capitalized terms used herein and not otherwise defined shall have the meaning set
forth in the Trust and Servicing Agreement. The Purchaser hereby certifies, represents and warrants to, and covenants with, the
Depositor, the Certificate Administrator and the Certificate Registrar that:

 

1.       The
Purchaser is not and will not become (a) an employee benefit plan subject to the fiduciary responsibility provisions of the Employee
Retirement Income Security Act of 1974, as amended (“ERISA”), or Section 4975 of the Internal Revenue Code of
1986, as amended (the “Code”), or a governmental plan (as defined in Section 3(32) of ERISA), a church plan
(as defined in Section 3(33) of ERISA) for which no election has been made under Section 410(d) of the Code, or any other plan
subject to any federal, state or local law (“Similar Law”) which is, to a material extent, similar to the foregoing
provisions of ERISA or the Code (each a “Plan”) or (b) a person acting on behalf of or using the assets of any such
Plan (within the meaning of Department of Labor Regulation § 2510.3-101, as modified by Section 3(42) of ERISA)[TO BE DELETED
FOR CLASS R CERTIFICATES: , other than an insurance company using the assets of its “insurance company general account”
(as such term is defined in Section V(e) of Prohibited Transaction Class Exemption (“PTCE”) 95-60) under circumstances

    Exhibit J-5-1 

     

    

whereby the purchase and holding of Certificates by such insurance company would be exempt from the prohibited transaction provisions
of ERISA and the Code under Sections I and III of PTCE 95-60 (or a Plan subject to Similar Law purchasing under circumstances that
would not constitute or result in a non-exempt violation of applicable Similar Law)].

 

2.       [TO
BE DELETED FOR CLASS R CERTIFICATES: The Purchaser understands that if the Purchaser is or becomes a Person referred to in
1(a) or (b) above, such Purchaser is required to provide to the Trustee and Certificate Administrator an Opinion of Counsel in
form and substance satisfactory to the Trustee and Certificate Administrator and the Depositor to the effect that the acquisition
and holding of such Certificate by such purchaser or transferee will not constitute or result in a “prohibited transaction”
within the meaning of ERISA, Section 4975 of the Code or any Similar Law, and will not subject the Trustee, the Certificate Administrator,
the Servicer, the Special Servicer, the Operating Advisor, the Initial Purchasers or the Depositor to any obligation or liability
(including obligations or liabilities under ERISA, Section 4975 of the Code or any such Similar Law) in addition to those set forth
in the Trust and Servicing Agreement, which Opinion of Counsel shall not be at the expense of the Depositor, the Servicer, the
Special Servicer, the Operating Advisor, the Trustee, the Certificate Administrator, the Initial Purchasers or the Trust.]

 

IN WITNESS WHEREOF,
the Purchaser hereby executes this ERISA Representation Letter on this ___ day _____ of , 20__.

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

 

    Exhibit J-5-2 

     

    

 

EXHIBIT K-1

 

FORM OF INVESTOR CERTIFICATION

 

[Date]

 

Wells Fargo Bank, National Association

9062 Old Annapolis Road

Columbia, Maryland 21045-1951

Attention: Corporate Trust Services (CMBS) BX Trust 2019-OC11

 

		Re:	BX Trust 2019-OC11,
                                         Commercial Mortgage Pass-Through Certificates, Series 2019-OC11, Class [__]

 

In accordance with the
requirements for obtaining certain information under, or the exercise of Voting Rights pursuant to, the Trust and Servicing Agreement,
dated as of December 1, 2019 (the “Trust and Servicing Agreement”), between Morgan Stanley Capital I Inc., as
Depositor, KeyBank National Association, as Servicer, Situs Holdings, LLC, as Special Servicer, Wells Fargo Bank, National Association,
as Trustee, Certificate Administrator and Custodian, and Park Bridge Lender Services LLC, as Operating Advisor, with respect to
the above-referenced certificates (the “Certificates”), the undersigned hereby certifies and agrees as follows:

 

1.       The
undersigned is either (a) a Certificateholder (or representative thereof), a Beneficial Owner or a prospective purchaser of the
Class ___ Certificates, (b) Companion Loan Holder (or a party to an Other Pooling and Servicing Agreement on its behalf) or (c)
a Mortgage Loan Seller if it has repurchased its respective Mortgage Loan Seller Percentage Interest in the Mortgage Loan.

 

2.       The
undersigned is not the Guarantor, the Sponsor, the Property Manager, a foreclosing mezzanine lender or an Affiliate of any of the
foregoing, the Borrower or a Borrower Party, or any agent of any of the foregoing.

 

[3.       The undersigned
is requesting access pursuant to the Trust and Servicing Agreement to certain information (the “Information”)
on the Certificate Administrator’s website and/or is requesting the information identified on the schedule attached hereto
(also, the “Information”) pursuant to the provisions of the Trust and Servicing Agreement.

 

           In consideration
of the disclosure to the undersigned of the Information, or the access thereto, the undersigned will keep the Information confidential
(except from such outside persons as are assisting it in making an evaluation in connection with purchasing the related Certificates,
from its accountants and attorneys, and otherwise from such governmental or banking authorities or agencies to which the undersigned
is subject), and such Information will not, without the prior written consent of the Certificate Administrator, be otherwise disclosed
by the undersigned or by its officers, directors, partners, employees, agents or representatives (collectively, the “Representatives”)
in any manner whatsoever, in whole or in part.

 

    Exhibit K-1-1 

     

    

 

The undersigned
will not use or disclose the Information in any manner which could result in a violation of any provision of the Securities Act
of 1933, as amended (the “Securities Act”), or the Securities Exchange Act of 1934, as amended, or would require
registration of any Certificate not previously registered pursuant to Section 5 of the Securities Act.]

 

[4.           If the undersigned
intends to exercise Voting Rights under the Trust and Servicing Agreement, please check one of the following:

 

		___	The undersigned is not the Depositor, the Certificate Administrator, the Trustee, the Custodian,
the Guarantor, the Sponsor, the Property Manager, a foreclosing mezzanine lender or an Affiliate of any of the foregoing, the Borrower,
a Borrower Party, or an agent of any of the foregoing; and the undersigned [is] [is not] the Servicer, the Special Servicer, or
an Affiliate of any of the foregoing;

 

		___	The undersigned is an Affiliate of the Depositor, the Servicer, the Special Servicer, the Operating
Advisor, the Certificate Administrator, the Trustee or the Custodian and hereby certifies to the existence of an Affiliate Ethical
Wall between it and the Depositor, the Servicer, the Special Servicer, the Operating Advisor, the Certificate Administrator, the
Trustee or the Custodian, as applicable.]

 

5.            [If
the undersigned intends to become the Controlling Class Representative, exercising any rights of the Controlling Class or receiving
Asset Status Reports or any other information under the Trust and Servicing Agreement (other than the Distribution Date Statement),
the undersigned is not the Guarantor, the Sponsor, the Property Manager, a foreclosing mezzanine lender or an Affiliate of any
of the foregoing, the Borrower or Borrower Party, or an agent of any of the foregoing.]

 

6.           The
undersigned shall be fully liable for any breach of this certificate by itself or any of its Representatives and shall indemnify
the Depositor, the Certificate Administrator, the Trustee, the Custodian, the Servicer, the Special Servicer and the Trust Fund
for any loss, liability or expense incurred thereby with respect to any such breach by the undersigned or any of its Representatives.

 

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.          Capitalized
terms used but not defined herein shall have the respective meanings assigned thereto in the Trust and Servicing Agreement.

 

BY ITS CERTIFICATION
HEREOF, the undersigned has made the representations above and shall have caused, or shall be deemed to have caused, its name to
be signed hereto by its duly authorized signatory, as of the date certified.

 

    Exhibit K-1-2 

     

    

	 	 	 	 	 	 	 	 
	 	[Entity Name]
	 	       
	 	By:	 	 	 
	 	 	 	 	 
	 	Name:	 	 	 
	 	 	 	 	 
	 	Title:	 	 	 
	 	 	 	 	 
	 	Company: 	 	 
	 	 	 	 
	 	Phone: 	 	 	 

 

    Exhibit K-1-3 

     

    

 

EXHIBIT K-2

FORM OF INVESTOR CERTIFICATION

 

FOR

 

BORROWER, ANY BORROWER PARTIES, GUARANTOR,
SPONSOR AND PROPERTY 

MANAGER (AND THEIR RESPECTIVE AFFILIATES)

 

[Date]

 

Wells Fargo Bank, National Association

9062 Old Annapolis Road

Columbia, Maryland 21045-1951

Attention: Corporate Trust Services (CMBS) BX Trust 2019-OC11

 

		Re:	BX Trust
                                         2019-OC11, Commercial Mortgage Pass-Through Certificates, Series 2019-OC11, Class [__]

 

In accordance with the
requirements for obtaining certain information under, or the exercise of Voting Rights pursuant to, the Trust and Servicing Agreement,
dated as of December 1, 2019 (the “Trust Agreement”), between Morgan Stanley Capital I Inc., as Depositor, KeyBank
National Association, as Servicer, Situs Holdings, LLC, as Special Servicer, Wells Fargo Bank, National Association, as Trustee,
Certificate Administrator and Custodian, and Park Bridge Lender Services LLC, as Operating Advisor, with respect to the above-referenced
certificates (the “Certificates”), the undersigned hereby certifies and agrees as follows:

 

1.            The
undersigned is either (a) a Certificateholder (or representative thereof), a Beneficial Owner or a prospective purchaser of the
Class ___ Certificates, (b) Companion Loan Holder (or a party to an Other Pooling and Servicing Agreement on its behalf) or (c)
a Mortgage Loan Seller if it has repurchased its respective Mortgage Loan Seller Percentage Interest in the Mortgage Loan.

 

2.             The
undersigned is the Guarantor, the Sponsor, the Property Manager, a foreclosing mezzanine lender or an Affiliate of any of the foregoing,
the Borrower or a Borrower Party, or any agent of any of the foregoing

 

3.             The
undersigned is requesting access to the Distribution Date Statement information in accordance with the Trust and Servicing Agreement
(the “Information”) and agrees to keep the Information confidential (except from such outside persons as are
assisting it in making an evaluation in connection with purchasing the related Certificates, from its accountants and attorneys,
and otherwise from such governmental or banking authorities or agencies to which the undersigned is subject), and such Information
will not, without the prior written consent of the Certificate Administrator, be otherwise disclosed by the undersigned or by its
officers, directors, partners, employees, agents or representatives (collectively, the “Representatives”) in
any manner whatsoever, in whole or in part.

 

    Exhibit K-2-1 

     

    

 

        The undersigned
will not use or disclose the Information in any manner which could result in a violation of any provision of the Securities Act
of 1933, as amended (the “Securities Act”), or the Securities Exchange Act of 1934, as amended, or would require
registration of any Certificate not previously registered pursuant to Section 5 of the Securities Act.

 

4.            The
undersigned shall be fully liable for any breach of this certificate by itself or any of its Representatives and shall indemnify
the Depositor, the Certificate Administrator, the Trustee, the Custodian, the Servicer, the Special Servicer and the Trust Fund
for any loss, liability or expense incurred thereby with respect to any such breach by the undersigned or any of its Representatives.

 

5.            Capitalized
terms used but not defined herein shall have the respective meanings assigned thereto in the Trust Agreement.

 

BY ITS CERTIFICATION
HEREOF, the undersigned has made the representations above and shall 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. 

 

	 	 	 	 	 	 	 	 
	 	[Entity Name]
	 	       
	 	By:	 	 	 
	 	 	 	 	 
	 	Name:	 	 	 
	 	 	 	 	 
	 	Title:	 	 	 
	 	 	 	 	 
	 	Company: 	 	 
	 	 	 	 
	 	Phone: 	 	 	 

 

    Exhibit K-2-2 

     

    

 

EXHIBIT K-3

FORM OF CERTIFICATION OF THE CONTROLLING CLASS REPRESENTATIVE

 

	
        KeyBank National Association 

        11501 Outlook Street, Suite 300 

        Overland Park, Kansas 66211 

        Attention: Michael A. Tilden 

        Email: michael_a_tilden@keybank.com

         

        with a copy to:

         

        Polsinelli

        900 W. 48th Place, Suite 900

        Kansas City, Missouri 64112

        Attention: Kraig Kohring

        Email: kkohring@polsinelli.com

         
	
        Situs Holdings, LLC

        101 Montgomery Street, Suite 2250

        San Francisco, California 94104

        Attention: Stacey Ciarlanti

        E-mail: stacey.ciarlanti@situsamc.com

         

        with a copy to:

        

        Situs Group, LLC

        5065 Westheimer, Suite 700E

        Houston, Texas 77056

        Attention: Legal Department

        E-mail: legal@situsamc.com

         

	Morgan Stanley Capital I Inc.

1585 Broadway

New York, New York 10036

Attention: Jane Lam	Park Bridge Lender Services LLC

600 Third Avenue, 40th Floor

New York, New York 10016

Attention: BX Trust 2019-OC11 – Surveillance Manager (with a copy sent contemporaneously via email to cmbs.notices@parkbridgefinancial.com)
	 	 
	
        Wells Fargo Bank, National Association

        9062 Old Annapolis Road

        Columbia, Maryland 21045-1951

        Attention: Corporate Trust Services (CMBS) BX 2019-OC11 (with a copy sent via email to: trustadministrationgroup@wellsfargo.com

        cts.cmbs.bond.admin@wellsfargo.com)

        
	 
	 	 

		Re:	BX Trust 2019-OC11, Commercial Mortgage Pass-Through Certificates, Series
2019-OC11

 

In accordance with Section
9.1(c) of the Trust and Servicing Agreement, the undersigned hereby certifies and agrees as follows:

 

1.       The
undersigned has been appointed to act as the Controlling Class Representative.

 

2.        Each
of the undersigned and the Majority Controlling Class Certificateholders that appointed it to act as the Controlling Class Representative
is not the

 

    Exhibit K-3-1 

     

    

 

Guarantor, the Sponsor, the Property Manager, an Affiliate of any of the Guarantor, the Sponsor or the Property Manager,
or the Borrower or a Borrower Party.

 

3.        The
undersigned hereby certifies that an executed copy of this certification has been delivered in accordance with the notice provisions
of the Trust and Servicing Agreement to each of the addressees listed above.

 

4.        Capitalized
terms used but not defined herein shall have the respective meanings assigned thereto in the Trust and Servicing Agreement.

 

BY ITS CERTIFICATION HEREOF,
the undersigned has caused its name to be signed hereto by its duly authorized signatory, as of the date certified.

	 	 	 	 
	 	[Controlling Class Representative]	 
	 	 	 	 
	 	By: 	            	 
	 	Title:	 
	 	Company:	 
	 	Phone:	 

 

    Exhibit K-3-2 

     

    

EXHIBIT K-4

 

FORM OF FINANCIAL MARKET PUBLISHER CERTIFICATION

 

(Pursuant to Section 3.21(b) of the Trust
and Servicing Agreement)

 

[Date]

 

This Certification has been
prepared for provision of information to the market data providers listed in the second paragraph below pursuant to the
direction of the Depositor. If you represent a Financial Market Publisher not listed herein and would like access to the
information, please contact Wells Fargo Bank, National Association at www. ctslink.com.

 

In connection with the BX Trust 2019-OC11,
Commercial Mortgage Pass-Through Certificates, Series 2019-OC11 (the “Certificates”), the undersigned hereby
certifies and agrees as follows:

 

The undersigned is an employee or agent of
BlackRock Financial Management, Markit, CMBS.com, Bloomberg, L.P., Trepp, LLC, Thomson Reuters Corporation, Moody’s Analytics
or Intex Solutions, Inc. or a market data provider that has been given access to the Distribution Date Statements, CREFC®
reports and supplemental notices on www. ctslink.com by request of the Depositor.

 

The undersigned agrees that each time it
accesses www. ctslink.com the undersigned is deemed to have recertified that the representation above remains true
and correct.

 

Capitalized terms used but not defined herein
shall have the respective meanings assigned thereto in the agreement pursuant to which the Certificates were issued.

 

BY ITS CERTIFICATION HEREOF, the undersigned
has made the representations above and has caused, or shall be deemed to have caused, its name to be signed hereto by its duly
authorized signatory, as of the date certified. 

	 	 	 
	 	[______________________]
	 	 	 
	 	By:	         
			Name:

Title:

Phone:

E-mail:
	 	 	 
	 	Dated:

 

    Exhibit K-4-1 

     

    

 

EXHIBIT L

 

APPLICABLE SERVICING CRITERIA

 

The assessment of compliance
to be delivered by the referenced party shall address, at a minimum, the criteria identified below as “Applicable Servicing
Criteria” applicable to such party, as such criteria may be updated or limited by the Commission or its staff (including,
without limitation, not requiring the delivery of certain of the items set forth on this Exhibit based on interpretive guidance
provided by the Commission or its staff relating to Item 1122 of Regulation AB). For the avoidance of doubt, for purposes of this
Exhibit L, other than with respect to Item 1122(d)(2)(iii), references to Servicer below shall include any Sub-Servicer engaged
by a Servicer or Special Servicer.

 

	APPLICABLE
    Servicing Criteria 	applicable
    

PARTY
	Reference	Criteria	 
	 	General
    Servicing Considerations	 
	1122(d)(1)(i)	Policies
    and procedures are instituted to monitor any performance or other triggers and events of default in accordance with the transaction
    agreements.	Servicer

                                         Special Servicer

        Cert.
        Admin.

        

	1122(d)(1)(ii)	If
    any material servicing activities are outsourced to third parties, policies and procedures are instituted to monitor the third
    party’s performance and compliance with such servicing activities.	Servicer

                                         Special Servicer

                                         Cert. Admin.

        Custodian
        (if such entity is not also the Cert. Admin.)

	1122(d)(1)(iii)	Any
    requirements in the transaction agreements to maintain a back-up servicer for the mortgage loans are maintained.	N/A
	1122(d)(1)(iv)	A
    fidelity bond and errors and omissions policy is in effect on the party participating in the servicing function throughout
    the reporting period in the amount of coverage required by and otherwise in accordance with the terms of the transaction agreements.	Servicer

        Special
        Servicer

        Cert.
        Admin.

        Trustee1

        Custodian (if such entity is not also the Cert. Admin.)

	1122(d)(1)(v)	Aggregation
    of information, as applicable, is mathematically accurate and the information conveyed accurately reflects the information.	Servicer

        Special
        Servicer

        Cert.
        Admin.

	 	Cash
    Collection and Administration	 
	1122(d)(2)(i)	Payments
    on mortgage loans are deposited into the appropriate custodial bank accounts and related bank clearing accounts no more than
    two business days following receipt, or such other number of days specified in the transaction agreements.	Servicer

        Special
        Servicer

	1122(d)(2)(ii)	Disbursements
    made via wire transfer on behalf of an obligor or to an investor are made only by authorized personnel.	Cert.
    Admin.
	1122(d)(2)(iii)	Advances
    of funds or guarantees regarding collections, cash flows or distributions, and any interest or other fees charged for such
    advances, are made, reviewed and approved as specified in the transaction agreements.	Servicer

    Trustee1

 

 

 

1 Solely in the event that such entity has made an Advance with respect to the Companion Loan.

 

    Exhibit L-1 

     

    

 

	APPLICABLE
    Servicing Criteria 	applicable
    

PARTY
	Reference	Criteria	 
	1122(d)(2)(iv)	The
    related accounts for the transaction, such as cash reserve accounts or accounts established as a form of overcollateralization,
    are separately maintained (e.g., with respect to commingling of cash) as set forth in the transaction agreements.	Servicer

    Special Servicer

    Cert. Admin.
	1122(d)(2)(v)	Each
    custodial account is maintained at a federally insured depository institution as set forth in the transaction agreements.
    For purposes of this criterion, “federally insured depository institution” with respect to a foreign financial
    institution means a foreign financial institution that meets the requirements of Rule 13k-1(b)(1) of the Exchange Act.	Servicer

    Special Servicer

    Cert. Admin.
	1122(d)(2)(vi)	Unissued
    checks are safeguarded so as to prevent unauthorized access.	Servicer

    Special Servicer

    Cert. Admin.
	1122(d)(2)(vii)	Reconciliations
    are prepared on a monthly basis for all asset-backed securities related bank accounts, including custodial accounts and related
    bank clearing accounts. These reconciliations are (A) mathematically accurate; (B) prepared within 30 calendar days
    after the bank statement cutoff date, or such other number of days specified in the transaction agreements; (C) reviewed
    and approved by someone other than the person who prepared the reconciliation; and (D) contain explanations for reconciling
    items. These reconciling items are resolved within 90 calendar days of their original identification, or such other number
    of days specified in the transaction agreements.	Servicer

    Special Servicer

    Cert. Admin.
	 	Investor
    Remittances and Reporting	 
	1122(d)(3)(i)	Reports
    to investors, including those to be filed with the Commission, are maintained in accordance with the transaction agreements
    and applicable Commission requirements. Specifically, such reports (A) are prepared in accordance with timeframes and
    other terms set forth in the transaction agreements; (B) provide information calculated in accordance with the terms
    specified in the transaction agreements; (C) are filed with the Commission as required by its rules and regulations;
    and (D) agree with investors’ or the trustee’s records as to the total unpaid principal balance and number
    of mortgage loans serviced by the Reporting Servicer.	Cert.
                                         Admin.

        Operating
        Advisor (with respect to A and B)

	1122(d)(3)(ii)	Amounts
    due to investors are allocated and remitted in accordance with timeframes, distribution priority and other terms set forth
    in the transaction agreements.	Cert.
    Admin.
	1122(d)(3)(iii)	Disbursements
    made to an investor are posted within two business days to the Cert. Admin.’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.	Servicer

    Special Servicer

    Custodian
	1122(d)(4)(ii)	Mortgage
    loan and related documents are safeguarded as required by the transaction agreements	Custodian
	1122(d)(4)(iii)	Any
    additions, removals or substitutions to the asset pool are made, reviewed and approved in accordance with any conditions or
    requirements in the transaction agreements.	Servicer

    Special Servicer
	1122(d)(4)(iv)	Payments
    on mortgage loans, including any payoffs, made in accordance with the related mortgage loan documents are posted to the Servicer’s
    obligor records maintained no more than two business days after receipt, or such other number of days specified in the transaction
    agreements, and allocated to principal, interest or other items (e.g., escrow) in accordance with the related mortgage loan
    documents.	Servicer
	1122(d)(4)(v)	The
    Reporting Servicer’s records regarding the mortgage loans agree with the Reporting Servicer’s records with respect
    to an obligor’s unpaid principal balance.	Servicer

 

    Exhibit L-2 

     

    

 

	APPLICABLE
    Servicing Criteria 	applicable
    

PARTY
	Reference	Criteria	 
	1122(d)(4)(vi)	Changes
    with respect to the terms or status of an obligor’s mortgage loans (e.g., loan modifications or re-agings) are made,
    reviewed and approved by authorized personnel in accordance with the transaction agreements and related pool asset documents.	Servicer

    Special Servicer
	1122(d)(4)(vii)	Loss
    mitigation or recovery actions (e.g., forbearance plans, modifications and deeds in lieu of foreclosure, foreclosures and
    repossessions, as applicable) are initiated, conducted and concluded in accordance with the timeframes or other requirements
    established by the transaction agreements.	Special
    Servicer

    Operating Advisor
	1122(d)(4)(viii)	Records
    documenting collection efforts are maintained during the period a mortgage loan is delinquent in accordance with the transaction
    agreements. Such records are maintained on at least a monthly basis, or such other period specified in the transaction agreements,
    and describe the entity’s activities in monitoring delinquent mortgage loans including, for example, phone calls, letters
    and payment rescheduling plans in cases where delinquency is deemed temporary (e.g., illness or unemployment).	Servicer

    Special Servicer
	1122(d)(4)(ix)	Adjustments
    to interest rates or rates of return for mortgage loans with variable rates are computed based on the related mortgage loan
    documents.	Servicer
	1122(d)(4)(x)	Regarding
    any funds held in trust for an obligor (such as escrow accounts): (A) such funds are analyzed, in accordance with the
    obligor’s mortgage loan documents, on at least an annual basis, or such other period specified in the transaction agreements;
    (B) interest on such funds is paid, or credited, to obligors in accordance with applicable mortgage loan documents and
    state laws; and (C) such funds are returned to the obligor within 30 calendar days of full repayment of the related mortgage
    loans, or such other number of days specified in the transaction agreements.	Servicer
	1122(d)(4)(xi)	Payments
    made on behalf of an obligor (such as tax or insurance payments) are made on or before the related penalty or expiration dates,
    as indicated on the appropriate bills or notices for such payments, provided that such support has been received by the servicer
    at least 30 calendar days prior to these dates, or such other number of days specified in the transaction agreements.	Servicer
	1122(d)(4)(xii)	Any
    late payment penalties in connection with any payment to be made on behalf of an obligor are paid from the servicer’s
    funds and not charged to the obligor, unless the late payment was due to the obligor’s error or omission.	Servicer
	1122(d)(4)(xiii)	Disbursements
    made on behalf of an obligor are posted within two business days to the obligor’s records maintained by the servicer,
    or such other number of days specified in the transaction agreements.	Servicer
	1122(d)(4)(xiv)	 Delinquencies,
    charge-offs and uncollectible accounts are recognized and recorded in accordance with the transaction agreements.	Servicer
	1122(d)(4)(xv)	Any
    external enhancement or other support, identified in Item 1114(a)(1) through (3) or Item 1115 of Regulation AB,
    is maintained as set forth in the transaction agreements.	N/A

 

At all times that the Servicer and the Special
Servicer are the same entity, the Servicer and the Special Servicer may provide a combined assessment of compliance in respect
of their combined responsibilities under Section 1122 of Regulation AB.

 

    Exhibit L-3 

     

    

 

EXHIBIT M

 

FORM OF NRSRO CERTIFICATION

 

Wells Fargo Bank, National Association

9062 Old Annapolis Road

Columbia, Maryland 21045-1951

Attention: Corporate Trust Services (CMBS) BX Trust 2019-OC11

 

	Attention:	BX Trust 2019-OC11, Commercial Mortgage Pass-Through Certificates,
    Series 2019-OC11 (the “Certificates”)

 

In accordance with the requirements for obtaining
certain information under the Trust and Servicing Agreement, dated as of December 1, 2019 (the “Trust and Servicing Agreement”),
between Morgan Stanley Capital I Inc., as Depositor, KeyBank National Association, as Servicer, Situs Holdings, LLC, as Special
Servicer, Wells Fargo Bank, National Association, as Trustee, Certificate Administrator and Custodian, and Park Bridge Lender Services
LLC, as Operating Advisor, executed in connection with the above-referenced transaction with respect to BX Trust 2019-OC11, Commercial
Mortgage Pass-Through Certificates, Series 2019-OC11 (the “Certificates”), the undersigned hereby certifies
and agrees as follows:

 

1. (a) the undersigned is a Rating Agency;
or (b) the undersigned is an NRSRO that either (x) has provided the Depositor with the appropriate certifications under Exchange
Act Rule 17g-5(e), had access to the Depositor’s 17g-5 website prior to the Closing Date, is requesting access pursuant to
the Trust and Servicing Agreement to certain information (the “Information”) on the 17g-5 Information Provider’s
Website pursuant to the provisions of the Trust and Servicing Agreement, and agrees that any confidentiality agreement applicable
to the undersigned with respect to the information obtained from the Depositor’s 17g-5 website prior to the Closing Date
shall also be applicable to information obtained from the 17g-5 Information Provider’s Website (including without limitation,
to any information received by the Depositor for posting on the 17g-5 Information Provider’s Website), or (y) if the undersigned
did not have access to the Depositor’s 17g-5 website prior to the Closing Date, it hereby agrees that it shall be bound by
the provisions of the confidentiality agreement provided by the 17g-5 Information Provider and executed and delivered in connection
with this certification hereto which shall be applicable to it with respect to any information obtained from the 17g-5 Information
Provider’s Website, including any information that is obtained from the section of the 17g-5 Information Provider’s
website that hosts the Depositor’s 17g-5 website related to the Certificates after the Closing Date.

 

2. The undersigned 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
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 

    Exhibit M-1 

     

    

 

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 has access to the Depositor’s
17g-5 website, and any confidentiality agreement applicable to the undersigned with respect to information obtained from the Depositor’s
17g-5 website shall also be applicable to information obtained from the 17g-5 Information Provider’s Website; and

 

4. The undersigned shall be deemed to have
recertified to the provisions herein each time it accesses the 17g-5 Information Provider’s Website.

 

Capitalized terms used but
not defined herein shall have the respective meanings assigned thereto in the Trust and Servicing Agreement.

	 	 	 	 	 	 	 	 
	 	[NRSRO]
	 	       
	 	By:	 	 	 
	 	 	 	 	 
	 	Name:	 	 	 
	 	 	 	 	 
	 	Title:	 	 	 
	 	 	 	 	 
	 	Company: 	 	 
	 	 	 	 	 

 

    Exhibit M-2 

     

    

ANNEX A

 

CONFIDENTIALITY AGREEMENT

 

This Confidentiality Agreement (the “Confidentiality
Agreement”) is made in connection with Morgan Stanley Capital I Inc. (together with its affiliates, the “Furnishing
Entities” and each a “Furnishing Entity”) furnishing certain financial, operational, structural and
other information relating to the issuance of the BX Trust 2019-OC11, Commercial Mortgage Pass-Through Certificates, Series 2019-OC11
(the “Certificates”) pursuant to the Trust and Servicing Agreement, dated as of December 1, 2019 (the “Trust
and Servicing Agreement”), between Morgan Stanley Capital I Inc., as Depositor (the “Depositor”),
KeyBank National Association, as Servicer, Situs Holdings, LLC, as Special Servicer, Wells Fargo Bank, National Association, as
Trustee, Certificate Administrator and Custodian, and Park Bridge Lender Services LLC, as Operating Advisor and the assets underlying
or referenced by the Certificates, including the identity of, and financial information with respect to borrowers, sponsors, guarantors,
managers and lessees with respect to such assets (together, the “Collateral”) to you (the “NRSRO”)
through the website of Wells Fargo Bank, National Association, as 17g-5 Information Provider under the Trust and Servicing Agreement,
including the [section of the 17g-5 Information Provider’s Website that hosts the Depositor’s 17g-5 website after the
Closing Date (as defined in the Trust and Servicing Agreement)]. Information provided by each Furnishing Entity is labeled as provided
by the specific Furnishing Entity.

 

Definition of Confidential Information.
For purposes of this Confidentiality Agreement, the term “Confidential Information” shall include the following
information (irrespective of its source or form of communication, including information obtained by you through access to this
site) that may be furnished to you by or on behalf of a Furnishing Entity in connection with the issuance or monitoring of a rating
with respect to the Certificates: (x) all data, reports, interpretations, forecasts, records, agreements, legal documents and other
information (such information, the “Evaluation Material”) and (y) any of the terms, conditions or other facts
with respect to the transactions contemplated by the Trust and Servicing Agreement, including the status thereof; provided,
however, that the term Confidential Information shall not include information which:

 

was or becomes generally
available to the public (including through filing with the Securities and Exchange Commission or disclosure in an offering document)
other than as a result of a disclosure by you or a NRSRO Representative (as defined in Section 2(c)(i) below) in violation
of this Confidentiality Agreement;

 

was or is lawfully obtained
by you from a source other than a Furnishing Entity or its representatives that (i) is reasonably believed by you to be under no
obligation to maintain the information as confidential and (ii) provides it to you without any obligation to maintain the information
as confidential; or

 

is independently developed
by the NRSRO without reference to any Confidential Information.

 

Information to Be Held in Confidence.

 

You will use the Confidential
Information solely for the purpose of determining or monitoring a credit rating on the Certificates and, to the extent that any
information used is derived from but does not reveal any Confidential Information, for benchmarking, modeling or research purposes
(the “Intended Purpose”).

 

You acknowledge that
you are aware that the United States and state securities laws impose restrictions on trading in securities when in possession
of material, non-public information and that the NRSRO will advise (through policy manuals or otherwise) each NRSRO Representative
who is informed of the matters that are the subject of this Confidentiality Agreement to that effect.

 

You will treat the Confidential
Information as private and confidential. Subject to Section 4, without the prior written consent of the applicable Furnishing Entity,
you will not disclose to any person any Confidential Information, whether such Confidential Information was furnished to you before,
on or after the date of this Confidentiality Agreement. Notwithstanding the foregoing, you may:

 

    Exhibit M-3 

     

    

 

- disclose
the Confidential Information to any of the NRSRO’s affiliates, directors, officers, employees, legal representatives, agents
and advisors (each, a “NRSRO Representative”) who, in the reasonable judgment of the NRSRO, need to know such
Confidential Information in connection with the Intended Purpose; provided, that, prior to disclosure of the Confidential
Information to a NRSRO Representative, the NRSRO shall have taken reasonable precautions to ensure, and shall be satisfied, that
such NRSRO Representative will act in accordance with this Confidentiality Agreement;

 

- solely to
the extent required for compliance with Rule 17g-5(a)(3) of the Act (17 C.F.R. 240.17g-5),post the Confidential Information to
the NRSRO’s password protected website; and

 

- use information
derived from the Confidential Information in connection with an Intended Purpose, if such derived information does not reveal any
Confidential Information.

 

Disclosures Required by Law. If
you or any NRSRO Representative is requested or required (orally or in writing, by interrogatory, subpoena, civil investigatory
demand, request for information or documents, deposition or similar process relating to any legal proceeding, investigation, hearing
or otherwise) to disclose any Confidential Information, you agree to provide the relevant Furnishing Entity with notice as soon
as practicable (except in the case of regulatory or other governmental inquiry, examination or investigation, and otherwise to
the extent practical and permitted by law, regulation or regulatory or other governmental authority) that a request to disclose
the Confidential Information has been made so that the relevant Furnishing Entity may seek an appropriate protective order or other
reasonable assurance that confidential treatment will be accorded the Confidential Information if it so chooses. Unless otherwise
required by a court or other governmental or regulatory authority to do so, and provided that you been informed by written notice
that the related Furnishing Entity is seeking a protective order or other reasonable assurance for confidential treatment with
respect to the requested Confidential Information, you agree not to disclose the Confidential Information while the Furnishing
Entity’s effort to obtain such a protective order or other reasonable assurance for confidential treatment is pending. You
agree to reasonably cooperate with each Furnishing Entity in its efforts to obtain a protective order or other reasonable assurance
that confidential treatment will be accorded to the portion of the Confidential Information that is being disclosed, at the sole
expense of such Furnishing Entity; provided, however, that in no event shall the NRSRO be required to take a position
that such information should be entitled to receive such a protective order or reasonable assurance as to confidential treatment.
If a Furnishing Entity succeeds in obtaining a protective order or other remedy, you agree to comply with its terms with respect
to the disclosure of the Confidential Information, at the sole expense of such Furnishing Entity. If a protective order or other
remedy is not obtained or if the relevant Furnishing Entity waives compliance with the provisions of this Confidentiality Agreement
in writing, you agree to furnish only such information as you are legally required to disclose, at the sole expense of the relevant
Furnishing Entity.

 

Obligation to Return Evaluation Material.
Promptly upon written request by or on behalf of the relevant Furnishing Entity, all material or documents, including copies thereof,
that contain Evaluation Material will be destroyed or, in your sole discretion, returned to the relevant Furnishing Entity. Notwithstanding
the foregoing, (a) the NRSRO may retain one or more copies of any document or other material containing Evaluation Material to
the extent necessary for legal or regulatory compliance (or compliance with the NRSRO’s internal policies and procedures
designed to ensure legal or regulatory compliance) and (b) the NRSRO may retain any portion of the Evaluation Material that may
be found in backup tapes or other archive or electronic media or other documents prepared by the NRSRO and any Evaluation Material
obtained in an oral communication; provided, that any Evaluation Material so retained by the NRSRO will remain subject to
this Confidentiality Agreement and the NRSRO will remain bound by the terms of this Confidentiality Agreement.

 

    Exhibit M-4 

     

    

 

Violations of this Confidentiality Agreement.

 

The NRSRO will be responsible
for any breach of this Confidentiality Agreement by you, the NRSRO or any NRSRO Representative.

 

You agree promptly to
advise each relevant Furnishing Entity in writing of any misappropriation or unauthorized disclosure or use by any person of the
Confidential Information which may come to your attention and to take all steps reasonably requested by such Furnishing Entity
to limit, stop or otherwise remedy such misappropriation, or unauthorized disclosure or use.

 

You acknowledge and
agree that the Furnishing Entities would not have an adequate remedy at law and would be irreparably harmed in the event that any
of the provisions of this Confidentiality Agreement were not performed in accordance with their specific terms or were otherwise
breached. It is accordingly agreed that each Furnishing Entity shall be entitled to specific performance and injunctive relief
to prevent breaches of this Confidentiality Agreement and to specifically enforce the terms and provisions hereof, in addition
to any other remedy to which a Furnishing Entity may be entitled at law or in equity. It is further understood and agreed that
no failure to or delay in exercising any right, power or privilege hereunder shall preclude any other or further exercise of any
right, power or privilege.

 

Term. Notwithstanding the termination
or cancellation of this Confidentiality Agreement and regardless of whether the NRSRO has provided a credit rating on a Security,
your obligations under this Confidentiality Agreement will survive indefinitely.

 

Governing Law. This Confidentiality
Agreement and any claim, controversy or dispute arising under the Confidentiality Agreement, the relationships of the parties and/or
the interpretation and enforcement of the rights and duties of the parties shall be governed by and construed in accordance with
the laws of the State of New York applicable to agreements made and to be performed within such State.

 

Amendments. This Confidentiality
Agreement may be modified or waived only by a separate writing by the NRSRO and each Furnishing Entity.

 

Entire Agreement. This Confidentiality
Agreement represents the entire agreement between you and the Furnishing Entities relating to the treatment of Confidential Information
heretofore or hereafter reviewed or inspected by you. This agreement supersedes all other understandings and agreements between
us relating to such matters; provided, however, that, if the terms of this Confidentiality Agreement conflict with
another agreement relating to the Confidential Information that specifically states that the terms of such agreement shall supersede,
modify or amend the terms of this Confidentiality Agreement, then to the extent the terms of this Confidentiality Agreement conflict
with such agreement, the terms of such agreement shall control notwithstanding acceptance by you of the terms hereof by entry into
this website.

 

Contact Information. Notices for
each Furnishing Entity under this Confidentiality Agreement, shall be directed as set forth below:

 

Morgan Stanley Capital I Inc. 

1585 Broadway 

New York, New York 10036 

Attention: Jane Lam

 

    Exhibit M-5 

     

    

EXHIBIT N

 

FORM
OF POWER OF ATTORNEY

 

RECORDING REQUESTED BY:

 

{insert address}

 

 

SPACE ABOVE THIS LINE FOR RECORDER’S USE

 

LIMITED POWER OF ATTORNEY

 

KNOW ALL MEN BY THESE PRESENTS, that Wells Fargo Bank, National
Association, a national banking association organized and existing under the laws of the United States and having an office at
9062 Old Annapolis Road, Columbia, Maryland 20145, not in its individual capacity but solely as Trustee (in such capacity, the
“Trustee”), hereby constitutes and appoints [KeyBank National Association (the “ Servicer”)]
and appoints [Situs Holdings, LLC (the “Special Servicer”)], as its true and lawful attorney-in-fact (the “Attorney-In-Fact”),
and in its name, aforesaid Attorney-In-Fact, by and through any authorized representative appointed by the Board of Directors of
[_________], to execute and acknowledge in writing or by facsimile stamp all documents customarily and reasonably necessary and
appropriate for the tasks described in the items (1) through (12) below; provided however, that the documents described below may
only be executed and delivered by such Attorney-In-Fact if such documents are required or permitted under the terms of the Trust
and Servicing Agreement, dated as of December 1, 2019 (the “Agreement”), between Morgan Stanley Capital I Inc.,
as depositor, KeyBank National Association, as servicer (the “Servicer”), Situs Holdings, LLC, as special servicer
(the “Special Servicer”), Wells Fargo Bank, National Association, as trustee and certificate administrator,
and Park Bridge Lender Services LLC, as operating advisor, in connection with the BX Trust 2019-OC11 transaction and no power is
granted hereunder to take any action that would be adverse to the interests of Wells Fargo Bank, National Association.

 

This Limited Power of Attorney is being issued
in connection with the [Servicer’s] [Special Servicer’s] responsibilities to service a certain mortgage loan (the “Loan”)
a portion of which is held by Wells Fargo Bank, National Association, as Trustee. The Loan is comprised of a mortgage or deed of
trust (the “Mortgage” and “Deed of Trust” respectively), and other forms of security instruments
(collectively, the “Security Instruments”) and the Notes secured thereby. Capitalized terms used but not defined
herein shall have the respective meanings assigned thereto in the Agreement.

 

		1.	Demand, sue for, recover, collect and receive each and every sum of money, debt, account and interest (which now is, or hereafter
shall become due and payable) belonging to or claimed by Wells Fargo Bank, National Association, as Trustee, and to use or take
any lawful means for recovery by legal process or otherwise, including but not limited to the substitution

 

    Exhibit N-1 

     

    

 

	 	 	of trustee serving under
the Deed of Trust, the preparation and issuance of statements of breach, notices of default, and/or notices of sale, accepting
deeds in lieu of foreclosure, evicting (to the extent allowed by federal, state or local laws) and foreclosing on the properties
under the Security Instruments by judicial or non-judicial foreclosure, actions for temporary restraining orders, injunctions,
appointments of receiver, suits for waste, fraud and any and all other tort, contractual or other claims of whatever nature, including
execution of any evidentiary affidavits or verifications in support thereof, as may be necessary or advisable in any bankruptcy
action, state or federal suit or any other action.

 

		2.	Execute and/or file such documents and take such other action as is proper and necessary to defend Wells Fargo Bank, National
Association, as Trustee, in litigation and to resolve any litigation where the [Servicer] [Special Servicer] has an obligation
to defend Wells Fargo Bank, National Association, as Trustee, including but not limited to dismissal, termination, cancellation,
rescission and settlement.

 

		3.	Transact business of any kind regarding the Loan and the Property.

 

		4.	Obtain an interest in the Loan, Property and/or building thereon, as Wells Fargo Bank, National Association, Trustee’s
act and deed, to contract for, purchase, receive and take possession and evidence of title in and to the Property and/or to secure
payment of a promissory note or performance of any obligation or agreement.

 

		5.	Execute, complete, indorse or file bonds, notes, Mortgage, Deed of Trust and other contracts, agreements and instruments regarding
the Borrower, the Loan and/or the Property, including but not limited to the execution of estoppel certificates, financing statements,
continuation statements, releases, satisfactions, assignments, loan modification agreements, payment plans, waivers, consents,
amendments, forbearance agreements, loan assumption agreements, subordination agreements, property adjustment agreements, non-disturbance
and attornment agreements, leasing agreements, management agreements, listing agreements, purchase and sale agreements, and other
instruments pertaining to the Mortgage or Deed of Trust, and execution of deeds and associated instruments, if any, conveying the
Property, in the interest of Wells Fargo Bank, National Association, as Trustee.

 

		6.	Endorse on behalf of the undersigned all checks, drafts and/or other negotiable instruments made payable to the undersigned
and draw upon, replace, substitute, release or amend letters of credit as property securing the Loan.

 

		7.	[RESERVED].

 

		8.	Such other actions and file such other instruments and certifications as are reasonably necessary to complete or accomplish
the [Servicer’s] [Special Servicer’s] duties and responsibilities under the Agreement.

 

		9.	Execute any document or perform any act described in items (3), (4), and (5) in connection with the termination of any Trust
as necessary to transfer ownership of the Loan to the entity (or its designee or assignee) possessing the right to obtain ownership
of the Loan.

 

    Exhibit N-2 

     

    

 

		10.	Subordinate the lien of the Mortgage, Deed of Trust, or deed to secure debt (i) for the purpose of refinancing the Loan, where
applicable, or (ii) to an easement in favor of a public utility company or a government agency or unit with powers of eminent domain,
including but not limited to the execution of partial satisfactions and releases and partial reconveyances reasonably required
for such purpose, and the execution or requests to the trustees to accomplish the same.

 

		11.	Convey the Property to the mortgage insurer, or close the title to each Property to be acquired as real estate owner, or convey
title to real estate owned property (“REO Property”).

 

		12.	Execute and deliver the following documentation with respect to the sale of REO Property acquired through a foreclosure or
deed-in-lieu of foreclosure, including, without limitation, listing agreements, purchase and sale agreements, grant / limited or
special warranty / quit claim deeds or any other deed, but not general warranty deeds, causing the transfer of title of the Property
to a party contracted to purchase same, escrow instructions and any all documents necessary to effect the transfer of REO Property.

 

The undersigned gives said Attorney-in-Fact
full power and authority to execute such instruments and to do and perform all and every act and thing necessary and proper to
carry into effect the power or powers granted by or under this Limited Power of Attorney as fully as the undersigned might or could
do as of the date below.

 

This appointment is to be construed and interpreted
as a limited power of attorney. The enumeration of specific items, rights, acts or powers herein is not intended to, nor does it
give rise to, and it is not to be construed as a general power of attorney.

 

This Limited Power of Attorney is effective
as of the date set forth below and shall remain in full force and effect until (a) revoked in writing by the Trustee, or (b) the
termination, resignation or removal of the Trustee under the Agreement, or (c) the termination, resignation or removal of the [Servicer]
[Special Servicer], or (d) the termination of the Agreement, whichever occurs earlier.

 

The [Servicer] [Special Servicer] hereby
agrees to indemnify and hold Wells Fargo Bank, National Association, as Trustee, and its directors, officers, employees and agents
harmless from and against any and all liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses
or disbursements of any kind or nature whatsoever incurred by the Trustee by reason or result of the misuse of this Limited Power
of Attorney by the [Servicer] [Special Servicer]. The foregoing indemnity shall survive the termination of this Limited Power of
Attorney and the Agreement or the earlier resignation or removal of Wells Fargo Bank, National Association, as Trustee under the
Agreement.

 

IN WITNESS WHEREOF, Wells Fargo Bank, National
Association, as Trustee has caused these presents to be signed and acknowledged in its name and behalf by a duly elected and authorized
signatory this _________ day of ________, 2019.

 

    Exhibit N-3 

     

    

 

	 	 	 	 	 	 
	 	 	Wells Fargo Bank, National Association, solely in its capacity as Trustee for the benefit of the Certificateholders of BX Trust 2019-OC11, Commercial Mortgage Pass-Through Certificates, Series 2019-OC11, and on behalf of the Companion Loan Holders
	 	 	 	 
	 	 	By: 	 
	Witness:	 	 	, Vice President
	 	 	 	 
	Witness:	 	 	 
	 	 	 	 
	Attest:	Assistant Secretary	 	 	 

 

    Exhibit N-4 

     

    

 

CORPORATE ACKNOWLEDGMENT

 

State of Maryland

 

County of Howard

 

On this ____ day of ___, 2019, before me, the undersigned, a
Notary Public in and for said County and State, personally appeared _______________, personally known to me (or proved to me on
the basis of satisfactory evidence) to be the person who executed the within instrument as _______________ of Wells Fargo Bank,
National Association, a national banking association, and acknowledged to me that such national banking association executed the
within instrument pursuant to its by-laws or a resolution of its Board of Directors.

 

WITNESS my hand and official seal.

 

	Signature:	 	 	 
	 	 	 	 
	 	 	 
	My commission expires:	 	Document drafted by

Wells Fargo Bank, National Association,

as Trustee

 

    Exhibit N-5 

     

    

 

EXHIBIT O

 

Additional Form 10-D Disclosure

 

The parties identified in the “Party Responsible”
column are obligated pursuant to Section 10.4 of the Trust and Servicing Agreement to disclose to each Other Depositor and each
Other Certificate Administrator 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 Operating Advisor,
Certificate Administrator, the Trustee, the Servicer and the Special Servicer (in its capacity as such) shall be entitled to rely
on the accuracy of the Offering Circular (other than information with respect to itself that is set forth in or omitted from the
Offering Circular), in the absence of specific notice to the contrary from the Depositor or any Mortgage Loan Seller. For this
Trust and Servicing Agreement, each of the Operating Advisor, Certificate Administrator, the Trustee, the Servicer and the Special
Servicer (in its capacity as such) shall be entitled to assume that there is no provider of credit enhancement, liquidity or derivative
instruments within the meaning of Items 1114 or 1115 of Regulation AB other than a party identified as such in the Offering Circular.

 

	Item on Form 10-D	Party Responsible
	
        Item 1: Distribution and Pool Performance Information:

●    Item 1121 of Regulation AB (other than information contained in the Distribution Date Statement)
	
        ●           Servicer (only with respect to Item 1121(a)(12) of Regulation AB as to the non-Specially Serviced Mortgage Loan)

        ●           Special Servicer (only with respect to 1121(a)(12) as to Specially Serviced Loans)

        ●   
        Certificate Administrator

        ●   
        Depositor

	
        Item 2: Legal Proceedings:

        ●    Item 1117 of Regulation AB (to the extent material to Certificateholders)
	
        ●   
        Servicer (as to itself)

        ●   
        Special Servicer (as to itself)

        ●   
        Certificate Administrator (as to itself)

        ●   
        Trustee (as to itself)

        ●   
        Custodian (as to itself) (if such entity is not also the Certificate Administrator)

        ●   
        Depositor (as to itself)

        ●   
        Operating Advisor (as to itself)

        ●   
        Any other Reporting Servicer (as to itself)

        ●   
        Trustee/Certificate Administrator/ Servicer/Depositor/Special Servicer as to the Trust

        ●   
        Originators under Item 1110 of Regulation AB

        ●   
        Party under Item 1100(d)(1) of Regulation AB

	Item 3:  Sale of Securities and Use of 	●    Depositor

 

    Exhibit O-1 

     

    

 

	Proceeds

                                                                                 
	 
	Item 4:  Defaults Upon Senior Securities	
        ●   
        Certificate Administrator

        ●   
        Trustee

	Item 5:  Submission of Matters to a Vote of Security Holders	
        ●   
        Certificate Administrator

        ●   
        Trustee

        ●   
        Depositor

	Item 6:  Significant Obligors of Pool Assets	
        ●   
        Depositor

        ●   
        Sponsor

        ●   
        Servicer (excluding information for which the Special Servicer is the “Party Responsible”)

        ●   
        Special Servicer (as to a Specially Serviced Mortgage Loan and any Foreclosed Property)

	Item 8:  Significant Enhancement Provider Information	●    Depositor
	Item 9:  Other Information	
        ●   
        Certificate Administrator (including the balances of the Distribution Account and the Interest Reserve Account as of the
        related Distribution Date and the preceding Distribution Date)

        ●    
        Servicer (with respect to the balances of the Foreclosed Property Account (to the extent the related information has been
        received from the Special Servicer as specified in Section 10.4 of the Trust and Servicing Agreement) and the Collection Account
        as of the related Distribution Date and the preceding Distribution Date)

        ●    
        Special Servicer (with respect to the balance of the Foreclosed Property Account as of the related Distribution Date and
        the preceding Distribution Date)

        ●    
        Any other party responsible for Form 8-K Disclosure information

	Item 10:  Exhibits	
        ●    
        Certificate Administrator

        ●    
        Depositor

        ●    
Servicer (but only with respect to Exhibit No. 10 of Item 601 of Regulation S-K and only to the extent that any
contract satisfies all the following conditions: (a) such contract relates to an Other Securitization Trust or the Mortgage Loan
or Foreclosed

 

    Exhibit O-2 

     

    

 

	 	      
Property, and (b) such contract is a contract to which such party (or a subcontractor or vendor engaged by such party) is a party
or that such party (or a subcontractor or vendor engaged by such party) has caused to have been executed on behalf of the such
Other Securitization Trust)

        ●    
        Special Servicer

 

    Exhibit O-3 

     

    

 

EXHIBIT P

 

Additional Form 10-K Disclosure

 

The parties identified in the “Party
Responsible” column are obligated pursuant to Section 10.5 of the Trust and Servicing Agreement to disclose to each Other
Depositor and each Other Certificate Administrator any information described in the corresponding Form 10-K Item described in the
“Item on Form 10-K” column to the extent such party has actual knowledge (and in the case of financial statements required
to be provided in connection with 1112(b) below, possession) of such information (other than information as to itself). Each of
the Operating Advisor, Certificate Administrator, the Trustee, the Servicer and the Special Servicer (in its capacity as such)
shall be entitled to rely on the accuracy of the Offering Circular (other than information with respect to itself that is set forth
in or omitted from the Offering Circular), in the absence of specific notice to the contrary from the Depositor or any Mortgage
Loan Seller. For this Trust and Servicing Agreement, each of the Operating Advisor, Certificate Administrator, the Trustee, the
Servicer and the Special Servicer (in its capacity as such) shall be entitled to assume that there is no provider of credit enhancement,
liquidity or derivative instruments within the meaning of Items 1114 or 1115 of Regulation AB other than a party identified as
such in the Offering Circular.

 

	Item on Form 10-K	Party Responsible
	
        Item 1B: Unresolved Staff Comments
	●     Depositor
	Item 9B:  Other Information	
        ●    
        Certificate Administrator

        ●    
        Any other party responsible for Form 8-K Disclosure information

	Item 15:  Exhibits, Financial Statement Schedules	
        ●    
        Certificate Administrator

        ●    
        Depositor

	
        Additional Item:

         

        Disclosure per Item 1117 of Regulation AB (to the extent material
        to Certificateholders)
	
        ●    
        Servicer (as to itself)

        ●    
        Special Servicer (as to itself)

        ●    
        Certificate Administrator (as to itself)

        ●    
        Trustee (as to itself)

        ●    
        Custodian (as to itself) (if such entity is not also the Certificate Administrator)

        ●    
        Depositor (as to itself)

        ●    
        Operating Advisor

        ●    
        Any other Reporting Servicer (as to itself)

        ●    
        Trustee/Certificate Administrator/ Servicer/Depositor/Special Servicer as to the Trust

        ●    
        Originators under Item 1110 of Regulation AB

        ●    
        Party under Item 1100(d)(1) of Regulation AB

 

    Exhibit P-1 

     

    

 

	
        Additional Item:

        Disclosure per Item 1119 of Regulation AB
	
        ●  
        Servicer (as to itself) (to the extent material to Certificateholders and only as to affiliations under Item 1119(a) with
        the Trustee, the Custodian (if such entity is not also the Certificate Administrator), the Certificate Administrator, the Special
        Servicer, significant obligor contemplated by Item 1112, any sub-servicer meeting any of the descriptions in Item 1108(a)(3) or
        any enhancement or support provider contemplated by Items 1114 or 1115)

        ●  
        Special Servicer (as to itself) (to the extent material to Certificateholders and only as to affiliations under Item 1119(a)
        with the Trustee, the Custodian (if such entity is not also the Certificate Administrator), the Certificate Administrator, the
        Servicer, significant obligor contemplated by Item 1112, any sub-servicer meeting any of the descriptions in Item 1108(a)(3) or
        any enhancement or support provider contemplated by Items 1114 or 1115)

        ●  
        Certificate Administrator (as to itself) (to the extent material to Certificateholders)

        ●  
        Trustee (as to itself) (to the extent material to Certificateholders)

        ●  
        Custodian (as to itself, if such entity is not also the Certificate Administrator) (to the extent material to Certificateholders)

        ●  
        Depositor (as to itself and the Trust)

        ●  
        Trustee/Certificate Administrator/Custodian (if such entity is not also the Certificate Administrator)/ Servicer/Depositor/Special
        Servicer as to the Trust

        ●  
        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 1112(b) of Regulation AB
	
        ●  
        Depositor

        ●  
        Servicer (excluding information for which the Special Servicer is the “Party Responsible”)

        ●  
        Special Servicer (as to a Specially Serviced Mortgage Loan and any Foreclosed Property)

	
        Additional Item:

        Disclosure per Items 1114(b)(2) and 1115(b) 
	
        ●  
        Depositor

 

    Exhibit P-2 

     

    

	of Regulation AB	 

 

    Exhibit P-3 

     

    

 

EXHIBIT Q

 

Form 8-K Disclosure Information

 

The parties identified in the “Party
Responsible” column are obligated pursuant to Section 10.7 of the Trust and Servicing Agreement to report to each Other Depositor
and each Other Certificate Administrator the occurrence of any event described in the corresponding Form 8-K Item described in
the “Item on Form 8-K” column to the extent such party has actual knowledge of such information (other than information
as to itself). Each of the Operating Advisor, Certificate Administrator, the Trustee, the Servicer and the Special Servicer (in
its capacity as such) shall be entitled to rely on the accuracy of the Offering Circular (other than information with respect to
itself that is set forth in or omitted from the Offering Circular), in the absence of specific notice to the contrary from the
Depositor or a Seller. For this Trust and Servicing Agreement, each of the Operating Advisor, Certificate Administrator, the Trustee,
the Servicer and the Special Servicer (in its capacity as such) shall be entitled to assume that there is no provider of credit
enhancement, liquidity or derivative instruments within the meaning of Items 1114 or 1115 of Regulation AB other than a party identified
as such in the Offering Circular.

 

	Item on Form 8-K	Party Responsible 
	
        Item 1.01- Entry into a Material Definitive Agreement

         

        Disclosure is required regarding entry into or amendment of any
        definitive agreement that is material to the securitization, even if depositor is not a party.

        

        Examples: servicing agreement, custodial agreement.

        

        Note: disclosure not required as to definitive agreements that are fully disclosed in the prospectus
	●    Trustee/Certificate Administrator/Custodian (if such entity is not also the Certificate Administrator)/Servicer/Depositor/Special Servicer as to the Trust (only as to the agreements such entity is a party to or entered into on behalf of the Trust)
	
        Item 1.02- Termination of a Material Definitive Agreement

        Disclosure is required regarding termination of any definitive agreement
        that is material to the securitization (other than expiration in accordance with its terms), even if depositor is not a party.

        

        Examples: servicing agreement, custodial agreement.
	●    Trustee/Certificate Administrator/Custodian (if such entity is not also the Certificate Administrator)/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 1.03- Bankruptcy or Receivership	●    Depositor
	Item 2.04- Triggering Events that Accelerate 	 ●   
Depositor

 

    Exhibit Q-1 

     

    

 

	
        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.
	

         ●   
        Certificate Administrator (with respect to an Obligation under an Off-Balance Sheet Arrangement, if any)

	
        Item 3.03- Material Modification to Rights of Security Holders

         

        Disclosure is required of any material modification to documents
        defining the rights of Certificateholders, including the Trust and Servicing Agreement.
	 ●     Certificate Administrator
	
        Item 5.03- Amendments to Articles of Incorporation or Bylaws; Change
        in Fiscal Year

         

        Disclosure is required of any amendment “to the governing
        documents of the issuing entity”.
	 ●     Depositor
	Item 5.06- Change in Shell Company Status	 ●     Depositor
	Item 5.07- Submission of Matters to a Vote of Security Holders	
        ●    
        Certificate Administrator

        ●    
        Trustee

        ●    
        Depositor

	Item 6.01- ABS Informational and Computational Material	  ●     Depositor
	
        Item 6.02- Change of Servicer or Trustee

         

        Requires disclosure of any removal, replacement, substitution or
        addition of any master servicer, affiliated servicer, other servicer servicing 10% or more of pool assets at time of report, other
        material servicers or trustee.
	
        ●    
        Servicer (as to itself or a servicer retained by it)

        ●    
        Special Servicer (as to itself or a servicer retained by it)

        ●    
        Certificate Administrator (as to itself as Certificate Administrator)

        ●    
        Custodian (as to itself as Custodian) (if such entity is not also the Certificate Administrator)

        ●    
        Trustee (as to Trustee)

        

 

    Exhibit Q-2 

     

    

 

	 	 ●    
        Depositor

	Reg AB disclosure about any new servicer or master servicer is required.	●     Servicer or Special Servicer, as applicable (in each case, as to itself, or a sub-servicer retained by it)
	Reg AB disclosure about any new Trustee is required.	●     Trustee
	Reg AB disclosure about any new Certificate Administrator is required.	●     Certificate Administrator
	Reg AB disclosure about any new Custodian is required.	●     Custodian (if such entity is not also the Certificate Administrator)
	Item 6.03- Change in Credit Enhancement or Other External Support	
        ●    
        Depositor

        ●    
        Certificate Administrator

	Item 6.04- Failure to Make a Required Distribution	●     Certificate Administrator
	
        Item 6.05- Securities Act Updating Disclosure

         

        If any material pool characteristic differs by 5% or more at the
        time of issuance of the securities from the description in the final prospectus, provide updated Reg AB disclosure about the actual
        asset pool.

        

        If there are any new servicers or originators required to be disclosed under Regulation AB as a result of the foregoing, provide
        the information called for in Items 1108 and 1110 respectively.
	●     Depositor
	Item 7.01- Regulation FD Disclosure	●     Depositor
	
        Item 8.01 – Other Events

         

        Any event, with respect to which information is not otherwise called
        for in Form 8-K, that the registrant deems of importance to certificateholders.
	
        ●    
        Depositor

        ●    
        Special Servicer

	Item 9.01 - Financial Statements and Exhibits	●     Responsible party for reporting/disclosing the financial statement or exhibit

 

    Exhibit Q-3 

     

    

EXHIBIT R

 

Additional Disclosure Notification

 

INSTRUCTIONS: 

 

FOR ACCOUNT BALANCE REPORTING: SEND VIA EMAIL TO 

CMBS_NOTICES@morganstanley.com
AND VIA FIRST CLASS MAIL TO

 MORGAN STANLEY CAPITAL I INC.

 

FOR ALL OTHER NOTIFICATIONS: SEND VIA FAX, EMAIL AND OVERNIGHT

MAIL TO THE ADDRESSES IMMEDIATELY BELOW

 

Morgan Stanley Capital I Inc., as Depositor 

1585 Broadway 

New York, New York 10036 

Attn:       Jane Lam 

Facsimile: (646) 435-2881 

Email: cmbs_notices@morganstanley.com

 

[OTHER DEPOSITOR]

 

[OTHER EXCHANGE ACT REPORTING PARTY]

 

RE: **Additional Form [10-D][10-K][8-K] Disclosure** Required

 

Ladies and Gentlemen:

 

In accordance with Section [ ] of the Trust and Servicing Agreement,
dated as of [         ][ ], 2019, among [            ], as [          ], [            ], as [            ], [            ], as [            ] and [            ], as [            ]. the undersigned, as [            ], hereby notifies
you that certain events have come to our attention that [will] [may] need to be disclosed on Form [10-D][10-K][8-K].

 

Description of Additional Form [10-D][10-K][8-K] Disclosure:

 

[With respect to Collection Account and Foreclosed Property
Account balance information:

 

	Account Name	Beginning Balance as of 

MM/DD/YYYY	Ending Balance as of 

MM/DD/YYYY
	Collection Account	 	 
	Foreclosed Property Account	 	 

 

]

 

    Exhibit R-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:

  

    Exhibit R-2 

     

    

 

EXHIBIT S

 

FORM OF CERTIFICATION TO BE PROVIDED

TO DEPOSITOR BY SERVICER

 

BX
TRUST 2019-OC11

 

(the “Trust”)

 

I, [identify the certifying
individual], a [_______________] of KEYBANK NATIONAL ASSOCIATION, as Servicer under that certain Trust and Servicing Agreement,
dated as of December 1, 2019 (the “Trust and Servicing Agreement”), relating to BX Trust 2019-OC11, Commercial
Mortgage Pass-Through Certificates, Series 2019-OC11, on behalf of the Servicer, certify to [Name of Certifying Person(s) for Sarbanes-Oxley
Certification] and to Morgan Stanley Capital I Inc. and each Other Depositor with respect to a securitization of a Serviced Companion
Loan 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 in the special servicer
backup certificate delivered by the Special Servicer relating to the Relevant Period, all servicing information and all reports
(the “Servicer Reports”) required to be submitted by the Servicer to the Certificate Administrator pursuant
to Section 10.6 of the Trust and Servicing Agreement for inclusion in the annual report on Form 10-K for the Relevant Period and
inclusion in all reports on Form 10-D or Form 8-K have been submitted by the Servicer to the Certificate Administrator for inclusion
in these reports;

 

		2.	Based on my knowledge, and assuming the accuracy of the statements required to be made by the Special
Servicer in the special servicer backup certificate delivered by the Special Servicer relating to the Relevant Period, the master
servicing information contained in the Servicer Reports, taken as a whole, does not contain any untrue statement of a material
fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements
were made, not misleading with respect to the period covered by these reports;

 

		3.	I am, or a Servicing Officer under my supervision is, responsible for reviewing the activities
performed by the Servicer under the Trust and Servicing Agreement and based upon my knowledge and the annual compliance reviews
conducted in preparing the servicer compliance statements required to be delivered under Article X of the Trust and Servicing Agreement
for inclusion on Form 10-K pursuant to Item 1123 of Regulation AB with respect to the Servicer, and except as disclosed in the
compliance certificate delivered by the Servicer under Section 10.08 of the Trust and Servicing Agreement, the Servicer has fulfilled
its obligations under the Trust and Servicing Agreement in all material respects during the Relevant Period;

 

		4.	The accountants that are to deliver the annual attestation report on assessment of compliance with
the Relevant Servicing Criteria in respect of the Servicer with respect to 

 

    Exhibit S-1 

     

    

 

	 	 	the Relevant Period have been provided all information
relating to the Servicer’s assessment of compliance with the Relevant Servicing Criteria in order to enable them to conduct
a review in compliance with the standards for attestation engagements issued or adopted by the PCAOB; and

 

		5.	The report on assessment of compliance with servicing criteria applicable to the Servicer for asset-backed
securities with respect to the Servicer or any Servicing Function Participant retained by the 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, the Depositor and each Other Depositor
for disclosure in such annual report on Form 10-K.

 

[In giving the certification
above, I have reasonably relied on and make no certification as to information provided to me by the following unaffiliated parties:
[name(s) of third parties (including the Special Servicer, but other than a Sub-Servicer, Additional Servicer or any other third
party retained by the Servicer that is not a Sub-Servicer appointed pursuant to Section 3.2 of the Pooling and Servicing Agreement)
and, notwithstanding the foregoing certifications, neither I nor the Servicer makes any certification under the foregoing clauses
(2) and (3) with respect to the information in the Servicer Reports that is in turn dependent upon information provided by the
Special Servicer under the Trust and Servicing Agreement. Solely with respect to the completeness of information and reports, I
do not certify anything other than that all fields of information called for in written reports prepared by the Servicer have been
properly completed and that any fields that have been left blank on their face have been done so in accordance with the CREFC procedures
for such report.]

 

Capitalized terms used
but not defined herein have the meanings set forth in the Trust and Servicing Agreement.

 

Date:

	 	 	 
	 	KEYBANK NATIONAL ASSOCIATION
	 	 
	 	   By:	 
	 	 	Name:
	 	 	Title:

  

    Exhibit S-2 

     

    

 

EXHIBIT
T-1

FORM OF TRANSFEROR CERTIFICATE

FOR TRANSFER OF THE EXCESS SERVICING FEE RIGHTS

 

[Date]

 

Morgan Stanley Capital I Inc. 

1585 Broadway 

New York, New York 10036 

Attention: Jane Lam

 

	 	Re:	BX Trust 2019-OC11, Commercial Mortgage Pass-Through Certificates, Series 2019-OC11 (the “Certificates”)

 

Ladies and Gentlemen:

 

This letter is delivered
to you in connection with the transfer by _________________ (the “Transferor”) to _________________ (the “Transferee”)
of the Excess Servicing Fee Right established under the Trust and Servicing Agreement, dated as of December 1, 2019 (the “Trust
and Servicing Agreement”), and executed in connection with the issuance of the Certificates. All capitalized terms used
but not otherwise defined herein shall have the respective meanings set forth in the Trust and Servicing Agreement. The Transferor
hereby certifies, represents and warrants to you, as Depositor, that:

 

1. The Transferor is
the lawful owner of the right to receive the Excess Servicing Fees with respect to the Mortgage Loan for which [___] is the Servicer
(the “Excess Servicing Fee Right”), with the full right to transfer the Excess Servicing Fee Right free from
any and all claims and encumbrances whatsoever.

 

2. Neither the Transferor
nor anyone acting on its behalf has (a) offered, transferred, pledged, sold or otherwise disposed of the Excess Servicing Fee Right,
any interest in the Excess Servicing Fee Right or any other similar security to any person in any manner, (b) solicited any offer
to buy or accept a transfer, pledge or other disposition of the Excess Servicing Fee Right, any interest in the Excess Servicing
Fee Right or any other similar security from any person in any manner, (c) otherwise approached or negotiated with respect to the
Excess Servicing Fee Right, any interest in the Excess Servicing Fee Right or any other similar security with any person in any
manner, (d) made any general solicitation with respect to the Excess Servicing Fee Right, any interest in the Excess Servicing
Fee Right or any other similar security by means of general advertising or in any other manner, or (e) taken any other action,
which (in the case of any of the acts described in clauses (a) through (e) hereof) would constitute a distribution of the Excess
Servicing Fee Right under the Securities Act of 1933, as amended (the “Securities Act”), or would render the
disposition of the Excess Servicing Fee Right a violation of Section 5 of the Securities Act or any state securities laws, or would
require registration or qualification of the Excess Servicing Fee Right pursuant to the Securities Act or any state securities
laws.

 

    Exhibit T-1-1 

     

    

 

	 	 	 
	 	Very truly yours,
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    Exhibit T-1-2 

     

    

 

EXHIBIT
T-2

FORM OF TRANSFEREE CERTIFICATE

FOR TRANSFER OF THE EXCESS SERVICING FEE RIGHTS

 

[Date]

 

Morgan Stanley Capital I Inc. 

1585 Broadway 

New York, New York 10036 

Attention: Jane Lam

 

KeyBank National Association 

11501 Outlook Street, Suite 300 

Overland Park, Kansas 66211 

Attention: Michael A. Tilden

 

Email: michael_a_tilden@keybank.com

 

	 	Re:	BX Trust 2019-OC11, Commercial Mortgage Pass-Through Certificates, Series 2019-OC11 (the “Certificates”)

 

Ladies and Gentlemen:

 

This letter is delivered
to you in connection with the transfer by _________________ (the “Transferor”) to _________________ (the “Transferee”)
of the Excess Servicing Fee Right established under the Trust and Servicing Agreement, dated as of December 1, 2019 (the “Trust
and Servicing Agreement”), and executed in connection with the above-referenced transaction. All capitalized terms used
but not otherwise defined herein shall have the respective meanings set forth in the Trust and Servicing Agreement. The Transferee
hereby certifies, represents and warrants to you, as the Depositor and the Servicer, that:

 

1. The Transferee is
acquiring the right to receive Excess Servicing Fees with respect to the Mortgage Loan for which [___] is the applicable Servicer
(the “Excess Servicing Fee Right”) for its own account for investment and not with a view to or for sale or
transfer in connection with any distribution thereof, in whole or in part, in any manner which would violate the Securities Act
of 1933, as amended (the “Securities Act”), or any applicable state securities laws.

 

2. The Transferee understands
that (a) the Excess Servicing Fee Right has not been and will not be registered under the Securities Act or registered or qualified
under any applicable state securities laws, (b) none of the Depositor, the Trustee, Certificate Administrator or the Certificate
Registrar is obligated so to register or qualify the Excess Servicing Fee Right, and (c) the Excess Servicing Fee Right may not
be resold or transferred unless it is (i) registered pursuant to the Securities Act and registered or qualified pursuant to any
applicable state securities laws or (ii) sold or transferred in transactions which are exempt from such registration and qualification
and (A) the Depositor has received a certificate from the prospective transferor

 

    Exhibit T-2-1 

     

    

 

substantially in the form attached as Exhibit
T-1 to the Trust and Servicing Agreement, and (B) each of the Servicer and the Depositor have received a certificate from the
prospective transferee substantially in the form attached as Exhibit T-2 to the Trust and Servicing Agreement.

 

3. The Transferee understands
that it may not sell or otherwise transfer the Excess Servicing Fee Right or any interest therein except in compliance with the
provisions of Section 3.17 of the Trust and Servicing Agreement, which provisions it has carefully reviewed.

 

4. Neither the Transferee
nor anyone acting on its behalf has (a) offered, pledged, sold, disposed of or otherwise transferred the Excess Servicing Fee Right,
any interest in the Excess Servicing Fee Right or any other similar security to any person in any manner, (b) solicited any offer
to buy or accept a pledge, disposition or other transfer of the Excess Servicing Fee Right, any interest in the Excess Servicing
Fee Right or any other similar security from any person in any manner, (c) otherwise approached or negotiated with respect to the
Excess Servicing Fee Right, any interest in the Excess Servicing Fee Right or any other similar security with any person in any
manner, (d) made any general solicitation with respect to the Excess Servicing Fee Right, any interest in the Excess Servicing
Fee Right or any other similar security by means of general advertising or in any other manner, or (e) taken any other action with
respect to the Excess Servicing Fee Right, any interest in the Excess Servicing Fee Right or any other similar security, which
(in the case of any of the acts described in clauses (a) through (e) above) would constitute a distribution of the Excess Servicing
Fee Right under the Securities Act, would render the disposition of the Excess Servicing Fee Right a violation of Section 5 of
the Securities Act or any state securities law or would require registration or qualification of the Excess Servicing Fee Right
pursuant thereto. The Transferee will not act, nor has it authorized or will it authorize any person to act, in any manner set
forth in the foregoing sentence with respect to the Excess Servicing Fee Right, any interest in the Excess Servicing Fee Right
or any other similar security.

 

5. The Transferee has
been furnished with all information regarding (a) the Depositor, (b) the Excess Servicing Fee Right and any payments thereon, (c)
the Trust and Servicing Agreement and the Trust Fund created pursuant thereto, (d) the nature, performance and servicing of the
Mortgage Loan, and (e) all related matters that it has requested.

 

6. The Transferee is (a) a “qualified
institutional buyer” within the meaning of Rule 144A under the Securities Act or (b) an “accredited investor”
as defined in any of paragraphs (1), (2), (3) and (7) of Rule 501(a) under the Securities Act or an entity in which all of the
equity owners come within such paragraphs. The Transferee has such knowledge and experience in financial and business matters as
to be capable of evaluating the merits and risks of an investment in the Excess Servicing Fee Right; the Transferee has sought
such accounting, legal and tax advice as it has considered necessary to make an informed investment decision; and the Transferee
is able to bear the economic risks of such investment and can afford a complete loss of such investment.

 

7. The Transferee agrees
(i) to keep all information relating to the Trust, the Trust Fund and the parties to the Trust and Servicing Agreement, and made
available to it, confidential, (ii) not to use or disclose such information in any manner which could result in a violation of
any provision of the Securities Act or would require registration of the Excess

 

    Exhibit T-2-2 

     

    

 

Servicing Fee Right or any Certificate pursuant
to the Securities Act, and (iii) not to disclose such information, and to cause its officers, directors, partners, employees, agents
or representatives not to disclose such information, in any manner whatsoever, in whole or in part, to any other Person other than
such holder’s auditors, legal counsel and regulators, except to the extent such disclosure is required by law, court order
or other legal requirement or to the extent such information is of public knowledge at the time of disclosure by such holder or
has become generally available to the public other than as a result of disclosure by such holder; provided, however, that such
holder may provide all or any part of such information to any other Person who is contemplating an acquisition of the Excess Servicing
Fee Right if, and only if, such Person (x) confirms in writing such prospective acquisition and (y) agrees in writing to keep such
information confidential, not to use or disclose such information in any manner which could result in a violation of any provision
of the Securities Act or would require registration of the Excess Servicing Fee Right or any Certificates pursuant to the Securities
Act and not to disclose such information, and to cause its officers, directors, partners, employees, agents or representatives
not to disclose such information, in any manner whatsoever, in whole or in part, to any other Person other than such Persons’
auditors, legal counsel and regulators.

 

8. The Transferee acknowledges
that the holder of the Excess Servicing Fee Right shall not have any rights under the Trust and Servicing Agreement except as set
forth in Section 3.17 of the Trust and Servicing Agreement, and that the Excess Servicing Fee Rate may be reduced to the extent
provided in the Trust and Servicing Agreement.

	 	 	 
	 	Very truly yours,
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

	 	 	 
	
        cc:

        
	
        [  ]

	 	 	 	 

    Exhibit T-2-3 

     

    

 

EXHIBIT U-1

 

FORM OF CLOSING DATE CUSTODIAN REPORT

 

[Date]

 

To the Persons Listed on the attached Schedule A

 

		Re:	BX Trust 2019-OC11, Commercial Mortgage Pass-Through Certificates, Series
2019-OC11       

 

Ladies and Gentlemen:

 

In accordance with Section
2.2 of the Trust and Servicing Agreement, dated as of December 1, 2019 (the “Trust and Servicing Agreement”),
and executed in connection with the above-referenced transaction, the undersigned, as Custodian, hereby certifies that, except
as noted on the attached Custodial Exception Report, as to the Mortgage Loan listed in the Mortgage Loan Schedule, (i) the original
Trust Notes specified in clause (b)(i) of the definition of “Mortgage File” and all allonges thereto, if any, have
been received and reviewed by the Custodian on behalf of the Trustee; and (ii) each such original Trust Note has been reviewed
by the Custodian and (A) appears regular on its face (handwritten additions, changes or corrections shall not constitute irregularities
if initialed by the applicable Borrower(s)), (B) appears to have been executed and (C) purports to relate to the Mortgage Loan.

 

Capitalized words and
phrases used herein shall have the respective meanings assigned to them in the above-captioned Trust and Servicing Agreement.

	 	 	 
	 	WELLS FARGO BANK NATIONAL ASSOCIATION,

as Custodian
	 	 	 
	 	By:	 	 
	 	 	Name:
	 	 	Title:

 

    Exhibit U-1-1 

     

    

 

EXCEPTIONS

 

[_____]

 

    Exhibit U-1-2 

     

    

 

SCHEDULE A

 

Morgan Stanley Capital I Inc. 

1585 Broadway 

New York, New York 10036 

Attention: Jane Lam

 

With a copy by email to: cmbs_notices@morganstanley.com

 

KeyBank National Association 

11501 Outlook Street, Suite 300 

Overland Park, Kansas 66211 

Attention: Michael A. Tilden 

Email: michael_a_tilden@keybank.com

 

with a copy to:

Polsinelli

900 W. 48th Place, Suite 900

Kansas City, Missouri 64112

Attention: Kraig Kohring

Email: kkohring@polsinelli.com

 

Situs Holdings, LLC

101 Montgomery Street, Suite 2250

San Francisco, California 94104

Attention: Stacey Ciarlanti

E-mail: stacey.ciarlanti@situsamc.com

 

with a copy to:

Situs Group, LLC

5065 Westheimer, Suite 700E

Houston, Texas 77056

Attention: Legal Department

E-mail: legal@situsamc.com

 

Wells Fargo Bank, National Association

9062 Old Annapolis Road

Columbia, Maryland 21045

Attention: Corporate Trust Services - CMBS – BX 2019-OC11

 

Park Bridge Lender Services LLC

600 Third Avenue, 40th Floor

 

    Exhibit U-1-3 

     

    

New York, New York 10016

Attention: BX Trust 2019-OC11 -Surveillance Manager (with a copy sent

contemporaneously via email to cmbs.notices@parkbridgefinancial.com)

 

Morgan Stanley Mortgage Capital Holdings
LLC

1585 Broadway

New York, New York 10036

Attention: Jane Lam

 

Morgan Stanley Mortgage Capital Holdings
LLC

1633 Broadway

New York, New York 10019

Attention: Legal Compliance Division

 

    Exhibit U-1-4 

     

    

 

EXHIBIT U-2

 

FORM OF INITIAL CUSTODIAN REPORT

 

[Date]

 

To the Persons Listed on the attached Schedule A

 

		Re:	BX Trust 2019-OC11, Commercial Mortgage Pass-Through Certificates, Series
2019-OC11       

 

Ladies and Gentlemen:

 

In accordance with Section
2.2 of the Trust and Servicing Agreement, dated as of December 1, 2019 (the “Trust and Servicing Agreement”),
and executed in connection with the above-referenced transaction, the undersigned, as Custodian, hereby certifies that, except
as noted on the attached Custodial Exception Report, as to the Mortgage Loan listed in the Mortgage Loan Schedule, the Custodian
has, subject to Section 2.2(b) of the Trust and Servicing Agreement, reviewed the documents delivered to it pursuant to Section
2.1 of the Trust and Servicing Agreement and has determined that, subject to any exceptions found by it in such review, (A) all
documents referred to in Section 2.1(b) of the Trust and Servicing Agreement have been received, and (B) that each such
document (i) appears regular on its face (handwritten additions, changes or corrections shall not constitute irregularities if
initialed by the applicable Borrower(s)), (ii) appears to have been executed and (iii) purports to relate to the Mortgage Loan.

 

Capitalized words and
phrases used herein shall have the respective meanings assigned to them in the above-captioned Trust and Servicing Agreement. 

	 	 	 
	 	WELLS FARGO BANK NATIONAL ASSOCIATION,

as Custodian
	 	 	 
	 	By:	            	 
	 	 	Name:
	 	 	Title:

 

    Exhibit U-2-1 

     

    

 

EXCEPTIONS

 

[_____]

 

    Exhibit U-2-2 

     

    

SCHEDULE A

 

Morgan Stanley Capital I Inc. 

1585 Broadway 

New York, New York 10036 

Attention: Jane Lam 

 

With a copy by email to: cmbs_notices@morganstanley.com

 

KeyBank National Association

11501 Outlook Street, Suite 300

Overland Park, Kansas 66211

Attention: Michael A. Tilden

Email: michael_a_tilden@keybank.com

 

with a copy to:

Polsinelli

900 W. 48th Place, Suite 900

Kansas City, Missouri 64112

Attention: Kraig Kohring

Email: kkohring@polsinelli.com

 

Situs Holdings, LLC

101 Montgomery Street, Suite 2250

San Francisco, California 94104

Attention: Stacey Ciarlanti

E-mail: stacey.ciarlanti@situsamc.com

 

with a copy to:

Situs Group, LLC

5065 Westheimer, Suite 700E

Houston, Texas 77056

Attention: Legal Department

E-mail: legal@situsamc.com

Wells Fargo Bank, National Association

9062 Old Annapolis Road

Columbia, Maryland 21045

Attention: Corporate Trust Services - CMBS – BX 2019-OC11

 

    Exhibit U-2-3 

     

    

 

Park Bridge Lender Services LLC

600 Third Avenue, 40th Floor

New York, New York 10016

Attention: BX Trust 2019-OC11 -Surveillance Manager (with a copy sent 

contemporaneously via email to cmbs.notices@parkbridgefinancial.com)

 

Morgan Stanley Mortgage Capital Holdings
LLC

1585 Broadway

New York, New York 10036

Attention: Jane Lam

 

Morgan Stanley Mortgage Capital Holdings LLC

1633 Broadway

New York, New York 10019

Attention: Legal Compliance Division

 

    Exhibit U-2-4 

     

    

 

EXHIBIT U-3

 

FORM OF FINAL CUSTODIAN REPORT

 

[DATE]

 

To the Persons Listed on the attached Schedule A

 

		Re:	BX Trust 2019-OC11, Commercial Mortgage Pass-Through Certificates, Series
2019-OC11       

 

Ladies and Gentlemen:

 

In accordance with Section
2.2 of the Trust and Servicing Agreement, dated as of December 1, 2019 (the “Trust and Servicing Agreement”),
and executed in connection with the above-referenced transaction, the undersigned, as Custodian, hereby certifies that, except
as noted on the attached Custodial Exception Report, as to the Mortgage Loan listed in the Mortgage Loan Schedule, the Custodian
has, subject to Section 2.2(b) of the Trust and Servicing Agreement, reviewed the documents delivered to it pursuant to Section
2.1 of the Trust and Servicing Agreement and has determined that subject to any exceptions found by it in such review, (A) all
documents referred to in Section 2.1(b) of the Trust and Servicing Agreement have been received, and (B) that each such document
(i) appears regular on its face (handwritten additions, changes or corrections shall not constitute irregularities if initialed
by applicable Borrower(s)), (ii) appears to have been executed and (iii) purports to relate to the Mortgage Loan.

 

Capitalized words and
phrases used herein shall have the respective meanings assigned to them in the above-captioned Trust and Servicing Agreement.

	 	 	 
	 	WELLS FARGO BANK, NATIONAL ASSOCIATION,

as Custodian
	 	 	 
	 	By:	            	 
	 	 	Name:
	 	 	Title:

 

    Exhibit U-3-1 

     

    

 

EXCEPTIONS

 

[_____]

 

    Exhibit U-3-2 

     

    

SCHEDULE A

 

Morgan Stanley Capital I Inc. 

1585 Broadway 

New York, New York 10036

Attention: Jane Lam

 

With a copy by email to: cmbs_notices@morganstanley.com

 

KeyBank National Association

11501 Outlook Street, Suite 300

Overland Park, Kansas 66211

Attention: Michael A. Tilden

Email: michael_a_tilden@keybank.com

 

with a copy to:

Polsinelli

900 W. 48th Place, Suite 900

Kansas City, Missouri 64112

Attention: Kraig Kohring

Email: kkohring@polsinelli.com

 

Situs Holdings, LLC

101 Montgomery Street, Suite 2250

San Francisco, California 94104

Attention: Stacey Ciarlanti

E-mail: stacey.ciarlanti@situsamc.com

 

with a copy to:

Situs Group, LLC

5065 Westheimer, Suite 700E

Houston, Texas 77056

Attention: Legal Department

E-mail: legal@situsamc.com

 

Wells Fargo Bank, National Association

9062 Old Annapolis Road

Columbia, Maryland 21045

Attention: Corporate Trust Services - CMBS – BX 2019-OC11

 

Morgan Stanley Mortgage Capital Holdings
LLC

1585 Broadway

New York, New York 10036

Attention: Jane Lam

 

    Exhibit U-3-3 

     

    

 

Morgan Stanley Mortgage Capital Holdings LLC

1633 Broadway

New York, New York 10019

Attention: Legal Compliance Division

 

    Exhibit U-3-4 

     

    

 

EXHIBIT
V

 

FORM
OF OPERATING ADVISOR ANNUAL REPORT74

 

Report Date: This report will be delivered no later than
[INSERT DATE], pursuant to the terms and conditions of the Trust and Servicing Agreement, dated as of December 1, 2019 (the “Trust
and Servicing Agreement”).

 

Transaction: BX Trust 2019-OC11, Commercial Mortgage
Pass-Through Certificates, Series 2019-OC11

 

Operating Advisor: Park Bridge Lender Services LLC

 

Special Servicer: Situs Holdings, LLC

 

I. Special Servicing Loan Event and Major Decision Activity

 

[CHOOSE ALL THAT APPLY]

 

		______	The Special Servicer has notified the Operating Advisor
that the Mortgage Loan was transferred to special servicing in the prior calendar year [INSERT YEAR]. [CHOOSE ONE OF THE FOLLOWING].

 

		______	The Specially Serviced Mortgage Loan is still being analyzed
by the Special Servicer as part of the development of a Final Asset Status Report.

 

		______	A Final Asset Status Report was issued with respect to
the Specially Serviced Mortgage Loan. The Final Asset Status Report may not yet be implemented.

 

		______	The Mortgage Loan was not a Specially Serviced Mortgage
Loan in the prior calendar year but was the subject of a Major Decision as to which the Operating Advisor has consultation rights
pursuant to the Trust and Servicing Agreement.

 

II. Executive Summary

 

Based on the requirements and qualifications
set forth in the Trust and Servicing Agreement, as well as the items listed below, the Operating Advisor (in accordance with the
Operating Advisor’s analysis requirements outlined in the Trust and Servicing Agreement) has undertaken a limited review
of the Special Servicer’s reported actions on the Mortgage Loan. Based solely on such limited review and subject to the assumptions,
limitations and qualifications set forth herein, the Operating Advisor believes, in its sole discretion exercised in good faith,
that the Special Servicer [is/is not] operating in compliance with Accepted Servicing Practices with

 

 

74
This report is an indicative report and does not reflect the final form of annual report to be used in any particular year.
The Operating Advisor will have the ability to modify or alter the organization and content of any particular report, subject
to the compliance with the terms of the Trust and Servicing Agreement, including, without limitation, provisions relating to Privileged
Information.

    Exhibit V-1 

     

    

 

respect to its performance
of its duties under the Trust and Servicing Agreement during the prior calendar year on a “asset-level basis”. [The
Operating Advisor believes, in its sole discretion exercised in good faith, that the Special Servicer has failed to materially
comply with Accepted Servicing Practices as a result of the following material deviations.]

 

		●	[LIST OF MATERIAL DEVIATION ITEMS]

 

In addition, the Operating Advisor notes
the following: [PROVIDE SUMMARY OF ANY ADDITIONAL MATERIAL INFORMATION].

 

[ADD RECOMMENDATION OF REPLACEMENT OF SPECIAL
SERVICER, IF APPLICABLE]

 

III. List of Items that Were Considered in Compiling this
Report

 

In rendering our assessment herein, we examined and relied upon
the accuracy and completeness of the items listed below:

 

1.             Any Major Decision written recommendation and analysis received from the Special Servicer.

 

		2.	Reports by the Special Servicer made available to Privileged Persons that are posted on the Certificate Administrator’s
website that are relevant to the Operating Advisor’s obligations under the TSA and each [INSERT IF PRIOR TO AN OPERATING
ADVISOR CONSULTATION PERIOD: Final] Asset Status Report.

 

		3.	The Special Servicer’s assessment of compliance report, attestation report by a third party regarding the Special Servicer’s
compliance with its obligations, and non-discretionary portions of net present value calculations.

 

		4.	[LIST OTHER REVIEWED INFORMATION]

 

		5.	[INSERT IF AFTER AN OPERATING ADVISOR CONSULTATION PERIOD:] During the prior year, the Operating Advisor consulted with the
Special Servicer as provided under the Trust and Servicing Agreement with respect to Major Decisions.

 

		6.	[INSERT IF AFTER AN OPERATING ADVISOR CONSULTATION PERIOD:] During the prior year, the Operating Advisor consulted with the
Special Servicer regarding its strategy plan for a limited number of issues related to the Specially Serviced Mortgage Loan. The
Operating Advisor participated in discussions and made strategic observations and recommended alternative courses of action to
the extent it deemed such observations and recommendations appropriate.

 

NOTE: The Operating Advisor’s review of the above materials
should be considered a limited investigation and not be considered a full or limited audit. For instance, we did not review underlying
lease agreements or similar underlying documents, re-engineer the quantitative aspects of their net present value calculation,
visit any related property, visit the Special Servicer, visit the Controlling Class Representative or interact with the Borrower.
In addition, our review

 

    Exhibit V-2 

     

    

 

of the net present value calculations and the corresponding application of the non-discretionary portions
of the applicable formulas, does not take into account the reasonableness of the discretionary portions of such formulas. In the
course of such review, the following calculations of the Special Servicer were initially disputed by the Operating Advisor and
[DISCUSS RESOLUTION].

 

IV. Qualifications and Disclaimers Related to the Work Product
Undertaken and Opinions Related to this Report

 

		1.	As provided in the Trust and Servicing Agreement, the Operating Advisor is not required to report on instances of non-compliance
with, or deviations from, Accepted Servicing Practices or the Special Servicer’s obligations under the Trust and Servicing
Agreement that the Operating Advisor determines, in its sole discretion exercised in good faith, to be immaterial.

 

		2.	In rendering our assessment herein, we have assumed that all executed factual statements, instruments, and other documents
that we have relied upon in rendering this assessment have been executed by persons with legal capacity to execute such documents.

 

		3.	Except as may have been reflected in any Major Decision written recommendation and analysis or Asset Status Report, the Operating
Advisor did not participate in, or have access to, the Special Servicer’s and Controlling Class Representative’s discussion(s)
regarding the Specially Serviced Mortgage Loan. The Operating Advisor does not have authority to speak with the Controlling Class
Representative or Borrower directly. As such, the Operating Advisor relied upon the information delivered to it by the Special
Servicer as well as its interaction with the Special Servicer, if any, in gathering the relevant information to generate this report.
The services that we perform are not designed and cannot be relied upon to detect fraud or illegal acts should any exist.

 

		4.	The Special Servicer has the legal authority and responsibility to service the Specially Serviced Mortgage Loan pursuant to
the Trust and Servicing Agreement. The Operating Advisor has no responsibility or authority to alter the standards set forth therein
or the actions of the Special Servicer.

 

		5.	Confidentiality and other contractual limitations limit the Operating Advisor’s ability to outline the details or substance
of any communication held between it and the Special Servicer regarding the Specially Serviced Mortgage Loan and certain information
it reviewed in connection with its duties under the Trust and Servicing Agreement. As a result, this report may not reflect all
the relevant information that the Operating Advisor is given access to by the Special Servicer.

 

		6.	The Operating Advisor is not empowered to speak with any investors directly. If the investors have questions regarding this
report, they should address such questions to the Certificate Administrator through the Certificate Administrator’s website.

 

		7.	This report does not constitute a recommendation to buy, sell or hold any security, nor does the Operating Advisor take into
account market prices of securities or financial markets generally when performing its limited review of the Special Servicer as

 

    Exhibit V-3 

     

    

 

	 	 	described above. The Operating Advisor does not have a fiduciary relationship with any Certificateholder or any other party or
individual. Nothing is intended to or should be construed as creating a fiduciary relationship between the Operating Advisor and
any Certificateholder, party or individual.

 

Terms used but not defined
herein have the meaning set forth in the Trust and Servicing Agreement.

	 	 	 
	 	PARK BRIDGE LENDER SERVICES LLC, 	 	 
	 	 	 	 
	 	By:	            	 
	 	   Name:
	 	   Title:

 

    Exhibit V-4 

     

    

 

EXHIBIT
W

 

Form
of Notice from Operating Advisor Recommending 

Replacement of Special Servicer

 

Wells Fargo Bank, National Association

  as Certificate Administrator

9062 Old Annapolis Road

Columbia, Maryland 21045-1951

Attention: Corporate Trust Services (CMBS)

BX 2019-OC11

 

Situs Holdings, LLC

101 Montgomery Street, Suite 2250

San Francisco, California 94104

Attention: Stacey Ciarlanti

E-mail: stacey.ciarlanti@situsamc.com

 

with a copy to:

Situs Group, LLC

5065 Westheimer, Suite 700E

Houston, Texas 77056

Attention: Legal Department

E-mail: legal@situsamc.com

 

		Re:	BX Trust 2019-OC11, Commercial Mortgage Pass-Through Certificates, Series 2019-OC11,

Recommendation of Replacement of Special Servicer       

 

Ladies and Gentlemen:

 

This letter is delivered
pursuant to Section 7.1(f) of the Trust and Servicing Agreement, dated as of December 1, 2019 (the “Trust and Servicing
Agreement”), and executed in connection with the above-referenced transaction, on behalf of the holders of BX Trust 2019-OC11,
Commercial Mortgage Pass-Through Certificates, Series 2019-OC11 (the “Certificates”) regarding the replacement
of the Special Servicer. Capitalized terms used and not otherwise defined herein shall have the respective meanings ascribed to
such terms in the Trust and Servicing Agreement.

 

Based upon our review
of the Special Servicer’s operational practices conducted pursuant to and in accordance with Section 9.5 of the Trust and
Servicing Agreement, it is our assessment that Situs Holdings, LLC, in its current capacity as Special Servicer, is not [performing
its duties under the Trust and Servicing Agreement][acting in accordance with the Servicing Standard]. The following factors support
our assessment: [________].

 

    Exhibit W-1 

     

    

 

Based upon such assessment,
we further hereby recommend that Situs Holdings, LLC be removed as Special Servicer and that [________] be appointed its successor
in such capacity.

	 	 	 	 
	 	Very truly yours,	 
	 	 	 	 
	 	[The Operating Advisor]
	 	 	 	 
	 	By:	 	 
	 	 	Name:	 
	 	 	Title:	 
	 	 	 	 
	Dated:	 	 	 

 

    Exhibit W-2 

     

    

EXHIBIT
X

 

FORM OF CERTIFICATE ADMINISTRATOR RECEIPT
OF CLASS HRR

CERTIFICATES

 

December 12, 2019

 

	
        Morgan Stanley Capital
I Inc. 

        1585 Broadway 

        New York, New York 10036 

        Attention: Jane Lam

        
	
        CPPIB Credit Structured North America III, Inc. 

        One Queen Street East, Suite 2500 

        Toronto, Ontario, M5C 2W5, Canada 

        Attention: Corey Albert and Archana Gopinath 

        E-mail: calbert@cppib.com and agopinath@cppib.com 

	Morgan Stanley Mortgage Capital Holdings LLC

1585 Broadway

New York, New York 10036

Attention: Jane Lam	 
	
        Morgan Stanley Mortgage Capital Holdings LLC

        1633 Broadway

        New York, New York 10019

        Attention: Legal Compliance Division

        

        with a copy via email to: 

cmbs_notices@morganstanley.com

        
	 

 

		Re:	BX Trust 2019-OC11,
                                         Commercial Mortgage Pass-Through Certificates, Series 2019-OC11

 

In accordance with Section
5.3(i) of the Trust and Servicing Agreement, dated as of December 1, 2019 (the “Trust and Servicing Agreement”),
the Certificate Administrator hereby acknowledges receipt of $[_] of the Class HRR Certificates (CUSIP No. [_]) in the form of
a Definitive Certificate, for the benefit of CPPIB Credit Structured North America III, Inc., the initial Third Party Purchaser.

 

Capitalized terms used
but not defined herein shall the respective meanings set forth in the Trust and Servicing Agreement.

 

    Exhibit X-1 

     

    

 

	 	 	 
	 	WELLS FARGO BANK, NATIONAL ASSOCIATION,

not in its individual capacity

but solely as Certificate Administrator
	 	 	 
	 	By:	            	 
	 	Name:
	 	Title

  

    Exhibit X-2 

     

    

EXHIBIT
Y

 

FORM OF NOTICE TO PARTIES OF A BORROWER
AFFILIATION

 

[Date]

 

	
        KeyBank National Association

        11501 Outlook Street, Suite 300

        Overland Park, Kansas 66211

        Attention: Michael A. Tilden

        Email: michael_a_tilden@keybank.com

         

        with a copy to:

        

        Polsinelli

        900 W. 48th Place, Suite 900

        Kansas City, Missouri 64112

        Attention: Kraig Kohring

        Email: kkohring@polsinelli.com

         
	
        Wells Fargo Bank, National Association 

        9062 Old Annapolis Road 

        Columbia, Maryland 21045-1951

        

        Attention: Corporate Trust Services (CMBS)

        

        BX 2019-OC11

         

        with a copy to be sent contemporaneously via email to: cts.cmbs.bond.admin@wellsfargo.com,
        and to trustadministrationgroup@wellsfargo.com, except as otherwise set forth herein

         

	
        Situs Holdings, LLC

        101 Montgomery Street, Suite 2250

        San Francisco, California 94104

        Attention: Stacey Ciarlanti

        E-mail: stacey.ciarlanti@situsamc.com

         

        with a copy to:

        

        Situs Group, LLC

        5065 Westheimer, Suite 700E

        Houston, Texas 77056

        Attention: Legal Department

        E-mail: legal@situsamc.com

         
	
        Park Bridge Lender Services
LLC 

        600 Third Avenue, 40th
Floor 

        New York, New York 10016

        

        Attention: BX 2019-OC11 -Surveillance Manager
        (with a copy sent contemporaneously via email to cmbs.notices@parkbridgefinancial.com)

         

		Re:	BX Trust 2019-OC11,
                                         Commercial Mortgage Pass-Through Certificates, Series 2019-OC11

 

THIS NOTICE IDENTIFIES
THE AFFILIATION OF THE CONTROLLING CLASS REPRESENTATIVE OR A HOLDER OF THE MAJORITY OF THE CONTROLLING CLASS WITH A BORROWER PARTY
RELATING TO THE BX TRUST 2019-OC11, COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2019-OC11, REQUIRING ACTION BY YOU AS
THE RECIPIENT PURSUANT TO SECTION 9.1(C) OF THE TRUST AND SERVICING AGREEMENT.

 

In accordance with Section
9.1(c) of the Trust and Servicing Agreement, dated as of December 1, 2019 (the “Trust and Servicing Agreement”),
between Morgan Stanley Capital I

 

    Exhibit Y-1 

     

    

 

Inc., as Depositor, KeyBank National Association, as Servicer, Situs Holdings, LLC, as Special
Servicer, Wells Fargo Bank, National Association, as Trustee, Certificate Administrator and Custodian, and Park Bridge Lender Services
LLC, as Operating Advisor, with respect to the above-referenced certificates (the “Certificates”), the undersigned
hereby certifies and agrees as follows:

 

1.       The
undersigned is [the Controlling Class Representative] [a holder of [__]% of the Controlling Class, by Certificate Balance,] as
of the date hereof.

 

2.       The
undersigned has become a Borrower Party with respect to the Mortgage Loan.

 

3.       The
undersigned agrees to indemnify and hold harmless each party to the Trust and Servicing Agreement, the Initial Purchasers and the
Trust Fund from any damage, loss, cost or liability (including legal fees and expenses and the cost of enforcing this indemnity)
arising out of or resulting from any unauthorized access by the undersigned or any agent, employee, representative or person acting
on its behalf of any information made available to Privileged Persons.

 

4.       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.

 

5.       The
undersigned hereby certifies that an executed copy of this certification in paper form has been delivered in accordance with the
notice provisions of the Trust and Servicing Agreement to each of the addressees listed above (a) by overnight courier or (b) mailed
by registered mail, postage prepaid.

 

Capitalized terms used but not defined herein
have the respective meanings given to them in the Trust and Servicing 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.

	 	 	 
	 	[Controlling Class Representative] [a Controlling
Class Certificateholder]
	 	 	 
	 	By: 	 
	 	Name:
	 	Title:
	 	Phone:
	 	Email:
	 	Address
	 	 	 

 

    Exhibit X-2 

     

    

 

EXHIBIT Z

 

Form
of CONFIDENTIALITY Agreement

 

KeyBank National Association

11501 Outlook Street, Suite 300

Overland Park, Kansas 66211

Attention: Michael A. Tilden

Email: michael_a_tilden@keybank.com

 

Situs Holdings, LLC

101 Montgomery Street, Suite 2250

San Francisco, California 94104

Attention: Stacey Ciarlanti

E-mail: stacey.ciarlanti@situsamc.com

 

with a copy to:

Situs Group, LLC

5065 Westheimer, Suite 700E

Houston, Texas 77056

Attention: Legal Department

E-mail: legal@situsamc.com

 

		Re:	Access to Certain Information Regarding BX Trust 2019-OC11, Commercial Mortgage
Pass-Through Certificates, Series 2019-OC11

 

Ladies and Gentlemen:

 

Reference is hereby made to that certain
Trust and Servicing Agreement dated as of December 1, 2019 (the “Trust
and Servicing Agreement”), and executed in connection with the above-referenced transaction. Defined terms used
herein and not otherwise defined shall have the meanings set forth in the Trust and Servicing Agreement.

 

[KeyBank National Association (“KeyBank”)/Situs
Holdings, LLC (“Situs”)] understands that [____] (the “Company”)
is requesting certain confidential or non-public information relating to the Mortgage Loan to which the Company has continuing
rights as a Certificateholder. The Company is requesting such information for the purpose of analyzing asset performance and evaluating
any continuing rights the Company may have under the Trust (the “Permitted
Purpose”). The Company agrees that the Permitted Purpose shall not include the use or disclosure of the Confidential
Information (as defined below) in any manner that violates any applicable law, the Trust and Servicing Agreement or the related
mortgage loan documents.

 

[KeyBank/Situs] will provide the Company
with certain confidential, non-public servicing information (the “Confidential
Information”) pertaining to the Mortgage Loan and the related Mortgaged Property and borrowers. The Company acknowledges
that the Confidential Information (a) includes or may be based upon information provided to [KeyBank/Situs] by third

 

    Exhibit Z-1 

     

    

 

[_____]
[__], 20[__]

Page 2

 

parties, (b)
may not have been verified by [KeyBank/Situs], and (c) may be incomplete or contain inaccuracies. The Company agrees that [KeyBank/Situs],
the [“Servicer”/”Special Servicer”] (as defined in the Trust and Servicing Agreement) and
its respective Representatives (as defined below) shall not have any liability to the Company or its Representatives resulting
from (x) any inaccuracies or omissions in the Confidential Information, (y) any use of the Confidential Information, or (z) [KeyBank/Situs]’s
failure or inability to provide the Confidential Information to the Company for any reason. Notwithstanding the foregoing, the
following will not constitute “Confidential Information”
for purposes of this letter agreement: (a) information that was already in Company’s possession prior to its receipt from
[KeyBank/Situs]; (b) information that is obtained by Company from a third person who, insofar as is known to Company, is not prohibited
from transmitting the information to Company by a contractual, legal or fiduciary obligation to [KeyBank/Situs]; (c) information
that is or becomes publicly available through no fault of Company; and (d) information that is independently developed by Company.
The term “Representatives” with respect to any entity shall mean the officers, directors, general partners, employees,
agents, affiliates, auditors and legal counsel (which may be internal counsel) of that entity.

 

The Company may have access to the Confidential
Information through (at [KeyBank/Situs]’s election): (i) responses to reasonable written inquiries received from the Company,
(ii) conference calls conducted on a reasonably scheduled basis with [KeyBank/Situs]’s surveillance group, or (iii) direct
on-line access (read-only capacity) to the information available on the applicable [____] system or any successor or replacement
system (“System”). [KeyBank/Situs] may cease
or defer providing the Company with Confidential Information in the event that (a) the Company or its Representatives violate any
provision hereof, or (b) [KeyBank/Situs] determines (in its sole discretion) that such termination is necessary for any reason,
including its determination that such action is required pursuant to the terms of the Trust and Servicing Agreement, the related
Mortgage Loan documents, or any applicable law. [KeyBank/Situs] shall cease to provide the Company with Confidential Information
if [KeyBank/Situs] has actual knowledge that the Company or its Representatives are affiliates of any borrower under the Mortgage
Loan documents and [KeyBank/Situs] determines that the provision, notice or access to such Confidential Information would violate
the accepted servicing practices or servicing standards as defined in the Trust and Servicing Agreement. The Company’s obligations
and the restrictions applicable to the protection of the Confidential Information hereunder shall survive the termination of the
Company’s access to the Confidential Information. [KeyBank/Situs]’s remedies hereunder, at law or at equity, are cumulative
and may be combined.

 

The Company agrees that it will not, and
it shall not permit its Representatives, to disclose the Confidential Information in any manner whatsoever to any other person
or entity, other than its Representatives (but only to the extent necessary to accomplish the Permitted Purpose) who have a need
to know the information, or as otherwise required by applicable law, court order or any governmental agency or regulator. The Company
acknowledges (i) its obligations under the U.S. federal securities laws, and (ii) that any disclosure of the Confidential Information
by it or its Representatives for any purpose other than a Permitted Purpose, in addition to being a breach of this letter agreement,
may constitute a violation of federal and state securities laws. The Company will take reasonable measures to ensure that each
Representative is advised of this letter agreement and agrees to keep the Confidential Information confidential. The Company

 

    Exhibit Z-2 

     

    

 

[_____]
[__], 20[__]

Page 3

 

shall
be liable for any breach of this letter agreement by its Representatives. Notwithstanding the foregoing, the Company may subsequently
provide all or any part of such Confidential Information to any other person or entity that holds or is contemplating the purchase
of any Certificate or interest therein, but only if such person or entity confirms such ownership interest or prospective ownership
interest and provided that, prior to the delivery of such Confidential Information, such persons shall have executed and
delivered to the Company an agreement that is substantially similar in form and substance to this agreement.

 

This letter agreement shall be governed
by and construed in accordance with the laws of the State of New York without the application of conflict of laws principles. Anything
herein to the contrary notwithstanding, [KeyBank/Situs] intends at all times to comply with the terms and provisions of the Trust
and Servicing Agreement and nothing in this letter agreement should be construed to limit or qualify any of [KeyBank/Situs]’s
rights or obligations under the Trust and Servicing Agreement. This letter agreement may be executed in counterparts and by facsimile/Portable
Document Format (PDF); each such counterpart shall be deemed to be an original instrument, and all such counterparts together shall
constitute one agreement.

 

This agreement shall terminate with respect
to the information received by the Company one year after the Company receives such information or ceases to be a Certificateholder.
Company agrees that this letter agreement supersedes and replaces and survives any click-through agreement regarding confidentiality
of Confidential Information agreed to in connection with accessing the System whether agreed to in accessing the System before
or after signing this letter agreement.

 

    Exhibit Z-3 

     

    

 

[_____]
[__], 20[__]

Page 4

 

Please have an authorized signatory countersign
in the space provided below to indicate the Company’s confirmation of, and agreement to, the matters set forth herein.

	 	 	 
	 	Very truly yours,
	 	 
	 	[KEYBANK NATIONAL ASSOCIATION
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:]

	 	 	 
	 	[Situs
Holdings, LLC
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:]

 

	 	 	 
	CONFIRMED AND AGREED TO:

                     

                    [COMPANY NAME]
	 
	 	 	 
	By: 	 	 
	Name:	 
	Title:	 

 

    Exhibit Z-4

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